Sukanya Samriddhi Yojana 2024
Eligibility Criteria of Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana 2024
Eligibility Criteria of Sukanya Samriddhi Yojana
Hello friends, welcome to our website, today I will give you information about Sukanya Samriddhi Yojana. Friends, this scheme was started under the Beti Padhao Beti Bachao campaign, parents can open only one account in the name of the daughter, if there is a twin daughter, then the relevant documents have to be submitted, after which the third account can be opened. Sukanya Samriddhi Yojana is only for the daughter. Sukanya Samriddhi Yojana is a specialized financial product offered by South Indian Bank. The Sukanya Samriddhi Yojana calculator helps you calculate the maturity value, interest, and maturity amount for your scheme.
Who can use SSY Calculator? :-
To use this calculator, one must fulfill the eligibility conditions of Sukanya Samriddhi Yojana. As per the rules, the following people are eligible to open Sukanya Samriddhi Account:
Girls should not be more than 10 years of age
He must be a resident citizen of India
Account cannot be opened for more than two girls in a nuclear family
Documents required to open Sukanya Samriddhi Account :-
girl's birth certificate
photo of parents
identity card
address proof
Aadhaar card
How to use Sukanya Samriddhi Calculator :-
If you fulfill the eligibility conditions, the calculator will ask you to provide your daughter’s age and amount to invest in the scheme. The minimum amount you can invest is Rs 1,000 and the maximum is Rs 1.5 lakh in a financial year. With effect from July 5, 2018, the government has reduced the minimum investment amount to Rs.250.
how calculator works :-
The calculator will calculate the estimated value you will receive at maturity, based on the amount you have entered. The scheme will mature on completion of 21 years from the date of account opening.
As per the rules of the scheme, a depositor has to make one deposit every year till the completion of 15 years from the date of account opening. Here, the calculator assumes that you have made all the deposits as per the amount chosen by you every year.
Between 15th year and 21st year, no deposit is required. However, you will be earning interest on the deposits made earlier. The calculator will take into account the interest you received during those years.
What does the calculator show?
Based on the information provided by you, the calculator will show you the year in which the account matures, the maturity value, the interest rate the maturity value comes from. It also shows the break-up of the amount that you can invest in the scheme monthly.
While arriving at the maturity value, we have assumed an interest rate of 8.1 per cent per annum over the next 21 years, as currently given in the Sukanya Samriddhi Yojana.
Benefits of using a Sukanya Samriddhi Yojana Calculator
You can use Sukanya Samriddhi Yojana Calculator to calculate the maturity value, interest, and maturity amount for your scheme.
Eligibility criteria of Sukanya Samriddhi Yojana :-
There are a few disadvantages to this scheme.
There is a lock-in period of 10 years. This means that you will have to invest for at least ten years before you can withdraw your money and get back the principal amount plus interest earned in that time period. It’s also important to note that if you withdraw your cash too early, there will be penalties imposed on your account balance by the bank or life insurance company holding it (depending on which one holds your Sukanya Samriddhi Yojana).
Interest rates are lower than normal bank fixed deposits because the government guarantees some part of its return on investments made under this scheme so they don't need high returns from investing funds in stocks or mutual funds which might not give them as much profit over time. because they're riskier investments than fixed deposits offered by banks themselves
