Sukanya Samriddhi Yojana Calculator ICICI

Sukanya Samriddhi Yojana is an initiative launched by the Government of India under the Beti Bachao Beti Padhao Scheme. It encourages parents to build a corpus for their girl child, which can be used to fund their higher education, marriage, etc. The scheme currently provides an interest rate of 7.6% and various tax benefits. The interest rate is decided by the government and is determined every quarter. The accounts can be opened at your nearest post office branch or participating banks branch.

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Sukanya Samriddhi Yojana ICICI Bank

ICICI Bank has extended its support to the scheme. As per the Ministry of Finance guidelines, they are offering the customers to open an account as part of the scheme. Parents/ legal guardians can open a maximum of two accounts for girls under 10 years of age. Under the plan, the account would have a tenure of 21 years or until the girl child gets married after crossing the legal age. 

ICICI Bank Sukanya Samriddhi Yojana Calculator

Often, the first question that arises in everyone's mind is what is the total amount that they would receive on maturity. Manual calculations can be daunting and involve chances of error. The ICICI Bank Sukanya Samriddhi Yojana calculator is here to make the calculations simple for you. The calculator is free to use, and you can make an informed decision on how much you want to invest per year and start creating your corpus. 

The SSY is a long-term investment scheme generating a high return on investment (ROI). An account holder is required to make minimum contributions to keep the account active. The calculator would let you plan everything so that you know how much you are supposed to pay and if it's an affordable option for you. 

The major highlights of the Sukanya Samriddhi Yojana Calculator are: 

  • It displays the amount you will receive at the time of maturity.

  • It advises you on the tenure for which you should invest.

  • It helps you to plan the overall investment and ensure that you follow it. 

People also read: Best Child Plan

How Does the ICICI Bank Sukanya Samriddhi Yojana Calculator Work? 

The tenure of the scheme's maturity is 21 years, and you are expected to make the minimum payments for the next 15 years from when you start the plan. The interest charged would be on the previous installments and the amount accumulated. 

The calculator uses the following formula: 

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

Where, 

A = Compound Interest

P = Principal Amount

r = Rate of Interest

n = Number of times the interest compounds in a year

t = No. of Years 

While using the calculator, enter the total amount you want to invest annually. Select the current interest rate once you have decided the amount. The interest rate can be changed anytime by the Indian Ministry of Finance. Using the slider, select the girl's age and the year you want to begin. 

The calculator would then display the total maturity amount, year of maturity, the total amount paid, and interest accumulated. Since it is a free calculator, you can make changes in the inputs until you get the desired amount. 

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What are the Advantages of Using the ICICI Bank Sukanya Samriddhi Calculator?

The main advantages of using the Sukanya Samriddhi ICICI calculator are: 

  • Easy to Use: The calculator only needs some basic information from you to make the calculations. 

  • No Room for Error: The calculator ensures you don't need to do the calculations manually, thus eliminating the chances of error. The calculator has been designed in a way that is bug-free and error-free. 

  • Open-Source Calculator: The calculator is free to use for everyone and can be easily accessed on ICICI Bank’s websites. You can use it as many times as you want to achieve the desired results and plan your investment accordingly.

  • No Complicated Hardware/ Software Required: You do not need to have any complicated pre-requisite to use the calculator. You can easily access it on your smartphone.

FAQ's

  • What does happen to my SSY account if I do not make any deposits? 

    An SSY account becomes inactive if you do not make any deposits. You can revive the account by paying a penalty charge of Rs. 50. 
  • Can an SSY account be closed before maturity? 

    Yes, a Sukanya Samriddhi Yojana account can be closed before maturity in the event of the account holder's death or life-threatening disease. However, the account holder would need approval from the Centre Government to close the account. 
  • What is the minimum amount required to open an SSY account? 

    The account can be opened with a minimum amount of Rs.250. The account holders would have to continue to pay a minimum of Rs.250 to keep the account active. 
  • Is there any relaxation in the age limit of the girl child under the scheme? 

    Any girl who turned 10 years old within one year of the scheme's launch date would be eligible for the scheme. 
  • What does happen in an event the beneficiary meets an unexpected death? 

    In case of a beneficiary's untimely death, the account is closed, and all the proceeds are transferred to the girl's parents/ guardians. 
  • Can a normal account be converted into a Sukanya Samriddhi Yojana Account? 

    No, a normal account cannot be converted into an SSY account. 
  • Can I withdraw funds from the Sukanya Samriddhi Yojana account prematurely? 

    No, only a partial withdrawal of up to 50% is allowed once the beneficiary turns 18 years old. The amount can be withdrawn for marriage or higher education. The account holders have to submit the offer letter and payment details of the college fees. 
  • Is the SSY scheme available in all parts of India? 

    The scheme is a central government scheme and is available across all states and union territories.
  • Can I have multiple SSY accounts for one girl child? 

    No, only one account per girl child is allowed under the SSY scheme. 
  • Can both parents avail tax deductions for amounts deposited under the scheme? 

    No, only one parent can claim tax deductions based on the amounts deposited under the SSY scheme under section 80C.  (*Tax benefit is subject to changes in tax laws.)

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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