Sukanya Samriddhi Yojana Calculator

Key Features of SSY Calculator

Below are some of the features of Sukanya Samriddhi Yojana calculator including pre-requisites to perform the calculation and the ease it offers:

• Enter the age of the girl child  
• Provide the amount of contribution made ( the minimum contribution amount is Rs. 250) and the maximum amount of contribution is Rs. 1.5 lakh during a financial year  
• As of 1st July 2019, the rate of interest offered by Sukanya Samriddhi Yojana scheme is 8.5%
• With the help of the calculator, the parents can easily get an estimate of the returns for the entire investment duration. The maturity duration of the scheme is 21 years. 

Eligibility Criteria to use the Sukanya Samriddhi Yojana Calculator

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:

• A maximum of two girls can be insured from a single family
• The account holder girl should be a resident of India
• The age of the girl child should not be more than 10 years
• The partial withdrawal facility is only available after the insured girl attains 18 years of age
• The amount deposited should be for a minimum duration of 15 years from the date of opening
• The interest is decided by the Government of India and is subjected to changes

Benefits of using Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi calculator can be used to evaluate the total savings and maturity amount at the end of the policy term:

• It makes it convenient  to evaluate the amount that gets credited after maturity
• Eliminates the possible mistakes during manual calculations
• Helps to find out the maturity value according to both monthly and yearly contributions

How to Calculate Returns on Sukanya Samriddhi Yojana?

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 

What Does the Sukanya Samriddhi Yojana Calculator Show Online?

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. 

Calculation of Maturity Value under Sukanya Samriddhi Yojana after 21 Years

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:

• Yearly contributions here are assumed to be Rs. 6500 to be deposited on April 01 of every financial year
• The Interest rate is assumed to be 8.4% for a deposit period of 15 years and a maturity period of 21 years
• A fixed amount of yearly contributions ( no withdrawals) are made in the below table 

Sukanya Samriddhi Yojana Calculation Table 1

Here Rs. 6500 is invested one time in a year for 15 years.

*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:

*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.

Who can Use SSY Calculator?

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:

• Birth certificate of girl child.
• Thoroughly filled application form of the scheme which includes basic personal details of the applicant and girl child for which the account is being opened.
• Medical certificate in case of birth of two or more children under a single birth order.
• Identification document’s of depositor as well as valid identity proof.
• Any additional documents, if requested by the concerned  authority.

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.

How the Calculator Works?

Pradhan Mantri Sukanya Samriddhi Yojana Calculator uses the following formula to generate the result:-

A= P(1+r/n)^nt

Here-

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.

How Sukanya Samriddhi Yojana Calculator is Helpful?

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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