Good News: Improved Sukanya Samriddhi Yojana Calculator 2024 Check Now
Sukanya Samriddhi Yojana Calculator A savings program called Sukanya Samriddhi Yojana (SSY) was introduced in 2015 as a part of the government's Beti Bachao, Beti Padhao campaign. Under this program, guardians can create a savings account at an India Post branch or an accredited commercial bank for their girl child.
SSY accounts have an interest rate of 8.2%. You may calculate the returns you will earn based on the quantity and duration of your investment with the use of a Sukanya Samriddhi Yojana calculator.
Who Can Use This Calculator?
Making sure you meet the scheme's eligibility requirements is the first step towards using the SSY calculator." Legal parents of a girl child may open an SSY account as long as the requirements listed below are satisfied:
- The girl must be a citizen of India and no older than ten years old.
- The child's parents or legal guardians may open and manage the account under the SSY deposit system.
- A family may have up to two accounts if they have two female children. In the event of twins, the guardian may register a third account in addition if there is a third girl kid.
- A girl kid cannot register a third account, though, if she is born after twin or triplet girls.
- In addition to the girl's birth certificate, the guardian's identity and address evidence, and any other documents the government may require, the family must also present certain other documentation.
- After turning 18, the girl kid is eligible to take over as account holder of the Sukanya Samriddhi Yojana.
- For the duration of the account's operation, the investor must contribute a minimum of Rs. 250 annually for 15 years.
How does the SSY calculator work?
The Sukanya Samridhhi Scheme Calculator is an online tool that computes the amount invested in an SSY account, as well as the interest earned. The SSY Calculator can be used by the investor to ascertain the maturity value of their investment if they meet the conditions for the SSY account. Using the SSY Calculator, you may enter the starting year of the investment, the birth month and year of the female child, and the annual investment amount to receive the desired outcome.
Government laws have already prefilled the interest rate and the minimum number of years that an investor must stay invested. The government determines an interest rate based on inflation and the state of the economy, and this rate is adjusted quarterly. The interest rate is set at 8% compound annual interest rate for Q1FY24.
The following presumptions underpin how the SSY Online Calculator functions:
- Every year, an investor will make the same amount of deposits.
- From the sixteenth to the twenty-first year of investing, no deposits are made. Consequently, the interest for each and every prior contribution is taken into account by the Sukanya Samriddhi Online Calculator.
- As of right now, the April through June 2023 SSY interest rate is fixed at 8%.
- The first of every month is when monthly deposits are made; the first of April is when annual deposits are made.
- Throughout the 21-year period, periodic withdrawal is not permitted.
The mathematica formula below serves as the foundation for the SSY Calculator.
A = P (1+r/n) ^nt
where
P = Initial Deposit
r = Rate of interest
n = Frequency that which it compounds every year
t = Number of years
A = Amount at maturity
For illustration, let us assume that an investor deposits Rs 1.50,000 annually into an SSY account for a period of 15 years at an 8% annual compound interest rate. Here, the total after 21 years must be determined. In comparison, a 15-year contribution period is specified.
By hand, an account holder can use the above Excel method to determine the potential returns from the SSY account. After 15 years, the investor who puts Rs. 1,50,000 annually for 15 years in the SSY account will receive Rs. 43.98 lakh as interest.
However, the girl kid would receive Rs. 69.80 lakh at maturity since the SSY account continues until the end of the maturity period, or 21 years, without further deposits.
This is the computation:
| Year | Opening Balance | Deposit | Interest | Closing Balance |
|---|---|---|---|---|
| 1 | Rs. 0 | 1,50,000 | 11,400 | 1,61,400 |
| 2 | 1,61,400 | 1,50,000 | 23,666 | 3,35,066.4 |
| 3 | 3,35,066.4 | 1,50,000 | 36,865 | 5,21,931 |
| 4 | 5,21,931 | 1,50,000 | 51,067 | 7,22,998 |
| 5 | 7,22,998 | 1,50,000 | 66,348 | 9,39,346 |
| 6 | 9,39,346 | 1,50,000 | 82,790 | 11,72,136 |
| 7 | 11,72,136 | 1,50,000 | 1,00,482 | 14,22,619 |
| 8 | 14,22,619 | 1,50,000 | 1,19,519 | 16,92,138 |
| 9 | 16,92,138 | 1,50,000 | 1,40,002 | 19,82,140 |
| 10 | 19,82,140 | 1,50,000 | 1,62,043 | 22,94,183 |
| 11 | 22,94,183 | 1,50,000 | 1,85,758 | 26,29,941 |
| 12 | 26,29,941 | 1,50,000 | 2,11,276 | 29,91,216 |
| 13 | 29,91,216 | 1,50,000 | 2,38,732 | 33,79,949 |
| 14 | 33,79,949 | 1,50,000 | 2,68,276 | 37,98,225 |
| 15 | 37,98,225 | 1,50,000 | 3,00,065 | 42,48,290 |
| 16 | 42,48,290 | 0 | 3,22,870 | 45,71,160 |
| 17 | 45,71,160 | 0 | 3,47,408 | 49,18,568 |
| 18 | 49,18,568 | 0 | 3,73,811 | 52,92,379 |
| 19 | 52,92,379 | 0 | 4,02,221 | 56,94,600 |
| 20 | 56,94,600 | 0 | 4,32,790 | 61,27,390 |
| 21 | 61,27,390 | 0 | 4,65,682 | 65,93,071 |
How to use ET Money's Sukanya Samriddhi Yojana Calculator?
