Sukanya Samriddhi Yojana Calculator

The Government of India rolled out Sukanya Samriddhi Yojana to elevate the welfare of the girl child. Set up in 2015, it is a small savings scheme under the Beti Bachao Beti Padhao campaign. 

Alongside covering a range of expenses of a girl child, this scheme also guarantees sizable returns as well as tax exemptions on the accrued interest and maturity amount. And, this is where the Sukanya Samriddhi Yojana calculator proves to be resourceful.

Therefore, this article offers insights into the SSY calculator so that you can use this tool in the best possible way.

Sukanya Samriddhi calculator determines the returns on the amount invested into the scheme. As a result, you can calculate the maturity amount as per the tenure and plan your child’s future accordingly. 

This tool requires you to provide relevant information, such as the child’s age, amount of contribution per year, and the investing starting year. The calculator then assesses these details to evaluate the interest earned on this investment, maturity year as well as maturity amount. 

Furthermore, this calculator takes into account the latest interest rate on SSY to ascertain these figures.

To perform this calculation, the Sukanya Samriddhi Yojana calculator makes a number of assumptions, such as the following:

• An investor deposits the same amount each year.
• There are no deposits from the 15th year of investment to the 21st year. Sukanya Samriddhi calculator, therefore, evaluates interest based on the previous deposits. 
• The interest rate throughout the SSY scheme’s duration of 21 years remains constant, i.e., 7.6% (as per the current rate announced by RBI).
• Yearly deposits are made on 1st April every year.
• Monthly deposits are made on the 1st of each month.
• There are no withdrawals during 21 years.

Now that you know the inner workings of an SSY calculator let’s delve into the formula it uses to perform such calculations. Now that you know what the Sukanya Samriddhi Yojana calculator is, understand more about the formula it relies on.

Sukanya Samriddhi Yojana comes with a lock-in period of 21 years. Furthermore, a depositor must make at least one investment per year for 14 years to keep his/her account active. The minimum contribution in a year is Rs.250. Moreover, the maximum amount of investment stands at Rs.1,50,000 in a financial year.

However, from the 15th year of the investment, one can choose not to make any deposits into the SSY account until the 21st year.  The Sukanya Samriddhi Yojana account will continue to accrue returns at the prevailing rate of interest on the preceding investments. Therefore, the final maturity amount of this scheme is the sum total of the interest earned and net investments.

Sukanya Samriddhi Yojana calculator is an incredible tool for anyone who is planning to invest in the scheme. It helps you ascertain the maturity amount that your girl child is entitled to receive at the end of the scheme’s tenure. 

Moreover, the manual computation can often be burdensome and prone to errors. Therefore, an SSY calculator comes in handy as it generates error-free results for multiple repetitions. As a result, this calculator eliminates extensive calculations by prospective investors. 

Additionally, based on the calculator’s estimated maturity amount, you can decide how much regular contribution is required to reach your desired maturity amount. This calculator is available online and without any applicable charges, which makes it easily accessible to investors.

Therefore, if you wish to effectively assess your investment and returns and plan your investment portfolio more efficiently, the Sukanya Samriddhi calculator is a great tool for you.

Sukanya Yojana calculator extends numerous advantages to an investor, some of which are as below:

• The calculator computes the interest earned by an investor as well as the maturity amount in mere seconds.
• SSY calculator helps you determine accurate figures by effectively eliminating possible errors during manual calculations.
• It helps you determine the maturity value of your investment according to both yearly and monthly contributions.
• By using this calculator, you can plan your finances and achieve financial goals pertaining to your girl child, such as investing in her higher education, healthcare, career avenues, and marriage.
• This is an easy-to-use online calculator that can be used from the comfort of your home.

To use the SSY calculator, you are required to enter the following details:

• Age of the girl child: The maximum age of a girl child to avail of this scheme is 10 years.
• Investment per year: You can deposit an amount of Rs.250 to Rs.1,50,000 in a financial year.

After entering these details, use the slider in the calculator to enter the investment starting year. The Sukanya Samriddhi calculator uses this information to show you the maturity year of your investment, accrued interest, and the maturity amount.

SSY is a remarkable investment instrument for parents who wish to secure their girl child’s financial future. One can employ the returns gained from this scheme in achieving major milestones in a girl’s life, ranging from her education to marriage. Additionally, it offers a high-interest rate alongside tax benefits.

Sukanya Samriddhi Yojana calculator makes this scheme more accessible to prospective investors. It allows you to plan for your child’s future and allocate resources accordingly so that you always stay a step ahead of financial distress.