Sukanya Samriddhi Yojana is a very popular deposit scheme for girl child guaranteed by Government of India. This was launched on 22 January 2015 to encourage savings for girl child for their education and marriage.
Sukanya Samriddhi Yojana – Rules:
Below are some basic rules for SSY Account:
- Sukanya Samriddhi Account can be opened in any post office and designated branches of authorized banks.
- This account can be opened only for girl child who is below 10 years of age (as of account opening date) by their natural or legal guardian
- The account can only be opened for 2 girl children. Third account can be opened in exceptional cases where the depositor was blessed with 3 girl children at the first birth or twin girl children at the second birth.
- Only resident Indians are eligible to open Sukanya Samriddhi Account.
- Investment in this scheme is eligible for income tax benefit under section 80C.
- Partial withdrawal up to 50% is allowed for the higher study of girl child after 18 years of age.
Also Read: Everything you wanted to know about PPF
Sukanya Samriddhi Yojana – Investment Rules:
- The deposit has to be made for first 14 years from the year of account opening. The account matures either from 21 years from the date of account opening or when the girl is married, whichever is earlier.
- Maximum Deposit limit per financial year per account is Rs 1.5 Lakh
- You need to deposit minimum Rs 250 per account per year to keep it active
- The interest rate is declared every quarter by Government of India
- The interest is compounded annually
- For calculation of interest only lowest balance from the close of tenth day to end of month would be considered. This means you should deposit money before 10th of month to get interest in that month.
Sukanya Samriddhi Calculator
You can create good corpus for your girl child by investing in sukanya samriddhi yojana. Download the excel based Sukanya Samriddhi calculator to estimate the amount you can expect at the time of maturity. The maturity amount would give you a rough idea as the interest rates change every quarter.
In the example below:
- Amount Deposited every Year: Rs 1.5 Lakhs
- Maturity Amount after 21 years: Rs 72 Lakhs
Following are the assumptions for the calculator:
- The amount is deposited on start of every financial year.
- The example has 1.5 lakhs contribution every year, but can be edited in the calculator.
- The contribution happens for 14 years and is withdrawn on completion of 21 years
- Interest rate is taken as 8.5% for future years (can be changed in the calculator)
We hope this excel based sukanya samriddhi calculator would help you in planning investment for your girl child.