Sukanya Samriddhi Scheme Calculator

The Sukanya Samriddhi Yojana (SSY) is a tax-saving savings scheme in India, launched by the government to help parents save money for their daughters' future education and marriage expenses. Here's a detailed description of the scheme:

Key Features:

1. Purpose: The primary objective of the SSY is to promote savings and education for girls.

2. Eligibility: The scheme is available to Indian residents, both citizens and non-citizens, who are parents or guardians of a girl below 10 years of age.

3. Account Opening: Parents or guardians can open an SSY account in their name for a girl child.

4. Account Type: The account can be opened in the name of a single girl child, and a parent or guardian can open multiple accounts for multiple girls.

5. Account Period: The account can be opened for a minimum period of 21 years and a maximum period of 22 years.

6. Interest Rate: The interest rate for SSY accounts is 7.6% per annum, compounded annually.

7. Contribution: The minimum and maximum deposit amount is ₹250 per quarter. However, it is mandatory to deposit a minimum of ₹250 at least once in a year.

8. Tax Benefits: The interest earned on SSY accounts is tax-free under Section 80C of the Income-Tax Act, 1961.

9. Withdrawal: The account can be closed after the girl child turns 18 years old, and the amount can be used for the girl's education, marriage, or any other purpose approved by the government.

10. Partial Withdrawal: The government allows partial withdrawal from account before maturity for specific reasons like the girl's education or marriage.

Benefits:

1. High-Interest Rate: The SSY offers higher interest rates compared to traditional saving accounts.

2. Tax Benefits: The interest earned is tax-free, making it a tax-efficient way to save.

3. Low Risk: The scheme is backed by the Indian government and is relatively low-risk.

4. Long-Term Benefits: The account can be opened for a long period, providing a long-term savings goal.

Limitations:

1. Penalty for Late Deposit: If a deposit is not made by the end of the financial year, a penalty of ₹50 is applicable.

2. Penalty for Closing Account Early: If the account is closed before the maturity period, a penalty of ₹100 is applicable.

3. Limited Withdrawal: Partial withdrawal is allowed only for specific reasons and with a penalty. 

Documents Required:

1. Birth Certificate: The birth certificate of the girl child is required to open the account.

2. Identity Proof: The parent or guardian must provide a valid identity proof, such as a PAN card or passport.

3. Age Certificate: The age certificate of the girl child is required to open the account.

4. Bank Account Details: The account details of the parent or guardian, including the account number, IFSC code, and bank name, are required.

Overall, the Sukanya Samriddhi Yojana is a tax-efficient and low-risk savings scheme that helps parents save for their girl child's education and marriage expenses.