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. 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. 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.