(SSY) Sukanya Samriddhi Yojana Calculator| SSY Interest Rate

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(SSY) Sukanya Samriddhi Yojana has been dispatched on 22 January 2015 by the Prime Minister of our country, Shri Narendra Modi. Under this plan, the bank account for the daughter is going to be opened by the oldsters of the daughter in any commercial bank or within the post office. All the oldsters who want to deposit money for their daughter’s education and marriage can open a bank account under this plan. The minimum amount to open this account is ₹ 250 and therefore the maximum amount is 1.5 lakh rupees. Earlier, under Sukanya Samriddhi Yojana, there was a rate of interest of 9.1 percent, which has now been reduced to 8 .6 percent.

  • After opening an account under this scheme, this account is often run till the girl turns 18 or after 21 years of marriage.
  •  Under SSY, an individual can withdraw 50% of the entire deposit for his or her studies after the girl turns 18 years.
  •  And after the daughter turns 21, she will withdraw the whole deposit for the wedding, during which the deposit by the beneficiary the quantity paid and therefore the interest paid by the agency also will be included.
  • This account will mature only the daughter is 21 years old.

Sukanya Samriddhi Yojana is going to be ready to deposit money through a digital account

Sukanya Samriddhi Yojana, operated by the Indian Post Office, was launched by the govt of India for the education and marriage of daughters. Under this plan, one has got to attend the post office to pay the cash. However, now the digital account has been dispatched by the Indian Post Office. The cash is going to be deposited within the Sukanya Samriddhi Yojana account through this digital account. Now digital saving account service has been begun within the post office like other banks, thanks to this digital account, now account holders don’t get to attend the post office to deposit the money within the account. He can transfer money through his mobile.

You do not get to attend the post office to open this digital account. This account is often opened reception through an Aadhar card and PAN card and money is often transferred in any plan of the post office. This digital account is valid for 1 year.

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IPPB App Launched

The IPPB application has additionally been dispatched by the post office. Through which customers are going to be given the convenience of transactions. Through this app, money is often transferred online and money is often deposited in other post office schemes alongside Sukanya Samriddhi Yojana. Through this app, a digital account is often opened reception. you want to be 18 years age to open this digital account.

How many daughters can get benefits under SSY?

Under Sukanya Samriddhi Yojana, only two daughters of 1 family can get benefits. If there are quite 2 daughters during a family, then only two daughters of that family can cash in of this plan. But if there are twin daughters in a family, then they’re going to get the advantage of this plan separately, that is, then three daughters of that family are going to be ready to benefit. The number of dual daughters is going to be equivalent, but their benefits are going to be given separately. Under this plan, all those that want to deposit their daughter’s account for marriage and education can open their daughter’s account. Allow us to tell you that under this scheme the account of girls below the age of 10 years is often opened. SSY has been launched by the govt under the Beti Bachao, Beti Padhao scheme.

Sukanya Samriddhi Yojana loan

Loans are often availed under various PPF schemes travel by the govt. But loans like other PPF schemes can’t be availed under Sukanya Samriddhi Yojana. But if the girl child turns 18, then withdrawals are often made up of the account of this scheme by the oldsters. This withdrawal can only be made at 50%. Withdrawal done under Sukanya Samriddhi Yojana is often finished for the betterment of the girl child. This amount is often used for girl’s marriage, education, etc.

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What is current interest rate on Sukanya samriddhi Yojana?

w.e.f. 1st April 2019 onwards

Sukanya Samriddhi Account Scheme8.
current interest rate on Sukanya samriddhi Yojana

Sukanya Samriddhi Yojana Account Transfer

Under Sukanya Samriddhi Yojana, accounts are often transferred from one post office to a different post office or from one bank to a different bank. To transfer this account, you’ve got to follow the subsequent process.

Step 1: First of all, you would like to require your updated passbook and KYC documents to the post office or to the bank. Girls aren’t required to be present during the transfer.

Step 2: Then, you would like to submit the passbook and KYC document of your Sukanya Samriddhi account to your bank or post office and inform your bank and post office that you simply need to transfer your account.

Step 3: Then, the manager will close your account within the old post office or bank and can offer you the transfer request. Aside from this, you’ll be asked for all the required documents.

Step 4: Now you’ve got to require this transfer request and attend a replacement post office or checking account and submit these documents there.

Step 5: You will even have to submit KYC documents for proof of identity and address.

Step 6: Now you’ll tend a replacement passbook during which your balance is going to be displayed.

