No need to think about anything else. (Quoted: Economic Times) Ask The Experts Section, Increasing Gap between Retirement Age & Life Expectancy. Health Insurance or Life Insurance – Which to buy first? So that is all that I wanted to highlight about the Sukanya Samriddhi Calculator 2020. 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. However, there are some strict restrictions applied. These circumstances include. there are tax benefits! We will try to keep things as simple as possible and explain everything in layman terms. A certificate issued by School Headmaster stating the date of birth of the girl child. Tax Benefit : Investment provides tax deduction u/s 80 C upto Rs.1,50,0000. Here is a screenshot of the same: And just to give you some ready reference about Sukanya Samriddhi Maturity Amount for various contributions, here is a ready reckoner (assuming 8.4% annual rate of interest): That is an example of SSY Interest Calculator or more broadly, SSY Amount calculator. 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. sir i already have opened the account for my girl and soon we get the citizenship in abroad. Learn how your comment data is processed. Yes, it is possible. It is an RBI mandate which says that NRIs cannot invest in small savings schemes in India. Since FD was made first, it will continue to enjoy full exemption but the investments in Sukanya Samriddhi Scheme will fall under taxation. What is the minimum amount that has to be deposited. 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). Sukanya Samriddhi Account Scheme / Yojana was one of great initiative of narendra modi government back in year of 2014. There is no contribution made from year 15 to 21(as not mandated, though individuals are free to invest as per their wish). It is only allowed to open one account for one girl child. 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. 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. Let us take a tabular look into the tax benefits that can be expected from investing in this scheme. No taxes are applicable. Interest earnings are totally tax-free in the hands of the parents or guardians. Which banks allow opening of Sukanya Samriddhi Account? Sukanya Samriddhi Yojana Latest Update 07/04/2020: Sukanya Samriddhi Yojana (SSY Account) is a small savings scheme of the Post Office, hence your investment is completely safe. 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 -. Please note that you can invest in SSY only when you meet the eligibility criteria i.e the age of girl child is not more than 10 years and the girl is a resident of India. That is, the maximum age limit for Sukanya Samriddhi Yojana is 10 years. For the fiscal year 2015-2016, interest rate of 9.20% was announced, Current SSY interest rate is 8.1%. And if you are curious to know how is the interest calculated on Sukanya Samriddhi account, then here is the answer: The interest is calculated monthly, but added back to the account at the end of the year. With, the maximum of two accounts for two girl children by parents or legal guardians. 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). The girl for whom Sukanya account is opened should be a resident Indian. All these figures have been calculated using the excel based Sukanya Samriddhi Yojana Calculator. However, while calculating the maturity value, it works on the following assumptions : Under the SSY (Sukanya Samriddhi Yojana) you can open a maximum of two accounts at a time. However, one can has to keep investing for 14 years at least. The table below sums up the age related criteria associated with this scheme. As of now, Yes you can do this now but only in banks. 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). This means that the girl can keep the account active even after the account has remained active for 21 years. In this plan you also get excellent returns. A certificate issued by the hospital where the girl was born clearly stating the date of birth of the girl. The girl child for whom the account was opened will be the person who gets the maturity amount. For Sukanya Samriddhi Yojana Account tax benefits are given on the basis of nomination. 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. 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. It is possible that the birth certificate of the girl is not available.
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