Sukanya Samriddhi Account Calculator

Home › Finance › Interest
Posted by Dinesh on

Sukanya Samriddhi Account (girl child prosperity account) is a government of india backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for the future education of their female child.

Sukanya samriddhi account is designed to provide a bright future for your girl child. It offers a high interest rate of 7.6% and tax benefits under 80c. This scheme enables guardians to open a savings account for their girl child with an authorised commercial bank or india post branch.

Sukanya Samriddhi Account Post Office Calculator

Formula:

A=P(1+r/n)^n

where,
A = Compound Interest
P = Principal Amount
r = Rate of Interest
t = number of years
n = The number of times interest is compounded in a year

Key Benefits of Sukanya Samriddhi

High Interest Rates: The scheme offers one of the highest interest rates among small savings schemes in India. The interest rate is fixed annually by the government and is typically higher than that offered by other savings schemes.

  • High Interest Rates: The scheme offers one of the highest interest rates among small savings schemes in India. The interest rate is fixed annually by the government and is typically higher than that offered by other savings schemes.
  • Tax Benefits: Contributions made towards the Sukanya Samriddhi Account are eligible for tax deductions under Section 80C of the Income Tax Act, up to a specified limit. Additionally, the interest earned and the maturity amount are tax-free, making it an attractive option for tax-efficient savings.
  • Long-term Savings: The account has a long maturity period, extending until the girl child reaches the age of 21 years. This allows for long-term savings accumulation, which can be beneficial for fulfilling significant financial goals like education and marriage expenses.
  • Flexible Deposit Options: Deposits into the Sukanya Samriddhi Account can be made in the form of cash, cheque, or demand draft, providing flexibility to the account holders in managing their contributions.
  • Minimal Initial Investment: The account can be opened with a relatively low initial deposit, making it accessible to a wide range of income groups. Subsequent deposits can also be made in multiples of the minimum deposit amount.
  • Partial Withdrawal Facility: Partial withdrawals are allowed from the Sukanya Samriddhi Account once the girl child reaches the age of 18 years or has passed the 10th standard examination, whichever is earlier. This feature provides liquidity for unforeseen expenses while ensuring that the core savings remain intact for the designated purposes.
  • Transferability: In case of relocation, the Sukanya Samriddhi Account can be transferred to any authorized bank or post office across India, ensuring continuity of savings irrespective of the account holder's location.
  • Account Operation: The account can be operated by the parent or legal guardian of the girl child until she reaches the age of 10 years, after which the girl child can manage the account independently.
Related Calculators








Finance Calculators