Sukanya Samriddhi Yojana Account is an initiative taken to inspire the Indian society to promote Female empowerment and to reduce the female infanticide rate. Sukanya Samriddhi Yojana Account is a small savings account that provides savings with the high-interest rate for the girl child. It was launched by the Modi Government in the year 2015 as a part of “Beti Bacho, Beti Padao” Campaign which means” Save Girl Child and Educate the Girl Child”. Recently, the government has revised the minimum amount of deposit from Rs.1000 to Rs.250 that made the account more accessible to poor people. Sukanya Samriddhi Yojana Has been a success as there are 1.26 crore people already using the account to save for their girl child which is likely to grow as the minimum deposit cap is low.
You can also use the Sukanya Samriddhi Yojana Calculator that provides a customer calculation for your amount on both monthly as well as annual bases.
How to Use the Sukanya Samriddhi Yojana Excel Calculator?
You can Download the Sukanya Samriddhi Yojana Excel Calculator and find all the necessary detail like maturity amount, balance amount at the end of each year and total deposit amount. The Excel calculator can help you in tracking the amount that you have invested and the ROI you are getting on the amount. Since, the Interest rate changes, therefore, the Interest rate on the calculator can be customized according to the current Interest rates.
You can use the Excel Calculator by following these steps-
- Download the Sukanya Samriddhi Yojana Excel Calculator from the above link.
- An Excel Sheet will open containing a calculation with amount Rs.250 for 8.6% interest
- Simply enter the amount you want to find the calculation for in the deposit amount tab and press enter.
- The Calculator will display the maturity amount after 14 years and 21 years
- If the Interest rate changes then the interest rate can also be changed.
Find more details on how the calculation for SSY Account works-Sukanya Samriddhi Yojana Chart
FAQ On Sukanya Smariddhi Yojana Account
Q. What is the current interest rate in Sukanya Samriddhi Yojana?
A. The Interest rate for the year 2018-19 is 8.1% which is calculated on Compound bases.
Q. Can I Withdraw fund before reaching the Maturity Period?
A. Yes, you can withdraw 50% of the amount when the Girl child reaches the 18 year of age to support for higher education.
Q. Can a NRI open this account?
A. No, a NRI cannot open the Sukanya Samriddhi Yojana Account.
Q. Can we open More than one account for the same child?
A. No, you cannot open more than one account for the same child