Post Office Sukanya Samriddhi Yojana Calculator

Frequently Asked Questions

• How to calculate Sukanya Samriddhi Yojana in the post office?

  Use Policybazaar Post Office Sukanya Samriddhi Yojana to estimate your returns from the SSY scheme. You need to enter the investment amount, the girl's age, and the current year in the Sukanya Calculator.

• Why should I use an SSY calculator?

  The calculator helps you plan your finances better by showing the potential returns on your investment for your daughter's future.

• What information do I need to use the SSY calculator?

  Typically, you'll need to enter the following:

  • Annual investment amount you plan to contribute

  • Age of your daughter

  • Year you plan to start investing

• Can I make multiple calculations with the SSY calculator?

  Yes, most calculators allow you to enter different investment amounts and ages to see how they impact the maturity value.

• Which scheme is best for girl child in the post office?

  Sukanya Samriddhi Yojana (SSY) is the best scheme to create a financial corpus for your girl child due to the following reasons:

  • Attractive interest rate (8.2% in Q2 of 2024-25)

  • Tax benefits (under Section 80C of the IT Act, 1961)

  • Long-term savings for girl's future

  • Maturity benefit

  • Flexible deposits (min. Rs. 250)

• Will my account be permanently closed if I failed to make the payment?

  No, your account will not be closed but will be considered as a 'default account.' If you want to reactivate your account, you can do so by paying the penalty of rupees 50 for one year of payment lapse.

• Can I withdraw money before the maturity of the SSY scheme?

  Yes, in certain cases like terminal illness, death of the policyholder or the legal guardian of the girl child, for education and marriage of the girl. In these cases, premature withdrawal is allowed.

• Where can I open an SSY account?

  The facility to open the Sukanya Samriddhi account is available at every post office across India. One can visit the post office and complete all the required formalities with the concerned official and can start investing in the scheme. The facility is also provided by banks such as HDFC, PNB, SBI, etc.

• Who will have the authority to manage the SSY account?

  The parents or the legal guardian of the girl child have the authority to manage the account until the maturity period. Still, if the girl wants, she can also operate her account once she attained the age of 10 years.

• Can Non-Residential Indian avail the facility of the SSY account?

  No, as of now, the facility to open the SSY account lies only with Indian residents. The girl whose name the account is being opened must be an Indian citizen and should be less than the age of 10 years.

• How many SSY accounts can be opened in a family?

  One girl is allowed to have only one SSY account in her name. Parents or legal guardians can open a maximum of two accounts for each of their two-girl children. But there can be exceptions in the case of twins and triplets.

• Do the interest rates on the SSY scheme change?

  Yes, the interest rates on the SSY scheme keep changing. One needs to check the latest interest rate before making the investment to avoid any confusion. 8.2% per annum July to September 2024 (Q2 FY 2024-25).

• Where Can I find the latest interest rate on the SSY scheme?

  To find the prevailing interest rate on the SSY scheme, one can use the Post Office Sukanya Samriddhi Yojana calculator, which will help you calculate the accurate maturity amount on the basis of current interest rates.

• What is the purpose of the SSY scheme?

  Sukanya Samriddhi scheme was launched under Beti Bachao, Beti Padhao to secure the future of the girl child by allowing their parents or legal guardians to invest money annually on the name of their girl child and once the maturity of the scheme is completed, she can receive enough funds to manage her expenses.

• What is the procedure to withdraw money after maturity?

  One can directly withdraw the money from the SSY account after providing the required documents to the concerned authority. The documents such as identity proof of the parents or legal guardian, identity proof of the girl child, resident proof, etc.

• Does it is allowed to transfer the SSY account from one place to another?

  Yes, it is allowed to transfer the SSY account from one bank to another and from one post office to another, keeping in mind, that girl may move from place to place for her education or other reasons.

• Can I take a loan against the SSY account?

  No, there is no such facility available as of now to take a loan against the SSY account. SSY scheme is specifically designed to secure the future of the girl child by providing her financial upliftment.