And it also tells you how much money can be withdrawn when the girl turns 18 and needs money for her higher education. In the case of two girl children both mother and father can seek separate nominations and take benefit of Rs 1.5 lakh under section 80C each. Doing all the financial calculations manually can be cumbersome and make it prone to human errors. Government has listed three documents that are to be submitted in order to open an account under the Sukanya Samriddhi Scheme. Interest earnings are totally tax-free in the hands of the parents or guardians. If the girl gets married before the account matures. But I think that if you can bear with volatilities of stock market investing and can really stay on course for 15-20 years, then you should simply start doing SIP in good equity funds (assuming your risk profile allows it). Sukanya Samriddhi Yojana Calculator Helps you calculate the total amount invested, returns, maturity value and maturity date. 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. It will not to closed completely. What is the best time to Prepay your Home loan? It has also been assumed that throughout these 21 years, there have been no withdrawals made. Receive FREE updates about Investing, Personal Finance & Financial Planning directly in your mailbox. This too is totally tax free and is applicable also for premature withdrawal of 50% when the girl attains the age of 18. Before we use the Sukanya Samriddhi Yojana Calculator, first let’s see what is Sukanya Yojana and what are the latest Rules of Sukanya Samriddhi Account in India: That were the updated rules of Sukanya Samriddhi Yojana. For those who wish to know the tax benefits for everything, here is a small refresher about the Tax Benefits for Sukanya Samriddhi Scheme. Though there is an option to withdraw 50% (of preceding FY’s account balance) when the girl is 18 for higher education expenses). Withdrawal for any other purpose is not allowed. Interest is calculated on the basis of the previous contributions. You can read more at. As a part of Beti Bachao Beti Padhao campaign, the Sukanya Samriddhi Yojana is gaining popularity like wild fire. Also, the interest amount on SSA accounts balance is calculated for the calendar month on the lowest balance in an SSY Account between the 10th (tenth) day and the end of the month. An account under this scheme will mature after 21 years from the date on which the account was initially opened. will i get the same banefits when policy will mature and should we continue to deposit? and paid 2019 April. So the contributions from year 16 to year 21 will be nil. Under this scheme, an account can be opened only and only by biological parents of the girl child or by a legally assigned guardian of the child in case the parents are not alive. Sukanya Samriddhi Yojana (SSY) – is a small savings deposit scheme launched by the BJP government at center for girl children has stirred up the whole nation. This scheme is backed by the sovereign guarantee. For all your Financial Planning & Investment Advisory requirements, Talk To Us. As with the minimum yearly deposit allowed, the maximum yearly deposit can also be deposited anytime during the year in installments with installment amounts best suiting the financial health of the depositor. Yes it is possible. The account will restart from exactly where it stopped. No. The account has run its course of 21 years and girl wishes to withdraw the money. And finally, the total amount at maturity or withdrawal (for education) is also tax-free. During the first birth, only 1 daughter is born and during the second birth twins or triplets are born – parents or guardians can open one account for the daughter from first birth and 2 accounts (one each) for maximum of two daughters from second birth. In such a situation there are two possible scenarios that can be selected from: What if the girl moves to a different city in India? I am paid regularly per year 1.5 lacks on April month of every F year. In this article we will first calculate the maturity amount on yearly and monthly investment and then will give you in depth details about this scheme. looking forward to reply soon. No taxes are applicable. I am not sure, how much I have missed depositing into that account. All the persons who are planning to invest in Sukanya Samridhi Yojna(SSY), can use this calculator before taking the investment decision.This will help you in -. Kerala Mandahasam Scheme 2020 (5000 rs) : Apply Online, YSR Aasara Scheme in AP 2020 : Application Form, AP YSR Sampoorna Poshana Plus Scheme 2020, National Digital Health Mission 2020 : PM Modi Health ID Card. The answer to this question is given in a tabular format to make things simple and clear: ** Please note: In third case, the following conditions can happen: Thus essentially, the maximum number of accounts can never exceed 3, irrespective of the number of girl children in the family. So those are few examples of how much you can save in Sukanya Samriddhi Yojana for your daughter’s higher education and marriage needs. The family may wish to keep the account as is without investing any further until the account reaches its maturity age. Since Sukanya Samriddhi Scheme is a small savings scheme, NRIs are totally excluded. What if you simply forget to deposit the minimum yearly amount for a certain year? Here is the complete list of all banks that can be approached: Well, that’s pretty much everything about Sukanya Samriddhi Yojana. 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*.