Sukanya Samriddhi Yojana Calculator works to calculate the maturity amount on the Sukanya Samriddhi Yojana account. It guides the investor to calculate the maturity amount that he/she receives as per the agreed tenure and principal amount. This scheme helps to ensure financial security to the parents of a girl child for her plans. There are many investment ways available to the parents (guardian) to invest their funds for their child, but Sukanya Samriddhi Yojana became the best out of all by providing high interest on the investment amount.
Another best service provided by this scheme is tax benefit on both investment money and interest accumulated. It is a long-term scheme that yields high returns based on active investment commitment from the investor.
Sukanya Samriddhi Yojana (from now on termed as SSY) is national-level small savings account scheme for the female child; it was initiated by the Government of India, which is the part of Beti Bachao Beti PadhaoCampaign. It is a girl child prosperity scheme provided with income tax benefits with a reasonable interest rate by the government. The main aim of this scheme is financial security for the girl child, which aids them with proper education and her marriage expenses.
This scheme allows the guardians (parents or any other legal guardian) of a girl child to open the SSY account in any nearby post office or any commercial bank. They can open the account by choosing suitable investment plans and tenure at the interest rate of 7.6% per annum (current interest rate fixed by the government).
The following are the key features of SSY. They are:
In order to open an SSY account/ to use the SSY calculator, the flowing documents need to be submitted at the time of opening the account. They are:
Sukanya Samriddhi Yojana Calculator is a digital device that is available to customers in many web portals. The calculator will help to evaluate the figure of maturity amount that the depositor (guardian) invests at a fixed tenure and interest rate in the name of the girl child in order to save the money for her higher education or her marriage expenses. It is the best scheme provided by the GOI, which most people opted to secure their girl child’s future.
We have learned about the SSY calculator. Now the question here is how to use the calculator? It is straightforward to use the calculator to calculate the SSY maturity amount as it is available in many web portals. Depositors have to enter the asked details to calculate. The following are the steps to be followed to use the calculator. They are:
After entering the details, the calculator will generate the results, based on which the depositor can opt for the suitable investment.
The calculator will generate the maturity amount at the interest rate fixed by the government (the current interest rate is 7.6% pa) for the seal in a period of 21 years. There is no investment made after the 15th year to the 21st year. The interest is calculated on the previous investments. We can understand it clearly by taking an example in a scenario wherein there is no withdrawal in one scenario.
Scenario: Investment amount: 50,000 (yearly)
Rate of interest: 7.6% pa (current rate of interest fixed by the government)
Tenure: 15 years
Girls age: 8 years
Withdrawal: no
SSY Calculator at rate of interest 7.6% pa (no withdrawal) |
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Investment year |
Amount invested at the start of the year |
Balance at the start of the year |
Interest amount |
Withdrawal |
Balance at the end of the year |
0 |
Rs. 50,000 |
Rs. 50,000 |
Rs. 3,800 |
0 |
Rs. 53,800 |
1 |
Rs. 50,000 |
Rs. 1,03,800 |
Rs. 7,889 |
0 |
Rs. 1,11,689 |
3 |
Rs. 50,000 |
Rs. 1,61,689 |
Rs. 12,288 |
0 |
Rs. 1,73,977 |
4 |
Rs. 50,000 |
Rs. 2,23,977 |
Rs.17,022 |
0 |
Rs. 2,40,999 |
5 |
Rs. 50,000 |
Rs. 2,90,999 |
Rs. 22,116 |
0 |
Rs. 3,13,115 |
6 |
Rs. 50,000 |
Rs. 3,63,115 |
Rs. 27,597 |
0 |
Rs. 3,90,712 |
7 |
Rs. 50,000 |
Rs. 4,40,712 |
Rs. 33,494 |
0 |
Rs. 4,74,206 |
8 |
Rs. 50,000 |
Rs. 5,24,206 |
Rs. 39,840 |
0 |
Rs. 5,64,046 |
9 |
Rs. 50,000 |
Rs. 6,14,016 |
Rs. 46,667 |
0 |
Rs. 6,60,713 |
10 |
Rs. 50,000 |
Rs. 7,10,712 |
Rs. 54,014 |
0 |
Rs. 7,64,728 |
11 |
Rs. 50,000 |
Rs. 8,14,728 |
Rs. 61,919 |
0 |
Rs. 8,76,647 |
12 |
Rs. 50,000 |
Rs. 9,26,647 |
Rs. 70,425 |
0 |
Rs. 9,97,072 |
13 |
Rs. 50,000 |
Rs. 10,47,072 |
Rs. 79,577 |
0 |
Rs. 11,26,650 |
14 |
Rs. 50,000 |
Rs. 11,76,650 |
Rs. 89,425 |
0 |
Rs. 12,66,075 |
15 |
Rs. 0 |
Rs. 13,16,075 |
Rs. 96,222 |
0 |
Rs. 13,62,297 |
16 |
Rs. 0 |
Rs. 14,12,297 |
Rs. 1,03,535 |
0 |
Rs. 14,65,831 |
17 |
Rs. 0 |
Rs. 15,15,831 |
Rs. 1,11,403 |
0 |
Rs. 15,77,234 |
18 |
Rs. 0 |
Rs. 16,27,234 |
Rs. 1,19,870 |
0 |
Rs. 16,97,104 |
19 |
Rs. 0 |
Rs. 17,47,104 |
Rs. 1,28,980 |
0 |
Rs. 18,26,084 |
20 |
Rs. 0 |
Rs. 18,76,084 |
Rs. 1,38,782 |
0 |
Rs. 19,64,867 |
21 |
Rs. 0 |
Rs. 20,14,867 |
Rs. 1,49,330 |
0 |
Rs. 21,14,196 |
Total investment amount: 7,00,00 Total interest earned: 14,14,195 Maturity amount: 21,14,196 Withdrawal: 0 |
SSY Calculator calculates the maturity amount by using the compounding interest. The formula used by the SSY calculator is:
A= P(+r/n) *n*t
Where, P= principal amount
A= compound interest
r= interest rate
n= number of times the rate of interest compounds (in a year)
t= tenure (investment years).
Under the SSY scheme, investors are benefited from the tax exclusion. Under section 80C of the Income Tax Act, 1961, investors in SSY are excluded from the taxpaying. This tax exclusion is available up to Rs. 1.5 lakhs only, which is the maximum investment amount in SSY. The investors are benefited from the tax not only on investment amount but also on the accumulated interest and maturity amount.
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”