Sukanya Samriddhi Yojana Calculator

Frequently Asked Questions (FAQs)

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is a government-backed savings scheme for the benefit of the girl child. It encourages parents to build a corpus for their daughter’s future education and marriage expenses.

How does the Sukanya Samriddhi Yojana Calculator work?

The calculator estimates the future value of your Sukanya Samriddhi Yojana investment based on factors like the initial deposit, annual contributions, and the applicable interest rate.

Is the Sukanya Samriddhi Yojana Calculator accurate?

Yes, the calculator provides a close approximation of the maturity amount. However, the actual returns may vary based on changes in interest rates and other factors.

What are the key inputs required for using the calculator?

The calculator typically requires details such as the initial deposit amount, annual contribution, tenure, and the prevailing interest rate.

Can I use the Sukanya Samriddhi Yojana Calculator for multiple accounts?

Yes, you can use the calculator for multiple accounts by entering the relevant details for each account separately.

How often should I update the information in the calculator?

It is advisable to update the calculator whenever there are changes in the contribution amount, interest rates, or any other relevant details to get accurate projections.

Are the results from the calculator guaranteed?

No, the results are based on certain assumptions and market conditions. Actual returns may differ due to fluctuations in interest rates and other economic factors.

What is the current interest rate for Sukanya Samriddhi Yojana?

The interest rate is subject to change. Check with the official government sources or financial institutions for the most up-to-date rates.

Is there a maximum limit on annual contributions to Sukanya Samriddhi Yojana?

Yes, there is a specified maximum limit for annual contributions, and it is advisable to stay within this limit for optimal benefits.

Can I withdraw money from Sukanya Samriddhi Yojana before maturity?

Partial withdrawals are allowed for specific purposes such as the girl child’s higher education, marriage, or in case of medical emergencies, subject to certain conditions.

What happens if I miss making a contribution in a particular year?

It’s important to make regular contributions. If a contribution is missed, a penalty may be applicable, and the account could become inactive.

Is the interest earned on Sukanya Samriddhi Yojana taxable?

As of now, the interest earned and the maturity amount are exempt from income tax under Section 80C of the Income Tax Act.

Can I transfer my Sukanya Samriddhi Yojana account to another location?

Yes, the account can be transferred to another location within India if required, due to factors such as relocation.

What documents are needed to open a Sukanya Samriddhi Yojana account?

Generally, documents such as the girl child’s birth certificate and the parent/guardian’s identity and address proofs are required for account opening.

Can a non-resident Indian (NRI) open a Sukanya Samriddhi Yojana account?

No, NRIs are not eligible to open Sukanya Samriddhi Yojana accounts.

What happens to the Sukanya Samriddhi Yojana account if the girl child’s gender changes?

If there is a change in the girl child’s gender, the account will be closed, and the balance will be refunded to the account holder.