Sukanya Samriddhi Yojana (SSY) was launched in 2015 by the government of Indian as part of the ‘Beti Bachao, Beti Padhao’ Campaign. Under this scheme, a girl’s guardian can open a savings account in her name with an authorized Indian post office branch or a commercial bank. It makes a perfect savings scheme that parents can buy to give wings to their girl child. Moreover, they can avail tax benefits on the principal amount, the maturity proceeds and the interest earned.Read more
Yearly InvestmentYou can invest maximum upto ₹1,50,000
Girl's AgeMaximum age should be 10 years
Start YearInvestment term is 21 years
And with the help of a Sukanya Samriddhi Yojana calculator, it is easier to calculate the returns on the invested amount as per the tenure.
Interest Rate FY 2021-2022
Depends on the investment
₹ 250 p.a.
₹ 1.5 lakh p.a.
Let’s delve in to the details of the SSY online calculator:
Below are some of the features of Sukanya Samriddhi Yojana calculator including pre-requisites to perform the calculation and the ease it offers:
All the individuals who want to invest in the Sukanya Samriddhi Yojana scheme can check the maturity amount that they will receive by using the Sukanya Samriddhi Yojana Calculator. There is a certain eligibility criterion that an individual needs to meet in order to use the SSY calculator or to open the Sukanya Samriddhi Yojana Account:
The Sukanya Samriddhi calculator can be used to evaluate the total savings and maturity amount at the end of the policy term:
Currently, the interest rate of the Sukanya Samriddhi Yojana is 8.5% annually. The interest rate is governed by the Ministry of Finance. The scheme requires an individual to make a minimum of one contribution in a financial year until completion of 14 years. The calculation of the final amount is done on the basis of your net invested amount plus the interest earned.
The Sukanya Yojana calculator uses the following formula to generate results:
Compound interest = Principal amount (1 + Rate of interest / Number of times interest compounds in a year) * Number of years
The Sukanya Samriddhi Yojana Online Calculator assesses the information provided by an individual. Based on the information, the calculator showcases the maturity value, break-up of the amount that can be invested in monthly schemes, the interest rate as per the maturity value.
It can be difficult to calculate the maturity amount manually with so many variables involved in the calculation. However, we have taken constant variable values like the interest rate and the invested amount to calculation the maturity value, they are:
Sukanya Samriddhi Yojana Calculation Table 1
Here Rs. 6500 is invested one time in a year for 15 years.
|Financial Year||Amount Deposited Once Every Year (Rs.)||Interest Earned(Rs.)||Year End Balanced(Rs.)|
*The able table is based on assumptions and is for reference purposes only. The amount is deposited one time annually
Sukanya Samriddhi Yojana Calculation Table 2
Here Rs. 10,500 is invested twice in a year for 15 years:
|Financial Year||Amount Deposited (10500+10500) (Rs.)||Interest Earned(Rs.)||Year End Balanced(Rs.)|
*The able table is based on assumptions and is for reference purposes only. The amount is deposited twice annually
The same way anyone can invest in a safe and secured future of their girl child. And with the help of the Sukanya Samriddhi Yojana Calculator (SSY Calculator), one can easily evaluate the returns and the maturity value.
Moreover, the legal guardian of the girl child will also have to submit the required documents to be able to make deposits. These documents are:
The subscribers who meet the above mentioned requirements and have the required documents are eligible for the scheme and can use the Sukanya Samriddhi Yojana Calculator.
If the subscriber completes the eligibility criteria of the SSY scheme, he/she will have to mention the age of the girl child and the amount of investment that they want to make. Based on the amount entered by the subscriber the calculator will compute the estimated amount that they will receive upon maturity of the scheme. To use the SSY calculator, the subscriber will need to enter the following details:
Once you enter all these details the SSY calculator will show the following results:
The current interest rate fixed by the government for SSY scheme is 7.6% from April 2020 compounded annually.
Let’s see an example to understand how to use Sukanya Samriddhi Calculator.
Mr. Kailash plans to invest for his daughter in Sukanya Samriddhi Yojana an amount of Rs.5000 per annum. when he started the investment the child was few months old. Keeping the current interest rate of 7.6.% in mind, Mr. Kailash wants to compute the maturity amount his girl child will receive at the time of maturity of policy. The maturity amount for him would be Rs. 21,14,196 and the year of maturity will be 2041. For an investment of Rs.7,00,000 the interest earned will be Rs.14,14, 196.
Pradhan Mantri Sukanya Samriddhi Yojana Calculator uses the following formula to generate the result:-
A= Compound Interest
P= Principal Amount
r= Rate of Interest
n= Number of interest compounded in a year
t= number of years
The subscriber just needs to enter the investment amount they want to invest in a year, the age of the girl child, and the investment initiation year. The calculator will automatically display the approximate maturity amount and year.
Sukanya Samriddhi Yojana is a great investment option for parents who want to secure the financial future of their girl child. Moreover, the benefits offered by this scheme can be used to fulfill the major milestones of the girl child life like for her higher education, marriage, etc. As mentioned above there are many perks of investing in SSY as it not only offers a high-interest rate but also offers tax benefits to the investors in EEE format i.e. exempt, exempt, exempt.
Sukanya Samriddhi Yojana calculator is a great tool to estimate the maturity amount you will receive at the end of the tenure of the scheme. As manual computation can difficult and prone to error, the SSY calculator comes in handy. Based on the estimated maturity amount, the investors can decide how much regular contribution they should make to reach the desired amount. The calculator can be used online without any applicable charges and it generates an error-free result for multiple repetitions. As a long-term option of investment, the Sukanya Samriddhi Yojana offers a higher return on investment to the investors. The subscribers just need to make a minimum yearly contribution towards the scheme to keep the account active.
Thus, the Sukanya Samriddhi Yojana calculator is a very helpful tool, which helps the investors to have an overall assessment of their investments and return. It shows the year of maturity for the account and also the amount the investor will receive on the maturity of the scheme. Moreover, with the Sukanya Samriddhi Yojana Calculator, an individual can plan their investment portfolio more efficiently.
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