Address proof of the depositor – this can be a legal guardian or one of the two parents. Premature closure of SSY account is allowed only in these two cases: Helps you calculate the total amount invested, returns, maturity value and maturity date. Interest and Maturity amount is also tax exempt.Thus, enjoys exempt-exempt-exempt (EEE) tax status. This means that the girl can keep the account active even after the account has remained active for 21 years. Even, in the above cases the opening of Sukanya Samriddhi Account is permitted only upon furnishing a valid medical certificate supporting the facts.The account can be applied by their parents or legal guardians. However, participating banks may ask for additional documents in order to apply taxation rules properly. I am not sure, how much I have missed depositing into that account. But you may want to ask one question before you go ahead with your SSY account. (Quoted: Economic Times) Ask The Experts Section, Increasing Gap between Retirement Age & Life Expectancy. I am open SSY a/c Bank of Baroda, on Dated 25/07/2015. 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). This SSY Calculator requires some data like – Your monthly deposit amount in Sukanya Samriddhi Yojana & Frequency of compounding i.e. For someone who is adamant on not taking any risk at all, i.e. For those who wish to know the tax benefits for everything, here is a small refresher about the Tax Benefits for Sukanya Samriddhi Scheme. There are 28 authorized banks in total that are allowed to open an account under this scheme. 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. What if the depositor dies before the girl grows up and becomes an adult? If the investments in this scheme exceed the total allowed exemption limit, the excess amount will be taxed. So those are few examples of how much you can save in Sukanya Samriddhi Yojana for your daughter’s higher education and marriage needs. What if you simply forget to deposit the minimum yearly amount for a certain year? The calculator arrives at the maturity value and the total interest during the invested period, as per the SSY rules. Is there any maximum limit for the amount that can be deposited. No need to think about anything else. Since Sukanya Samriddhi Scheme is a small savings scheme, NRIs are totally excluded. In case funds are required for treating the life-threatening disease of the account holder. After investing for 14 years, no further investments are allowed for the remaining 6 years but you will keep earning interests at a compounding rate. I am paid regularly per year 1.5 lacks on April month of every F year. Many people get attracted by the higher interest rate of Sukanya Samriddhi when compared to PPF. We shall be making certain assumptions. Dev Ashish is a SEBI-registered Investment Advisor (RIA Reg. Individuals contribute the same amount every year for 14 years. The yearly interest income (which is anyways added back to the amount in account) is also tax-free. But if you have already have this account and become NRI then you will avail all the benefits. Which banks allow opening of Sukanya Samriddhi Account? Government has listed three documents that are to be submitted in order to open an account under the Sukanya Samriddhi Scheme. But i will keep continue to deposit money in SSY account till 14 years Interest Rate : Declared by the government every quarter. Male children are kept out of the scope of this scheme because they are usually not the deprived ones in Indian culture. Now let’s see some example calculations of the Sukanya Samriddhi Calculator. If the girl gets married before the account matures. The account will restart from exactly where it stopped. Here is the link to download the calculator again. To make it simple, you can use the same amount for all the years. Top Best SIP Mutual Funds to invest in 2021 in India. Is it required to have a saving/current account from earlier to open A SSY account in that particular bank? This means that if the girl participated at the age of 0 (i.e. 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 -. However, if the certificate cannot be furnished, there are two alternatives that can be used: In both cases, it is mandatory to have the name of the girl child clearly mentioned on the certificate. This means that contributions to Sukanya Account can be claimed as deductions under Section 80C (up to Rs 1.5 lac per year). Current interest rate is 8.40% per annum compounded annually. Since, 30,000 will be taxed, the amount of investment in this scheme that will not be taxed is (100,000 – 30,000 = 70,000). Yes, there are age Limit. Address & Identity proof of the parents/guardian. Birth of twin sisters, when the first birth already gave life to a girl child. Account operation can be handled by parents or legal guardians on behalf of the girl child as long as they want. 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*. When the scheme started, the interest rate for fiscal year 2014-2015 was 9.10%. We will try to keep things as simple as possible and explain everything in layman terms. However, if account was already 14 years old before the girl attained the age of 18, no future investments are required after premature withdrawal but interest earning will keep coming at compounded rate. Any deposit in Sukanya Samriddhi Account is eligible for interest earnings. That’s a possibility. You can stop making the contributions and take the deposited amount after completion of 21 years or when the girl child turns 18 for her marriage or higher education. Sukanya Samriddhi Yojana Calculator Helps you calculate the total amount invested, returns, maturity value and maturity date. There is enough proof of how SIP creates wealth in long term. Save my name, email, and website in this browser for the next time I comment. sir i already have opened the account for my girl and soon we get the citizenship in abroad. Doing all the financial calculations manually can be cumbersome and make it prone to human errors. It has also been assumed that throughout these 21 years, there have been no withdrawals made. In SSY you need to deposit a minimum of Rs 250 unlike the limit of Rs 500 for PPF. During first birth, 3 daughters are born (triplets) and in second birth 1 or more daughters are born – parents or guardians can open only and only 3 accounts for the triplet sisters from first birth. The table below sums up the age related criteria associated with this scheme. This is greater than the maximum exemption limit of INR 150,000 defined by 80C. three children at one time all being girl children.
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