Sukanya Samriddhi Yojana Calculator

The scheme is applicable for girl children. The parent or legal guardian can open an SSY account on behalf of a girl child until she reaches the age of 10. The girl child must be a resident of  India. In a family, up to two accounts can be opened for two girls. A third SSY account can be opened in case of twin girls.

Under Section 80C of the Income Tax Act, 1961, tax benefits of up to ₹1.5 lakh are provided for contributions made towards the scheme. The interest amount that is generated is also exempt from tax. Tax benefits are also provided for the maturity amount or the withdrawal amount.

The calculator helps depositors know the exact amount you would receive on maturity under the SSY scheme. The calculator helps depositors with multiple iterations (free of charge) so that they can analyse their investment amount, investment intervals vs. the maturity amount to make a more informed decision. The SSY calculator can generate accurate results provided you’ve plugged in accurate data, besides saving your precious time.

If the mathematical formula/algorithm is incorrectly fed, the output would be inaccurate and misleading to the depositor.

Deposits towards the SSY account can be made via online transfer, demand draft, cheque or cash.

• SSY account opening form
• Birth certificate of the girl child 
• ID proof and address proof of the depositor 
• Medical certificate in case multiple children are born under one order of birth
• Any other documents that are requested by the bank or post office

• Upon activation of the SSY account, you will receive a passbook. 
• The passbook mentions the date of opening the account, the date of birth of the girl child, the account number, the name, the address of the account holder and the amount that has been deposited.
• The passbook must be submitted to the bank or post office at the time of depositing money into the account, receiving the interest payment, and closing the account.

• If the depositor fails to pay the minimum amount of ₹250 in any given financial year, the account will be considered as default. 
• However, the account can be made active by paying a fine of ₹50.

• If the deposit is in excess of the maximum threshold limit of ₹1.5 lakh, no interest is generated on the excess. The depositor can withdraw the excess amount at any time.

Upon maturity, the entire amount in the SSY account including the interest can be withdrawn by the girl child. The following documents need to be submitted:

• Application form for the withdrawal of the amount
• ID proof
• Address proof
• Citizenship documents
• Withdrawal is allowed for the purposes of higher education if the girl child has attained the age of 18 years and has completed 10th standard. 
• However, the money must be used for the fee or any other charges that are levied at the time of admission.
• Documents such as admission to the university or college as well as the fee receipt must be submitted when applying for the withdrawal.
• The maximum amount that can be withdrawn is 50% of the amount that is available in the previous year. 
• The amount can be withdrawn in 5 instalments or in a lump sum.

• Once the girl attains the age of 18 years old and is getting married, premature withdrawal from the SSY is allowed.
• However, the application must be submitted at least one month before the marriage and 3 months after the marriage to avail the benefit.
• Documents that determine the age of the girl child must also be provided.
• In case the girl child becomes a non-citizen or a non-resident, the account will be deemed as closed. Information about any such change in status must be provided by the guardian or the girl child within one month from the change in status.
• In the case of death of the girl child, the balance that is available in the account can be withdrawn by the guardian. However, the death certificate must be submitted.
• If the account has been opened for 5 years and more, and the bank or post office feels that the continuation of the account is causing difficulties to the girl child, the guardian or girl child can opt for premature closure.
• Permission to close the account will be permitted for other reasons as well, but the interest that is earned from the contributions will be the same as the interest rates that are provided by post offices.

• Yes, an SSY account can be transferred from post offices to banks and vice versa anywhere within India. 
• No charges will be levied for the transfer of the account. 
• However, a proof for change in residence must be produced. In case no proof is produced, a ₹100 charge will be levied.

The scheme is not applicable for NRIs.

Conversion of such accounts is not allowed.