Sukanya Samriddhi Yojana (SSY) Interest Calculator

Sukanya Samriddhi Yojana (SSY) Interest Calculator

Initial Deposit Amount: Annual Interest Rate (%): Number of Years: Calculate Interest

FAQs

How interest is calculated in Sukanya Samriddhi Yojana? Interest in Sukanya Samriddhi Yojana (SSY) is calculated on a compounded annual basis. The interest rate for SSY is set by the government and compounded yearly. The interest is added to the account balance at the end of each financial year.

What is the amount of 1000 per month in Sukanya Samriddhi Yojana? Depositing ₹1,000 per month in Sukanya Samriddhi Yojana can accumulate a significant amount over time, but the exact maturity amount would depend on the prevailing interest rate and the number of years the deposits are made.

Which is better PPF or Sukanya Samriddhi Yojana? The choice between PPF (Public Provident Fund) and Sukanya Samriddhi Yojana depends on your financial goals. PPF is open to all and has a longer tenure, while SSY is specifically for the girl child’s education and has a shorter tenure but potentially higher interest rate.

Which bank is best for Sukanya Samriddhi Yojana? Several banks in India offer Sukanya Samriddhi Yojana accounts. The “best” bank may vary depending on factors like convenience, customer service, and interest rates. You can compare options and choose a bank that suits your needs.

Which is better Sukanya Samriddhi or SIP? Sukanya Samriddhi Yojana and SIP (Systematic Investment Plan) serve different purposes. SSY is for a girl child’s education and has fixed returns, while SIP is an investment in mutual funds with potential higher returns but more risk. The choice depends on your financial goals and risk tolerance.

What is the maturity amount of Sukanya Samriddhi account? The maturity amount of a Sukanya Samriddhi account depends on the initial deposit, the annual contributions, and the prevailing interest rate. It can vary significantly from one account to another.

What is the best time to deposit in Sukanya Samriddhi Yojana? The best time to deposit in Sukanya Samriddhi Yojana is at the beginning of the financial year to maximize the interest earned. However, regular deposits throughout the year are advisable to ensure compliance with minimum deposit requirements.

How can I pay Sukanya Samriddhi online? You can pay into a Sukanya Samriddhi account online through the respective bank’s online banking services or the India Post Payments Bank (IPPB) website.

What is the interest rate of PPF? The interest rate for PPF (Public Provident Fund) is not fixed and can change periodically. It is set by the government and can vary from year to year.

Can I open both SSY and PPF? Yes, you can open both a Sukanya Samriddhi Yojana (SSY) account and a Public Provident Fund (PPF) account, provided you meet the eligibility criteria for each.

Why PPF is better than LIC? Whether PPF is better than LIC (Life Insurance Corporation) depends on your financial goals. PPF is a savings and investment tool, while LIC offers life insurance. Both serve different purposes and can be part of a diversified financial plan.

Can I access Sukanya Samriddhi Account online? Yes, you can access your Sukanya Samriddhi Yojana account online through the respective bank’s online banking services or the India Post Payments Bank (IPPB) website.

What is the maximum investment allowed to open Sukanya Samriddhi Account? The maximum investment limit for opening a Sukanya Samriddhi Yojana account is ₹1.5 lakh per financial year.

How can I withdraw money from Sukanya Samriddhi Account? Partial withdrawals from a Sukanya Samriddhi Yojana account are allowed for specific purposes like the girl child’s education and marriage. You can withdraw by visiting the bank or post office where the account is held.

Can we increase money in Sukanya Samriddhi account? Yes, you can increase the deposit amount in a Sukanya Samriddhi Yojana account, but it should not exceed the annual contribution limit.

Which type of SIP gives the highest return? The return on SIP (Systematic Investment Plan) depends on the performance of the underlying mutual funds. SIPs in equity mutual funds have the potential for higher returns over the long term, but they also come with higher risk.

How to invest in Sukanya? To invest in Sukanya Samriddhi Yojana, visit a bank or post office authorized to open SSY accounts. You will need to provide the necessary documents and make an initial deposit.

Can I deposit cash in Sukanya? Yes, you can deposit cash in a Sukanya Samriddhi Yojana account at the bank or post office where the account is held.

How can I shift my Sukanya Samriddhi account? To shift a Sukanya Samriddhi Yojana account from one bank/post office to another, you will need to complete a transfer request and provide the required documents.

Can we transfer Sukanya account from post office to bank? Yes, you can transfer a Sukanya Samriddhi Yojana account from a post office to a bank or vice versa. The process involves filling out a transfer request form.

How can I transfer money from SBI to Sukanya Samriddhi Account? You can transfer money from your SBI account to your Sukanya Samriddhi Yojana account by visiting the SBI branch where your account is held and providing the necessary details for the transfer.

Can you transfer money from post office account to bank? Yes, you can transfer money from a post office account to a bank account through the post office by filling out a transfer request form and following the prescribed procedure.