Sukanya Samriddhi Account: Here is how to use Sukanya Samriddhi Yojana calculator, and check account balance online

Due to the pandemic, the government had brought some relaxations in the eligibility norms for opening a Sukanya Samriddhi Account. Currently, the SSY account fetches an interest rate of 7.6 per cent, which is one of the highest among Post Office small savings schemes and is changed on a quarterly basis.

The Sukanya Samriddhi Scheme can only be opened either by parents or legal guardians on behalf of their girl child, including an adopted girl child for up to 2 daughters, up to the age of 10 years only from the date of birth of the girl child.

One of the reasons why SSY is popular among investors is due to the tax benefit it offers – a maximum tax benefit of Rs 1.5 lakh under Section 80C of the Income-Tax Act can be availed by depositors. Additionally, the accrued interest and the maturity amount are also exempt from tax.

Sukanya Samriddhi Yojana calculator

Before investing in this scheme, depositors can use the Sukanya Samriddhi Yojana calculator to know about the maturity amount at the end of the tenure. It can also be used to find out the approximate savings via this scheme for the daughter’s higher education and/or marriage.

Here is how to use the Sukanya Samriddhi calculator;
If you are eligible, then the calculator will ask you to provide the age of the child along with the amount that you want to invest in the scheme. Keep in mind, the minimum amount that can be invested is Rs 250 and the maximum is Rs 1.5 lakh in a single financial year.

Till the completion of 15 years from the date of opening of the account, as a depositor, you will have to make deposits every year without fail. The calculator assumes that you will make all the deposits every year of the same amount as selected by you. Based on the amount entered by you, the calculator will calculate the approximate value that you will receive at maturity. Note that from the date of opening of the account, the scheme will mature after the completion of 21 years.

Even though you will not have to make any deposits between the 15th year and 21st year, you will be earning interest on the earlier deposits made – the calculator takes into account the interest that will be accrued to you during those years.

After calculating, the calculator will show you the account maturity year, the maturity value, interest rate using which the maturity value is arrived at, along with the break-up of the amount that is invested monthly in the scheme.

Check your SSY account balance online;

Once you apply to your respective bank, they will give you the login credentials of your SSY account.
A few banks also let their account holders check the SSY account balance online. However, not all banks have started offering this facility.
Next, you will be able to log in to the internet banking portal of the bank, using the login credentials given by the bank.
After logging in go to the homepage, and you will be able to check the balance there. The balance will also be displayed on the dashboard of your account.
Keep in mind that this process lets you only view the balance in your account, and not make transactions through this portal.