Sukanya Samriddhi Yojana (SSY): Eligibility, and Benefits

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Business

The benefit of the government has taken several steps for girls in terms of education and financial freedom. Sukanya Samriddhi Yojana is a government assistance scheme that helps parents to save girls’ education and marriage from the beginning.

Sukanya Samriddhi Yojana is a small savings scheme that can be opened in post offices and approved as a savings account in the name of a child in private and public banks. Like other post offices, the rate of interest is stated quarterly. The interest rate for Jan-Mar’19 (Q4, FY 2018-19) was 8.5 percent. It is considered one of the highest-paid investment options in the fixed income segment

Know your eligibility for Sukanya Samriddhi Yojana account

Following are the main eligibility criteria to open Sukanya Samriddhi Yojana account:

  • Only the girl’s parents or legal guardian can open the Sukanya Samriddhi Yojana account on behalf of the girl child.
  • At the time of opening the account, the girl’s age should be less than ten years. The account will continue to operate before the girl reaches the age of 21.
  • The initial investment will start from Rs. 250 and a maximum of Rs. 1,50,000 per year with further deposits in multiples of Rs. 100.
  • A single girl child cannot have multiple Sukanya Samriddhi accounts.
  • Only two Sukanya Samriddhi Yojana is allowed per family, I.e., one for each girl child.
  • You will benefit from the high-interest rates offered by fixed deposit companies

Sukanya Samriddhi Yojana online benefits

Sukanya Samriddhi Yojana online calculator gives you the following benefits:

  • The Sukanya scheme calculator is free to use and can generate error-free output for several iterations.
  • The calculator produces the output within seconds.
  • The tool is available on the online website and does not require downloading the utility.
  • You do not need to sign up or log in to use the calculator; it does not ask any user details, except for the input field.
  • The number of times you can use the SSY calculator is not shaded.
  • The calculation is done based on prevailing SSY interest rates for high accuracy; Individuals do not have to enter interest rates manually.
  • The SSY calculator is up-to-date, and any changes applied to the scheme itself, which affect the calculation of funds, will be auto-reflected in the functioning of the Sukanya Samriddhi calculator.
  • The device works on all platforms with equal performance.

Sukanya Samriddhi Yojana calculator lets you calculate the amount you can invest every year comfortably. Opening an SSY account is one way to protect your child’s future against expenses such as higher education.

Note: Individuals are obliged to make at least one contribution every year before the completion of 14 years. The calculator will assume that the same amount of deposit is made on an annual basis. No deposit is required between year 15 and year 21.

Things to remember: Sukanya Samriddhi Yojana is a small savings scheme that can be opened in post offices.

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