Sukanya Samriddhi Yojana (Girl Child Prosperity Account) is a Government of India supported saving scheme targeted at the parents of girl children. The plan helps parents to build a fund for approaching education and marriage expenses for their female child.
Table Of Content:
- Sukanya Samridhi Yojana
- Sukanya Yojana
- Sukanya Yojana Details
- Sukanya Yojana Scheme
- Sukanya Samridhi Account
- Sukanya Samridhi Yojana Calculator
- Sukanya Samridhi Yojana Interest Rate
- Sukanya Samridhi Yojana Form
Sukanya Samridhi Yojana
The Sukanya Samriddhi scheme was started by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao drive. The plan currently gives an interest rate of 7.6% (for July-September 2019 quarter) and tax benefits. The statement can be presented at any India Post office or branch of authorized commercial banks.
The Sukanya Samriddhi Account Rules, 2016 was repealed on 12 December 2019, and the new Sukanya Samriddhi Account Scheme, was presented in late December 2019.
The scheme was begun by Prime Minister Narendra Modi on 22 January 2015 in Panipat, Haryana. The accounts can be started at any India Post office or a branch of some authorized commercial banks.
Originally, the interest rate was estimated at 9.1% but later changed to 9.2% in late March 2015 for FY2015-16. Interest Rate has been revised for FY 2016-17 to 8.6%. The account can be started anytime between the birth of a girl child and the time she achieves 10 years of age by the parent/guardian. Just one account is allowed per child. Parents can open the height of two accounts for each of their children. The account can be carried anywhere in India.
Sukanya Yojana Details
At least ₹250 must be placed in the account initially. Consequently, any amount in multiples of Rs 100 can be placed. Yet, the maximum deposit limit is ₹150,000. If the least deposit of ₹250, (initially which was 1000) is not executed in a year, a fine of ₹50 will be put on. The girl can run her account after she touches the age of 10. The account allows 50% withdrawal at the age of 18 for greater education goals.
The account gives maturity after 21 years from the date of opening it. Collaterals in the account can be made till the end of 15 years, from the date of the opening of the account. After this time the account will earn only the appropriate rate of interest. If the account is not closed, then it will not earn interest at the current rate. If the girl is over 18 and married, normal closing is allowed.
Sukanya Sariddhi Scheme
Sukanya Samriddhi Yojana (SSY) is a tiny deposit scheme for the girl child started as a part of the ‘Beti Bachao Beti Padhao’ drive. One of the ideas, why this scheme has become popular, is expected to its tax benefit. It comes with a maximum tax benefit of Rs 1.5 lakh following section 80C of the Income-tax Act. Moreover, the interest accrued and the advancement amount is exempt from tax.
Sukanya Samriddhi Account
- The attractive interest rate of 7.6%, that is completely free from tax under section 80C.
- Minimum Rs. 1,000 can be funded in one financial year.
- Maximum investment of Rs. 1,50,000 can be performed in one financial year.
- If the least amount of Rs 1000/- is not collected in any financial year, a penalty of Rs 50/- will be imposed.
- Deposits in an account can be performed till completion of 14 years, from the date of availability of the account.
- The account shall grow on completion of 21 years from the date of opening of the account, given that where the marriage of the record holder takes place before the end of such period of 21 years, the performance of the account shall not be allowed beyond the date of her marriage.
- Passbook will be issued to customers.
Sukanya Samriddhi Withdrawal Facility
- ● To meet the financial terms of the account holder for the idea of higher education and marriage, the account holder can avail incomplete withdrawal facility after attaining 18 years of age.
- If the recipient is married before the maturity of the account, the account has to be closed.
Sukanya Samriddhi Yojana Calculator
If you are thinking of funding in the scheme, you can use the Sukanya Samriddhi Yojana calculator to calculate the maturity amount at the end of the tenure. You can apply the calculator to find out how much you can generally save via this scheme for the daughter’s higher education and/or marriage.
Who can use the SSY calculator?
To use this SSY calculator, one must meet the eligibility conditions of the Sukanya Samriddhi scheme. According to the rules, the resulting 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) The account cannot be opened for more than two girl children in a single-family
How to use Sukanya Samriddhi Calculator?
If you meet eligibility conditions, then the calculator will ask you to present the age of your daughter/s and the amount that you want to fund in the scheme. The minimum amount you can invest is Rs 1,000 and the maximum is Rs 1.5 lakh in a single business year. With effect from 5 July 2018, the government has decreased the minimum investment amount to Rs 250.
How the Sukanya Calculator Works?
The Sukanya Calculator, based on the number entered by you, calculates the estimated value that will be received by you at maturity. The plan will mature after the end of 21 years from the date of opening of the account.
According to the plan rules, a depositor is needed to make deposits every year till the end of 15 years of the date of opening of the account. Here, the calculator estimates that you have made all the deposits every year of the same amount as selected by you.
Within the 15th year and 21st year, no deposits are needed to be made. Yet, you will be earning interest on the first deposits made. The calculator takes into the record the interest that will be accrued to you during those years.
What does the Sukanya Samriddhi Account Calculator show?
Depending on the data provided by you, the computer will show you the year in which the account grows, the maturity value, interest rate working in which the maturity value is arrived at. It also gives the break-up of the amount that you can invest monthly in the scheme.
While appearing at the maturity value, we have assumed an interest rate of 8.1 percent per annum during the next 21 years as it is currently given in the Sukanya Samriddhi Yojana.
Sukanya Samridhi Yojana Chart
SSY Year Wise Balance and Interest Calculator – You can count SSY account interest and profit at the end of each Financial Year from FY 2015-16. Interest estimates of future periods are based on prevailing interest rates.
Sukanya Samriddhi Yojana Interest Rate:
Currently, the interest rate of the SSY scheme was decreased from 8.4% to 7.6% and it is increased every year. Interest is not due once the duration of the plan is completed or if the girl becomes a Non-resident Indian (NRI) or a non-citizen. The rate of interest is determined by the government and is arranged every quarter.
The rate of interest that has been given by the scheme is mentioned in the table below: