SUKANYA SAMRIDDHI YOJANA CALCULATOR
As the name implies, like the title suggests, SUKANYA SAMRIDDHI YOJANA is a small savings plan that was created by the Government of India under the campaign “Beti Bachao Beti Padhao” which is only open to girls at an age minimum at 10 years of age. The scheme permits parents or guardians to create an account for savings for their child by contacting a licensed commercial bank as well as an India Post office branch.
Who can use SUKANYA SAMRIDDHI YOJANA CALCULATOR?
- Anyone can make use of SSY calculator you will be sure to verify for eligibility conditions prior to making a decision to invest in SSY.
- The girl must reside in India.
- The girl must be at least 10 years age.
- Family members can have up a maximum of two accounts for two girls. Three accounts are possible to open for twins born during their second birth.
- The SSY account lets parents or guardians establish an account under the name for the child.
What are the tax benefits provided to SSY?
In order to encourage the investment of SSY, the SUKANYA SAMARIDDHI YOJANA has been granted the following tax advantages:
- The investments made under the SSY plan qualify to receive taxes deductions as per section 80C. Maximum cap of 1.5 lakh.
- The interest accrued on this account, which is every year compounded as tax-free.
- The amount received at the date of maturity/withdrawal is exempt from taxation on income.