Sukanya Samriddhi Yojana is an initiative by the Government of India to encourage nationwide economic security for girls. The scheme has inspired the parents of the girl child to come forward and join the campaign by investing in the Sukanya Samriddhi Yojana scheme to give their girls a better future in terms of financial security. The plan is specifically to cover educational and marriage costs. Beti Bachao Beti Padhao scheme is also known as a part of this scheme.
I have a two years girl child and received demand from my husband to write a blog post about Sukanya Samriddhi Yojana and its benefits. Then I decided to write a blog post on the calculator Sukanya Samriddhi Yojana.
Functions of Sukanya Samriddhi Yojana:
- Girl child parents can open a Sukanya Samriddhi Yojana account until the girl’s maximum age is ten years from the date of her birth;
- A maximum of two (2) Sukanya Samriddhi Yojana scheme can be opened by two different names by the parents of the girl child;
- An SSY account can be opened in the name of a girl child and one parent can open a maximum of two accounts. If the parents have three daughters from the first birth or twin daughters from the second birth, then the parents can open a maximum of 3 accounts, where only one account is opened in the name of any girl.
- This account can be contributed for a maximum period of 15 years after opening the account.
- This account is essentially closed upon reaching the age of 21 from the date of account opening. This implies that the account remains operational for a maximum period of 21 years from the date of account opening. Since the highest contribution period in this account is 15 years, there is no need to contribute between the 16th and 21st years;
- Under the new 2018 amendment rules, the minimum amount required to open Sukanya Samriddhi Yojana account is now only Rs. 250 from the earlier 1000;
- Further, the minimum amount to be deposited per year for the maintaining of this account has been reduced from the previous minimum threshold limit of Rs. 1000 to Rs. 250 as per above amendment Regulations 2018;
- The highest amount to be deposited in Sukanya Samriddhi Yojana’s annual account is Rs. 1,50,000;
- Contributions to this account will be exempt from tax to the extent of Rs.150000 per the annual U / S 80C of the Income Tax Act, 1961.
- While the current interest rate offered by the scheme is 8.1 percent per annum, the interest rate is evaluated every quarter like other small savings deposit schemes;
- The interest rate of Sukanya Samriddhi Yojana calculator is still higher in other small savings deposit schemes like PPF, FD and Recurring Deposit;
- Premature closure of this account is allowed only for a girl reaching the age of 18 for educational and marriage reasons;
- Only 50% of the accumulated balance of the previous financial year can be partially withdrawn for the two reasons listed above;
- On reaching the age of 21, the girl child is the only person authorized to withdraw the balance at maturity.