Everybody wants to educate their children and give a bright future to them, but based on their financial status they could not provide proper facilities to their children. When it comes to girl child who lives in rural areas thinks that educating a girl child is a waste of resource. By keeping everything in mind government came up with a scheme, particularly for their girl child. This article will help you in giving a detailed description of the Sukanya Samriddhi Yojana.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a scheme brought by the government to help all the families in their basic expenditure in raising a girl child, especially in her education. It is a scheme to deposit the cash which is useful for a girl child for her education, under the government campaign ‘ Beti Bachao Beti Padhao’. You need to deposit with a tax benefit of ₹1,000 to a minimum of ₹1.5 lakh based on the financial year.
If you really want to plan to invest in any scheme, then Sukanya Samriddhi Yojana is the best place to invest. A family can open an account in any nearby post office or in any commercial banks they wish to. The account will continue to operate for 21 years from the date of opening the account or until the date of marriage of a girl when she turns into 18 years. IF a girl wish to study further studies, after she turns 18, she has right to withdraw 50% of the balance available in the account
Sukanya Samriddhi Yojana calculator is used to calculate the maturity amount available at the end of the term. If you want to know how much you can save through this scheme for higher education or marriage for your daughter then it is very important to go with the calculator.
How to open an account under SSY
The Sukanya Samriddhi Yojana is eligible to open for maximum of 2 girls form a family. Family members like father, mother or a legal guardian are eligible to open the account in the name of a girl at the time she born until she turns the age of 10. Thus, adopted daughter are also eligible for this scheme.
How to open an SSY account in SBI
Here are some of the steps to open a Sukanya Samriddhi Yojana account in SBI
- People who want to open account in SBI has to fill the application form.
- You have to submit the documents along with the photo as an id proof.
- While opening an account deposit with minimum of Rs 1, 000.
- After opening the account you can deposit the cash through cheque or Demand Draft.
Documents required opening a Sukanya Samriddhi Yojana account?
If a person wants to open the account in Sukanya Samriddhi Yojana, he or she has to submit some of the important documents that help in opening an account. These documents are mandatory in order to open an SSY account with a bank or post office. Some of the lists of the documents are given below.
- The application form is required to open an account under Sukanya Samriddhi Yojana.
- Birth certificate of the girl child under whose name the account opening application has been submitted.
- Identity proof and a residential address proof of the girl child’s parents or legal guardian.
What is the penalty, for the non-payment of the annual deposit?
If the depositor fails to pay the minimum amount of ₹1,000 every year, then it will be considered as an ‘in default’ status for the account. If the status continues to be the default for 15 years, than the rate of interest payable will be equal to the rate of interest of post office savings account.
However, in case if the guardian of the girl passes away unexpectedly, then the account will continue to earn interest that is based on the rate of interest.
What are the taxes benefits?
The amount deposited under the SSY scheme deducts under the section 80C of Income-tax Act 1961 and enjoys under the Exempt-Exempt-Exempt (EEE) tax regime under the section of 80C. However, every year tax deduction is allowed up to ₹1.5 Lakhs and the amount deposited in excess of ₹1.5 lakhs will not be responsible for deductions.
Is SSY account transferrable to another bank account or post office?
Yes, you can transfer the account to other authorized banks and post offices to change charge are applied to ₹100 as the fee. If you changed the place and have not updated to your account, then you have to submit some proof of the change of the residence address along with the transfer application. Therefore, they won’t charge for submitting the proof of their residence address.
Who are eligible to use SSY calculator?
- People who want to use the calculator must check whether they are eligible for the Sukanya Samriddhi Yojana scheme.
- Girl should be of 10 years should not exceed more than that.
- She should be from India.
- Account can be eligible to open only two girl children in a single family.
How the SSY calculator works?
This calculator’s works based on the amount entered by you, it calculates the amount which will be received at the time of your maturity. Therefore, scheme will be mature only when it finishes 21 years of the date of opening of the account.
As per the scheme rules, the depositor will make deposits every year till the completion of 15 years from the date of opening the account. Therefore, the calculator estimates that you have to make all the deposits every year of the same amount as selected by you. Based on the rule, 15th year and 21st year no deposits are required. However, you will be earning o the earlier deposits made.
What does the calculator show?
Based on the information given by you, the calculator will give you the details in which year the account matures. It gives the interest rate using which the maturity value is arrived at. However, it will show break-up the amount you can invest in the scheme monthly. When it reaches at the maturity value, we assumed that interest rate of 8.1 per cent per annum throughout the next 21 years as these are offered currently through the Sukanya Samriddhi Yojana.
Sukanya Samriddhi Yojana Chart
|Sukanya Samriddhi Calculator|
|Year||Age of Girl Child||Opening Balance||Monthly Contribution||Yearly Contribution||Interest Rate @9.1%||Closing Balance|