Sukanya Samriddhi Yojana Calculator
Sukanya Samriddhi Yojana is a deposit scheme for the girl child launched as a section of the "Beti Bachao Beti Padhao" campaign. One of the reasons why this SSY has become famous is due to its tax benefit.
If you plan on investing in the SSY scheme, you can use the SSY calculator to calculate the maturity amount at the last of the tenure. You can use the SSY calculator to determine how much you can save via this scheme for the daughter's higher education and marriage.
What is the Sukanya Samriddhi Yojana Calculator?
The SSY Calculator is a tool used to calculate the estimated maturity value of an investment made in the Sukanya Samriddhi Yojana scheme. This scheme had designed to encourage saving for the education and marriage expenses of girl children in India, and the calculator helps investors plan their investments accordingly.
Eligibility Requirements for the Samriddhi Yojana Calculator (SSY) Scheme:
Individuals who want to take to this scheme must meet the below requirements-
- This scheme can have subscribed for a maximum of two girls in each family.
- The girl must be a resident of India.
- The girl child's age shouldn'tshouldn't be more than ten years.
- The withdrawal facility will be available once the girls become 18 years of age.
- The interest rate had determined by the Government of India.
How can the Sukanya Samriddhi Yojana calculator Help You?
The Sukanya Samriddhi Yojana (SSY) Calculator assists you in determining how much you should invest each year for your child's future.
- The SSY Calculator is free to use and calculates the maturity value within seconds.
- The SSY calculator provides accurate values, eliminating the need for the investor to calculate the returns manually.
- Investors can rapidly calculate the maturity value of multiple investment amounts, compare the returns, and determine the final value.
- The calculator is simple to use and requires no special skills. Enter the details into the fields, and the calculator will calculate the maturity amount.
Documents Required to Open an SSY Account:
Here are the documents
- The account opening form.
- The girl child's birth certificate
- The depositor and girl child's identity proof
- The depositor's address is proof.
- A medical certificate is necessary in case of twins or triplets.
By investing in Sukanya Samriddhi Yojana, individuals can accumulate funds for their daughters. These funds can use for their girl child's future expenses, like marriage and education costs.
What is the Formula for Sukanya Samriddhi Yojana Calculator?
The formula for Scheming the Maturity Value From SSY
The below formula had used to calculate the calculator-
A= P(r/n + 1) ^ nt
A: Compound interest
P: Principal amount
n: Number of times interest compounds in a year
t: Number of years
r: Rate of interest
While this formula can determine the maturity value, individuals can use an SSY calculator to find the result quickly.
How to use the Sukanya Samriddhi Yojana (SSY) Calculator?
To use the Sukanya Samriddhi Yojana calculator, you are required to enter the following details:
Age of the girl child:
The maximum age for a girl child to avail of this scheme is ten years or less. However, a one-year grace period is allowed.
Investment every year:
You can deposit an amount of Rs 250 to Rs 1,50,000 in a financial year.
After entering all these details, use the slider in the SSY calculator to enter the investment starting year. The SSY uses this information to show you your investment of maturity year, accrued interest, and maturity amount.
Advantages of using the Sukanya Samriddhi Calculator:
The SSY Calculator extends numerous advantages to an investor, some of which are as follows:
- The SSY Calculator computes the interest earned by an investor and the maturity amount in mere minutes.
- SSY calculator helps you determine correct figures by eliminating errors during manual calculations.
- It helps you determine your investment's maturity value according to yearly and monthly contributions.
- Using the SSY calculator, you can plan your child's finances and achieve financial goals, such as investing in her healthcare, higher education, career avenues, and marriage.
- It is an easy-to-use online calculator that you can use from your home.
Conclusion:
The Sukanya Samriddhi Yojana Calculator is a reliable and easy-to-use tool for investors planning their investments in the SSY scheme. It accurately calculates the estimated maturity value based on the input parameters, which helps investors make informed decisions about their savings. Overall, it is a great tool for those looking to save for their girl child's future expenses.
FAQ'S
How is Sukanya Samriddhi calculated?
Let us use the mathematical formula: A = P(1+r/n)^nt P = Initial Deposit r is Rate of interest, n is the Number of years the interest compounds, t is the Number of years, A is the Amount at maturity—for example, your deposit Rs 1,50,000 each year for 15 years in the SSY account.
What is the formula for SSY calculation?
Multiply the first $1,115 of your AIME by 90%. Multiply any amount between $1,115 and $6,721 by 32%. Multiply any amount over $6,721 by 15%. Add the results from the three steps above and round to the next lowest $0.10.
What is the total amount of Sukanya Samriddhi Yojana after 21 years?
If the investor takes full withdrawal when the girl becomes 21 years old, then the SSY maturity amount will be around ₹63,79,634.
Can I deposit 10 lakhs in Sukanya Samriddhi?
The Maximum Amount that will deposit under the Sukanya Samriddhi Scheme is Rs.1.5 lakh annually.
Can I invest in SSY after 15 years?
The maturity period of Sukanya Yojana is 21 years from the opening account or upon her marriage after reaching 18 years. Contributions have to make for only 15 years. After that, the SSY account will continue earning interest until maturity.
What are the limitations of Sukanya Samriddhi Yojana?
The minimum Amount to the Sukanya Samriddhi Account is Rs.250. The maximum is Rs.1.5 lakh in a financial year. You must invest at least the minimum annual Amount up to 15 years from the account opening date.