sukanya samriddhi yojana calculator

Sukanya Samriddhi Yojana Calculator – SSY Calculator Online

Download Sukanya Samriddhi Yojana EXCEL Calculator from here

Download Sukanya Samriddhi Yojana EXCEL Calculator from here

Share this Free Sukanya Samriddhi Yojana Calculator with your friends and family members and help them in Sukanya Samriddhi Yojana Interest Calculation!


Watch below video to understand Sukanya Samriddhi Yojana calculation in excel:

Sukanya Samriddhi Yojana Calculation in Excel

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Sukanya Samriddhi Yojana Benefits and Features

  • Sukanya Samriddhi Yojana is a Government Scheme so your deposits are safe.
  • You can make Minimum deposit Rs. 250/- and Maximum deposit allowed is Rs. 1.5 Lakh in a financial year
  • Current interest rate of SSY for Oct 2022 to Dec 2022 quarter is 7.6% annually. This interest rate is subjected to be updated in every quarter by Government of India
  • Account can be opened in the name of a girl child till she attains the age of 10 years (between 0-10 years)
  • Only one account can be opened in the name of a girl child.
  • Maximum of 2 accounts can be opened for 2 girl children in a family. Cannot open SSY account for third girl child
  • Account can be opened in Post offices and in authorized banks.
  • Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses.
  • The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.
  • Account can be transferred anywhere in India from one Post office/Bank to another.
  • The account shall mature on completion of a period of 21 years from the date of opening of account. Deposits can be made for a period of 15 years from the date of opening of account
  • Deposit qualifies for deduction under Section 80C of Income Tax Act. So you can save Income Tax
  • Interest earned in the account is free from Income Tax

Who is eligible for Sukanya Samriddhi Yojana?

  • If you have a girl child who’s age is less than 10 years, you can open Sukanya Samriddhi Yojana account for her
  • Account opening can be done for 2nd girl child as well, but not for the 3rd girl child
  • In case of twin girls resulting in 3rd girl child, account can be opened for 3rd girl child which is twin
  • You can submit few documents as per offline process to open Sukanya Samriddhi Yojana account in post office or authorized banks

How Sukanya Samriddhi Yojana Calculator can help You?

  • Sukanya Samriddhi Yojana Calculator can help you to calculate your interest amounts to be calculated based on your deposits
  • This will help you to plan for your investments and achieve goals such as child marriage and for her higher education.
  • You don’t have to do calculations manually. The above online Sukanya Samriddhi Yojana calculator helps you to calculate returns with ease!

Sukanya Samriddhi Yojana Interest Rates

The interest rates in Sukanya Samriddhi Yojana account have been fluctuating since it’s launch in 2014.

Below is the interest rate table of Sukanya Samriddhi Yojana account:

Sukanya Samriddhi Yojana Interest Rates
Sukanya Samriddhi Yojana Interest Rates

As seen in above table, the current interest rate in Sukanya Samriddhi Yojana account is 7.6%, which is subjected tobe updated by Government every quarter.

Frequently Asked Questions:

How many years need to pay for Sukanya Samriddhi Yojana?

You need to pay for 15 years in Sukanya Samriddhi Yojana account from the date of opening account. Post 15 years, there is 6 years cooling period in which your deposits earn tax free interest for you without any fresh deposits.

Can I deposit more than 1.5 lakh in Sukanya Samriddhi Yojana?

Rs. 1.5 Lakh is the maximum amount you can deposit in Sukanya Samriddhi Yojana account. Even if you want to deposit more than this maximum limit, you won’t be able to claim tax deduction on amount higher than this limit and also interest will not be calculated on the amount higher than Rs. 1.5 Lakh limit.

You can use other investment options such as Public Provident FundNational Savings Certificate or ELSS (Equity Linked Saving Scheme) under Mutual Funds to invest your money.

ALSO READ: Best Mutual Funds for 2023

Can parents withdraw Sukanya Samriddhi Amount?

Yes partial withdrawal is allowed in case of special events such as child marriage or higher education.

You can opt for partial withdrawal of up to 50% of the balance of your Sukanya Samriddhi account as a parent.

Which is better Sukanya or PPF?

  • Both Sukanya samriddhi yojana and PPF (Public Provident Fund) are Government backed schemes
  • Sukanya samriddhi yojana provides us with higher interest rates but for long term
  • PPF can be opened for boys and girls both without age restrictions like Sukanya samriddhi yojana
  • PPF can also be extended for the block of 5 years over multiple years to keep gaining interest money!
  • Based on marriage goals, it is best to have Sukanya and for retirement goals it is best to have PPF

ALSO DOWNLOAD: PPF Excel Calculator from here

Can we deposit after 15 years in Sukanya Samriddhi account?

No, deposits can be made only up to 15 years from the date of account opening. These years are counted in terms of financial years

Which month is best for Sukanya Samriddhi Yojana?

The starting month of financial year, that is April, is best to make lump sum investment in your Sukanya Samriddhi Yojana account to gain maximum interest throughout the financial year as explained in video above.

CONCLUSION

  • SSY or Sukanya Samriddhi Yojana is one of the best Indian saving scheme
  • You can open maximum of 2 SSY account in a family of 2 or more girl childs, in the name of girl child
  • You get maximum guaranteed returns in this scheme compared to other schemes such as Public Provident FundNational Savings CertificateSenior Citizens Savings Scheme, and many others
  • Current interest rate of SSY for Oct 2022 to Dec 2022 quarter is 7.6% annually. This interest rate is subjected to be updated in every quarter by Government of India
  • You can claim the deposits under Section 80C and Save Income Tax using SSY if you choose Old Tax Slab Rates
  • This scheme falls under EEE category, which means, Deposits, Interest and Maturity Amount is exempted from Income Tax
  • You can download the SSY or Sukanya Samriddhi Yojana Excel Calculator that will help in calculating SSY interest based on your deposits

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Income Tax Calculator App – FinCalC

For Income Tax Calculation on your mobile device, you can Download my Android App “FinCalC” which I have developed for you to make your income tax calculation easy.

What you can do with this mobile App?

  • Calculate Income Tax for new FY 2022-23 and previous FY 2021-22
  • Enter estimated Investments to check income tax with Old and New Tax Regime
  • Save income tax details and track regularly
  • Know how much to invest more to save income tax
  • More calculators including PPF, SIP returns, Savings account interest and lot more
Download Income Tax Calculator APP from play store
Download Income Tax Calculator APP from play store

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