Step 7: Then, you’ll operate the Sukanya Samriddhi Yojana account with this new account.

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Process to deposit funds in Sukanya Samriddhi Yojana Account

Sukanya Samriddhi Yojana accounts are often deposited by cash, demand draft, or also can be deposited by electronic transfer mode within the post office or bank where the core banking industry is present, to open the account, the name, and name of the account holder will need to be written. Altogether these easy ways, a person can deposit money in his daughter’s account.

SSY Sukanya Samriddhi Yojana Maturity and Partial Withdrawal

Some people believe that Sukanya Samriddhi’s account matures with the age of 21 but this is often completely wrong. The age of the girl has no connection to the maturity of the account. However, the account holder can withdraw the quantity only she attains the age of 18 years and therefore the amount is getting used for higher studies and marriages. The account is going to be closed after its maturity. Premature closure of account is allowed within the event of the death of the account holder on production of death certificate issued by the competent authority. The balance is then credited to the parent and therefore the account is closed.

Key facts of SSY

As all of you know, Sukanya Samriddhi Yojana has been begun by the govt for protecting the longer-term daughters and for her education and marriage. The daughter’s future is often secured by investing under this scheme. There are some features of this scheme which are as follows.

  • Under SSY, the account of a daughter below 10 years is often opened.
  • An account is often opened in any post office or bank.
  • Under this plan, accounts of a maximum of two children of a family are often opened.
  • Under certain circumstances, the account of three children of a family also can be opened.
  • An account is often opened under this scheme for a minimum of ₹ 250.
  • Under Sukanya Samriddhi Yojana, an investment of ₹ 250 and a maximum of ₹ 1.5 lakh are often invested in 1 fiscal year.
  • A 7.6% rate of interest has been fixed under this plan.
  • The plan also provides tax exemption under the Section 80C tax Act.
  • The returns through this plan also are tax-free.
  • Sukanya Samriddhi Yojana also can be withdrawn 50% for the education of the daughter.
  • SSY Sukanya Samriddhi Yojana may be a small savings scheme of the Central Government for daughters.
  • Under this scheme, beneficiaries can open accounts for daughters altogether these banks, Nationalized Bank, Post Office, SBI, ICICI, PNB, Axis Bank, HDFC, etc.

Benefits of PM SSY

  • The advantage of the SSY plan is going to be provided to girls below 10 years of age.
  • Under Sukanya Samriddhi Yojana, guardians of women can open a bank account for them. Until that girl turns 10.
  • Under this plan, a maximum of Rs 1.5 lakh is often deposited during the present fiscal year.
  • Under PM Kanya Yojana, you’ll easily secure the longer term of your girls.
  • This will help in your girl’s schooling or marriage.
  • You can easily begin this plan at any bank or post office.
  • This plan is useful for both the girl and her parents/guardians because it helps both.
  • A parent or natural parent is allowed to open an account under this scheme for less than two girls.
  • The depositor can deposit the cash within the account on the girl’s behalf till the completion of 14 years from the date of opening the account.

SSY Documents (Eligibility)

To open an account under the SSY scheme, the girl’s age should be but 10 years.

  • Aadhar card
  • Baby and Parents photo
  • Girl Child certificate
  • Proof of residence
  • Depositor (parent or legal guardian) ie PAN card, card, driver’s license

SBI Sukanya Samriddhi Yojana Account Opening form

Step 1: Interested beneficiaries, who want to use it for opening a bank account under the Sukanya Samriddhi scheme, must first download the SSY Sukanya Samriddhi Yojana Account Opening Form.

Step 2: Then, the appliance form will need to be filled in with all the required information.

 Step 3: After filling altogether the knowledge, all the required documents will need to be attached to the shape.

Step 4: Then the appliance form and documents need to be submitted alongside the quantity within the desired bank and post office.

How to Download SBI Sukanya Samriddhi Yojana Account Opening form?

Procedure for bank account balance under Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana was launched by the govt of India. Under which 7.6 percent interest is provided on the investment. The passbook of Sukanya Samriddhi Yojana is often accessed through both online and offline mediums. You’ll check your account balance very easily under Sukanya Samriddhi Yojana. Sukanya Samriddhi Yojana accounts are currently providing quite 25 banks. You’ll need to open your account by getting to these banks. After this, you’ll be given a passbook by the bank. You’ll check your account balance under Sukanya Samriddhi Yojana through the passbook. This account balance is often checked digitally or through an account.

Step 1: Firstly, you’ve got to request to supply your login credentials in your bank.

