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8 January 2020

What Is SSY Calculator And How Does It Work?

Looking for the best method to save expenses for your daughter? Wish to save for their tutoring and wedding expenses? Fortunately, Sukanya Samriddhi Yojana (SSY) is here which helps you to save more than what you have expected. Actually, it is a fixed deposit scheme in which you can save for the purpose of the daughter to meet their needs in the future. When you decide to begin to invest in this scheme, you will be provided with few incentives and attractive tax benefits!

If you are the individual who is a parent for the daughter at below 10 years of age, then you are possible to open SSY account. And also, it is possible for the two children. If you are having more than two girl children, then you are possible to open an account for the two children alone. If the candidate reaches the age of 18, then you can easily withdraw half of the amount form the savings for their educational purposes. Bear in mind; you have to submit the identity proof that she completed the age of 18. If you don't calculate the amount of savings, then you can make use of ssy calculator in order to verify the amount they will collect at the time of maturity! Have a look at the following and know how the SSY calculator works!

How actually SSY calculator work?

At first, the SSY account to be opened with an initial amount of Rs 250. And so, you have to deposit Rs. 250 at every month and so it can be benefited Rs 1,50,000 at the completion of scheme. The attractive benefit is that you no need to deposit money at the age of 15 and 21 years since there is a chance to avail of the interest during these tenures. When offering the final amount, the scheme will provide full amount even the amount of tax generated during the period of time.

Once the details of the individual has been entered, the SSY calculator verifies the total amount that the person will collect when they attain maturity level. After the completion of 21 years, you are possible to withdraw the total amount of money to meet any of the purposes such as education or marriage. On a yearly basis, the calculator will sum up the amount and it is always better to make any one of the contributions at least once in a year.

In order to open an account, it needs a small amount and so many people wish to open for their girl children. And also, it offers so many tax benefits in order to grab the attention of the people. From the above said, it is a mandatory option to deposit the amount every month until the age of 15. When you fail to make a deposit, then you have to pay a fine amount of Rs. 50 while retrieving the account. So, SSY calculator will help you to determine rate of interest and yearly deposit!!

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Additional Read: Know Why Is It Beneficial to Use an Online Home EMI Calculator

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