Sukanya Samriddhi Yojna is an initiative launched by the Government of India under the Beti Bachao Beti Padhao Scheme. It encourages parents to build a corpus for their girl child, which can be used to fund their higher education, marriage, etc. The scheme currently provides an interest rate of 7.6% and various tax benefits. The interest rate is decided by the government and is determined every quarter. The accounts can be opened at your nearest post office branch or participating banks branch.Read more
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ICICI Bank has extended its support to the scheme. As per the Ministry of Finance guidelines, they are offering the customers to open an account as part of the scheme. Parents/ legal guardians can open a maximum of two accounts for girls under 10 years of age. Under the plan, the account would have a tenure of 21 years or until the girl child gets married after crossing the legal age.
Often, the first question that arises in everyone's mind is what is the total amount that they would receive on maturity. Manual calculations can be daunting and involve chances of error. The ICICI Bank Sukanya Samriddhi Yojna calculator is here to make the calculations simple for you. The calculator is free to use, and you can make an informed decision on how much you want to invest per year and start creating your corpus.
The SSY is a long-term investment scheme generating a high return on investment (ROI). An account holder is required to make minimum contributions to keep the account active. The calculator would let you plan everything so that you know how much you are supposed to pay and if it's an affordable option for you.
The major highlights of the Sukanya Samriddhi Yojna Calculator are:
It displays the amount you will receive at the time of maturity.
It advises you on the tenure for which you should invest.
It helps you to plan the overall investment and ensure that you follow it.
The tenure of the scheme's maturity is 21 years, and you are expected to make the minimum payments for the next 15 years from when you start the plan. The interest charged would be on the previous installments and the amount accumulated.
The calculator uses the following formula:
A = P (1 + r/ n) ^ nt
A = Compound Interest
P = Principal Amount
r = Rate of Interest
n = Number of times the interest compounds in a year
t = No. of Years
While using the calculator, enter the total amount you want to invest annually. Select the current interest rate once you have decided the amount. The interest rate can be changed anytime by the Indian Ministry of Finance. Using the slider, select the girl's age and the year you want to begin.
The calculator would then display the total maturity amount, year of maturity, the total amount paid, and interest accumulated. Since it is a free calculator, you can make changes in the inputs until you get the desired amount.
The main advantages of using the Sukanya Samriddhi ICICI calculator are:
Easy to Use: The calculator only needs some basic information from you to make the calculations.
No Room for Error: The calculator ensures you don't need to do the calculations manually, thus eliminating the chances of error. The calculator has been designed in a way that is bug-free and error-free.
Open-Source Calculator: The calculator is free to use for everyone and can be easily accessed on ICICI Bank’s websites. You can use it as many times as you want to achieve the desired results and plan your investment accordingly.
No Complicated Hardware/ Software Required: You do not need to have any complicated pre-requisite to use the calculator. You can easily access it on your smartphone.
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