Step 2: These login credentials aren’t provided by all banks. Only a couple of banks provide this facility.

Step 3: After getting the login credentials, you’ll need to log in to the bank’s Internet banking portal.

Step 4: Then, the house page will open ahead of you.

Step 5: Now you’ve got to click on Confirm Balance option.

 Step 6: Click on the confirmed balance option, the quantity of the Sukanya Samriddhi account will open ahead of you.

Step 7: Only through this Sukanya Samriddhi account balance are often checked.

Objective of SSY Sukanya Samriddhi Yojana

  • The aim of the SSY scheme is to advance girls within the field of education and to not let the shortage of cash once they are eligible for marriage.
  • The account is often opened within the bank for a minimum of Rs 250.
  • With this SSY, the women of the country will get encouragement and can be ready to move forward.
  • Preventing the feticide of women through this plan.

Sukanya Samriddhi Yojana Calculator

People who are having the opportunity to contribute inside the SSY scheme can check the amount they will get at the time of maturity by using the SSY calculator. so as for people to use the SSY calculator, they need to meet the eligibility criteria of the scheme. Currently, the speed of interest offered by the scheme is 7.6% p.a. According to the plan, the below-mentioned individuals can open an SSY account:

  • The girl must be a citizen of India.
  • The age of the girl shouldn’t exceed 10 years.
  • In a single-family, the Sukanya Samriddhi Yojana account can’t be opened for quite two girls.

Method to use Sukanya Samriddhi Yojana calculator

When the individual has met the eligibility of SSY, the age of the girl child and thus the quantity of investment that possesses to be made should be given within the calculator. The minimum and maximum amounts which will be contributed towards the plan are Rs.250 and Rs.1.5 lakh, respectively. Prior, the minimum contribution was Rs.1,000. In any case, the Indian Government decreased the minimum contribution to Rs.250 in July 2018.

How does the SSY calculator work?

In the view of the small print entered by the individual, the SSY calculator decides the amount of money the individual will receive on maturity. The maturity time of the plan is 21 years.

It is mandatory for people to form a minimum of one contribution during a year until the completion of 14 years. The calculator will assume that an equivalent amount of deposit is formed on a yearly basis. No deposits are needed to be made between year 15 and year 21. In any case, individuals will earn interest in the previous contributions during this era. The calculator also considers the interest that’s generated when providing the ultimate amount.

Estimation of Maturity Value under SSY after 21 Years

As it is difficult to form an accurate calculation of maturity value during the SSY scheme because it depends on many variables. However, by keeping the variable constant with the monthly and therefore the yearly contribution because the only variable, the maturity value are often calculated within the sort of a table.

For the subsequent calculation, some assumptions are made, they are:

  • The rate of interest is assumed to be 7.6% throughout the amount of the scheme for 21 years.
  • Monthly contributions need to be made on the first day of each month.
  • Yearly contributions need to be made on the first of April per annum.
  • A fixed amount for a month-to-month or yearly contribution has been consumed.
  • It has likewise been accepted that all through these 21 years, there are no withdrawals made.

Advantages of Sukanya Samriddhi Yojana Calculator

  • It allows you to understand exactly what you’ll get because of the maturity value when the account matures.
  • If you’ve got set it up in an excel sheet then you’ll put in what you plan to take a position within the current and see how it’ll affect the maturity value.
  • You can even found out the calculator to calculate the maturity value supported monthly or yearly investments.
  • If configured correctly, the Sukanya Samriddhi Yojana calculator is often extremely accurate.
  • It can eliminate the mistakes which will sneak in if you calculate the maturity value manually.
  • You can change the quantity you propose on investing at any time and still get the maturity value in seconds.

Limitations of SSY Calculator

Even though the Sukanya Samriddhi Yojana calculator is extremely convenient and useful, there are some things that employment against this calculator.

  • If it’s not configured correctly it can provide incorrect values.
  • Even though the govt has provided a cap of Rs. 1.5 lakh the calculators don’t limit the annual investments so if you enter an investment of quite Rs. 1.5 lakh, it’ll still calculate a maturity value.
  • Since the calculator is configured manually, you’ll need to enter the Sukanya Samriddhi Yojana rate of interest whenever that it changes within the future.
  • State Bank of India Sukanya Samriddhi Account
  • In addition to nominal banking solutions like savings accounts, corporate accounts, personal and specialized loans, the depository financial institution of India also offers credit cards, hire purchase and leasing, merchant banking, and electronic remittance services, to match the wants of the banking market. It’s also one among the 28 banks that are given authorization from the RBI to work the Sukanya Samriddhi Account launched by the govt of India in 2014.

