Sukanya Samriddhi Yojana (SSY) 2020

Who is eligible for a Sukanya Samriddhi Yojana account?
Guardians can open an account on behalf of their girl child anytime between when she is born and before she reaches the age of 10.

How many accounts can be created under SSY?

 Only one SSY account is permitted for a girl child. The number of accounts guardians can create is restricted to two for each of their girl child. Exceptions are only in case of twins or triplets

Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the girl child launched as a part of the 'Beti Bachao Beti Padhao' campaign. One of the reasons why this scheme has become popular is due to its tax benefit. It comes with a maximum tax benefit of Rs 1.5 lakh under section 80C of the Income-tax Act. Further, the interest accrued and maturity amount are exempt from tax. 

If you are planning on investing in the scheme, you can use the Sukanya Samriddhi Yojana calculator to calculate the maturity amount at the end of the tenure. You can use the calculator to find out how much you can approximately save via this scheme for the daughter's higher education and/or marriage. 

Who can use SSY calculator? 
To use this calculator, one must satisfy the eligibility conditions of the Sukanya Samriddhi scheme. According to the rules, the following people are eligible to open a Sukanya Samriddhi account: 
a) Age of girl child should not exceed 10 years 
b) She should be a resident citizen of India 
c) Account cannot be opened for more than two girl children in a single family 

How to use Sukanya Samriddhi calculator 
If you satisfy eligibility conditions, then the calculator will ask you to provide the age of your daughter/s and amount that you want to invest in the scheme. The minimum amount you can invest is Rs 1,000 and maximum is Rs 1.5 lakh in a single financial year. With effect from 5 July, 2018, the government has reduced the minimum investment amount to Rs 250. 

How the calculator works?
The calculator, based on the amount entered by you, calculates the approximate value that will be received by you at maturity. The scheme will mature after the completion of 21 years from the date of opening of the account. 

According to the scheme rules, a depositor is required to make deposits every year till the completion of 15 years from the date of opening of account. Here, the calculator assumes that you have made all the deposits every year of the same amount as selected by you. 

Between the 15th year and 21st year, no deposits are required to be made. However, you will be earning interest on the earlier deposits made. The calculator takes into account the interest that will be accrued to you during those years. 

What does the calculator show? 

Depending on the information provided by you, the calculator will show you the year in which the account matures, the maturity value, interest rate using which the maturity value is arrived at. It also shows the break-up of amount that you can invest monthly in the scheme. 

While arriving at the maturity value, we have assumed interest rate of 8.1 per cent per annum throughout the next 21 years as it is currently offered in the Sukanya Samriddhi Yojana. 

Can an accountholder prematurely withdraw from an SSY account? 
Yes. An accountholder (the girl) will be able to withdraw from her account once she reaches 18 years of age. The accountholder can only withdraw 50% of the accumulated amount once after she reaches this specified age only for the purpose of higher education.

Can an SSY account be closed before maturity?
Yes. A Sukanya Samriddhi Yojana account can be closed in the event of the accountholder’s death or for the treatment of life-threatening diseases, the sanction of which needs to be authorised by the Central Government.


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