Sukanya Samridhi Yojana Full Details | Ssy Telugu
Sukanya Samriddhi Yojana (SSY) is a small savings scheme introduced by the Government of India in 2015 for the benefit of the girl child. The scheme is aimed at promoting the welfare of the girl child and enabling parents to save for the future education and marriage expenses of their daughters.
Under the SSY, parents or legal guardians of a girl child who is less than 10 years of age can open an account in the name of the girl child. The account can be opened at any post office or authorized bank branch. A minimum deposit of INR 250 (Indian Rupees) is required to open the account, and there is no maximum limit on the amount that can be deposited. The account can be opened with a single deposit or through multiple deposits.
The deposits made in the SSY account earn a fixed interest rate, which is determined by the government and is reviewed on a quarterly basis. The interest earned is tax-free. The SSY account matures when the girl child reaches the age of 21. At that time, the account holder can either withdraw the entire balance or continue to keep the account open and earn interest on it.
In addition to the savings and tax benefits, the SSY also provides a number of other benefits, such as the flexibility to make partial withdrawals for the education or marriage expenses of the girl child and the option to transfer the account from one bank or post office to another.
How Sukanya Samriddhi Interest Is Calculated?
The interest rate on the Sukanya Samriddhi Yojana (SSY) account is determined by the Government of India and is reviewed on a quarterly basis. The interest rate is compounded annually, which means that the interest earned on the deposits is added to the principal (initial amount deposited) and becomes part of the account balance. The new balance earns interest in the next year, and so on.
To calculate the interest earned on an SSY account, you can use the following formula:
Interest = (Principal x Rate of Interest x Number of years) / 100
For example, if you have deposited INR 50,000 in an SSY account at an interest rate of 7.6% per annum, and you keep the money in the account for 5 years, the total interest earned will be:
Interest = (50000 x 7.6 x 5) / 100 = INR 19,000
The interest earned on the SSY account is tax-free. However, it is important to note that the interest rate may change from time to time, based on the government’s review.
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