Total amount that you will receive at the time of maturity. Sukanya Samriddhi Yojna is a post office savings scheme of the government to encourage Indians to save money for the future of their girl children. How many accounts can be opened under the scheme. Period. No. Maximum 2 accounts – one for each daughter, Maximum 3 accounts – one for each daughter, Any amount deposited in this scheme gets tax exemptions under section 80C subject to maximum exemption limit*. A Good Financial Advisor can be the difference between meeting or missing your financial goals. To contact me for Investment Advisory, please click here. INA100005241), SEBI Registered Investment Advisor + Financial Planner (Fee Only) || India, Full Goal-based financial planning service, Subscription Service for Asset Allocation (Equity & Debt%) management, Subscribe for Mutual Fund Recommendations, Click to share on WhatsApp (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Difference between NPS Tier 1 and NPS Tier 2 Accounts, NPS Tax Benefits & Maturity Taxation (Updated 2019 2020). A girl child herself cannot open an account. In such a case, there may not be anyone else to deposit further money. So if you are parent planning to save and invest for daughter’s future in India, then I hope you find this Sukanya Samriddhi Yojana Calculator 2020 or SSY calculator 2020 useful to calculate the maturity value of SSY Account and to plan investments for your daughters. Since FD was made first, it will continue to enjoy full exemption but the investments in Sukanya Samriddhi Scheme will fall under taxation. The calculator also considers the interest that is generated when providing the final amount, Annual Deposit – Rs 1.5 lac (the maximum allowed), Contributions Made – 15 (for each of the first 15 years allowed). Are you a parent who wants to invest in Sukanya Samriddhi Yojana in 2020 to save money for your daughter’s (girl child) education and marriage needs? To make it simple, you can use the same rate of interest for all the years. Required fields are marked *. However, when the female child turns 18 years old, she gets the right to operate the account on her own and no intervention will be required from her parents or legal guardian unless she wants them to intervene. Investment : Minimum Rs.250 to maximum Rs,150,000 should be deposited every year for 14 years from the date of opening. And what if you want to invest regularly in a fixed monthly amount in SSY account? The girl child for whom the account was opened will be the person who gets the maturity amount. This is where this easy-to-use Excel based Sukanya Calculator (Free Download) comes in handy. Is it required to have a saving/current account from earlier to open A SSY account in that particular bank? Lower mandatory deposit requirements. And it also tells you how much money can be withdrawn when the girl turns 18 and needs money for her higher education. Interest earnings are totally tax-free in the hands of the parents or guardians. The calculator arrives at the maturity value and the total interest during the invested period, as per the SSY rules. The maturity amount can be withdrawn only under following circumstances: What if the girl dies before the account matures? For how long do you need to keep investing ? You can simply restart the account by paying a fine of INR 50. And finally, the total amount at maturity or withdrawal (for education) is also tax-free. The SSY or Sukanya Samriddhi Scheme is a small deposit scheme launched as a part of the ‘Beti Bachao Beti Padhao’ campaign of the government and is aimed at providing money for the girl child’s future (for her education and marriage). This too is totally tax free and is applicable also for premature withdrawal of 50% when the girl attains the age of 18. Interest earnings will keep flowing as usual and the account will keep growing at a compounded rate. 0 years – new born or infants can be included in this scheme. The yearly interest income (which is anyways added back to the amount in account) is also tax-free. If you are planning on investing in the SSY scheme, then you can download and use the Sukanya Samriddhi Yojana calculator to calculate the Sukanya maturity amount at the end of the tenure. I am not sure, how much I have missed depositing into that account. I have Sukanya-Samruddhi-Yojana account in Pune- Kothrud PO. Answer: Yes, there is! This SSY Calculator requires some data like – Your monthly deposit amount in Sukanya Samriddhi Yojana & Frequency of compounding i.e. The family may wish to keep the account as is without investing any further until the account reaches its maturity age. But remember that PPF is used for savings for various goals, while SSY account is exclusively designed for saving for the daughter’s needs. Then you will find this Free Excel based Sukanya Samriddhi Yojana Calculator useful. Now with that clarity, we are in a better position to use the Sukanya calculator to estimate how much money can be saved for daughter’s education and marriage using Sukanya Samriddhi Account. We shall be making certain assumptions. In Budget 2015, the government made Sukanya Samriddhi Yojana as an Exempt-Exempt-Exempt (EEE) scheme. Use this Sukanya Samriddhi Yojana Calculator to calculate the maturity amount of the Sukanya Samriddhi Yojana account. The link for it is given below: I suggest you download the Sukanya calculator first and then read below as to how to use this.