Features of SBI Sukanya Samriddhi Account

The following are often mentioned because the salient features of this specialized small savings scheme –

  • Account Opening – Account is often opened by biological parents or legal guardians on behalf of the girl child through an initial deposit of Rs.1,000. One account per girl child is permitted and a limit of three accounts are regularly permitted during a family, subject to the condition that the family has had twin girls. Accounts are frequently opened at post offices and authorized bank branches and are transferable across India.
  • Deposits – Account requires a coffee deposit of Rs.1,000 per annum and a maximum deposit of Rs.1.5 lakh during a year is allowed. Deposits are often made through cash and/or cheques in multiples of Rs.100 subject to the aforementioned limits. Deposits are often made for a period of 15 years.
  • Account Operator and Depositor – Until the girl child reaches the age of 10, the account is often operated by a trustee or parent on her behalf. The operator of the account also will be the depositor for this era. Once the girl child achieves the age of 10 years, she will prefer to operate the account herself. The guardian or parent can still remain the investor till the highest point of the deposit period of 15 years.
  • Account Tenure -The account or deposit features a tenure of  21 years at the top of which the deposit achieves maturity and is released from the lock-in period. the quantity within the account are often paid out or are often kept as is, allowing further accrual of interest till the date the account is really closed
  • Partial Withdrawal – After the girl child has reached the age of 18 years, 50% of withdrawal funds from SBI Sukanya samriddhi Account are often finished the aim of upper education/marriage.
  • Account Revival – As mentioned earlier, a minimum deposit of Rs.1,000 is required per annum for 14 years so as to make sure the continuity of the account. Just in case this requirement isn’t met during any particular year, the account are going to be discontinued. It is often revived by paying a fee of Rs.50 and therefore the minimum deposit amount.

Benefits of Sukanya Samriddhi Account with SBI

This specialized account was launched for the secure way forward for the girl child and it offers many benefits to the parents/guardians also because of the girl child. These advantages are the foremost compelling purposes behind individuals to consider opening a Sukanya Samriddhi Account with the depository financial institution of India.

The high rate of interest in SSY– As of 2019-20, interest at 8.5% once a year is going to be compounded and credited into the account per annum.

Additional Interest in SSY– If post the maturity period of 21 years, the quantity within the account isn’t withdrawn, it’ll keep earning interest at the rates mentioned within the scheme

Low Deposit Amounts in SSY Made for each family, the nominal deposits of INR 1000 per annum allow a depositor to stay adding to the account without much of a struggle

Transferability in SSY just in case the depositor and/or account holder changes his/her location, the account is often transferred to any authorized bank or a post office there and further actions concerning the account are often done locally

Tax Exemption in SSY As a depositor, the funds deposited into this account don’t incur tax as per Section 80C, while as an account holder, the maturity proceeds also are tax-free. It offers a win-win situation for the guardian and therefore the girl child.

To open SBI Sukanya Samriddhi Account following documents are needed

In order to open an account, the subsequent required documents for Sukanya Samriddhi Account are specified:

  • Birth Certificate of girl child
  • Government-approved confirmation of address for parent/guardian of the girl child.
  • Government-approved confirmation of identity for parent/guardian of the girl child.

Download All Important Forms Related to SSY

Application for opening an account under National Savings Schemes.FORM 1
Pay-in-slipFORM 2
Application for Loan/WithdrawalFORM -3
Pass BookFORM -4
Application for transfer of account under National Savings SchemeFORM -5
Application for extension of account under National Savings SchemeFORM -6
Application for pledging of account under National Small Savings Scheme FORM -7
Application for premature closure of the account under National Savings SchemeFORM -8
Application for closure of the account under National Savings SchemeFORM -9
Application for cancellation or variation of nomination in an account under National Savings SchemeFORM – 10
Application for settlement of an account of the deceased depositor by the nominee or legal heirs under National Savings SchemeFORM – 11
Letter of authority to open or operate an account under National Savings Schemes on behalf of depositor suffering from physical infirmity including blindness FORM – 12
AffidavitFORM – 13
Letter of disclaimerFORM – 14
Letter of indemnityFORM – 15

Hope you will like this information related to SSY, Sukanya Samriddhi Yojana, SSY calculator. If you have still a query, you can ask us in the comment section. We will try to solve your problem as soon as possible. You can also bookmark our site sarkariiyojana.in for the latest updates.

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