Not everyone finds performing math by hand comfortable. The Sukanya Samriddhi Yojana Calculator from ET Money can assist in quickly and conveniently calculating the maturity amount when the girl turns 21.
Guardians can use the calculator to estimate how much they can put aside for their daughter's future marriage or higher education under this plan.
Step 1: Include the annual investment sum.
Up until 15 years after the account was opened, the depositor must make deposits annually. The investor's annual investment is assumed by the calculator to be the same each year. In a fiscal year, the lowest sum that can be invested is Rs 250, and the highest is Rs 1.5 lakh.
Step 2: Include the year that began
The user must include the investment year in this case, let's say 2022.
Step 3: Birthday of the girl child
- In order to establish an account, the depositor must provide the girl child's birth month and year. Estimating the age of the girl child is made easier with this.
- The calculator computes the total amount invested, the interest earned on the investment, and the approximate value the investor will get upon maturity when you choose recalculate. It uses the amount you enter to accomplish this.
- It is anticipated that the scheme would mature twenty-one years from the account's start date. This plan assumes that there is no investment made in the years 15 through 21. Nevertheless, during those years, interest on prior deposits is added to the account. You can also choose the inflation percentage with the calculator's toggle feature, which can help you get a more accurate maturity amount.
How can Sukanya Samriddhi Yojana Calculator Help You?
Any investor considering to participate in the scheme will find the Sukanya Samriddhi Yojana calculator helpful. It assists the investor in determining the maturity amount that the beneficiary—that is, the female child—is entitled to at the conclusion of the scheme's duration. The guardian may invest in other comparable investment options to create a sufficient corpus in the future if they believe the maturity amount is insufficient.
Because human calculating is laborious and prone to error, the Sukanya Scheme Calculator calculator assists in doing complex calculations, reducing the possibility of calculation errors. It also provides a decent indication of the amount of consistent contributions needed to reach the targeted maturity amount. Given that it is freely accessible, any investors can readily use the ET Money online calculator.
Advantages of Using ET Money's Sukanya Samriddhi Yojana Calculator
Using the Sukanya Samriddhi Yojana Calculator from ET Money has the following advantages:
- The calculator computes the interest earned by an investor and the maturity amount for both annual and monthly contributions in a matter of seconds, making it incredibly quick and easy to use.
- By successfully removing potential inaccuracies that may arise during manual calculations, the ET Money SSY calculator assists the investor in determining the precise maturity amount for his daughter's future marriage or higher education.
- The ET Money SSY calculator is very easy to use and convenient to use from home.
सुकन्या समृद्धि योजना की तुलना अन्य निवेश विकल्पों से
1. सुकन्या समृद्धि योजना बनाम सार्वजनिक भविष्य निधि (पीपीएफ)
- ब्याज दरें: जब ब्याज दरों की बात आती है, तो SSY आमतौर पर PPF से बेहतर डील देता है।
- कर लाभ: दोनों ही धारा 80C कर लाभ के लिए पात्र हैं।
- लचीलापन: जहाँ SSY समय से पहले निकासी पर सीमाएँ लगाता है, वहीं PPF आंशिक निकासी की अनुमति देता है।
2. सुकन्या समृद्धि योजना बनाम सावधि जमा (एफडी)
- ब्याज दरें: SSY आम तौर पर पारंपरिक FD की तुलना में ज़्यादा रिटर्न देता है।
- अवधि: SSY में लॉक-इन अवधि ज़्यादा होती है, जबकि FD अवधि के मामले में ज़्यादा लचीलापन देते हैं।
- कर लाभ: SSY कर-मुक्त परिपक्वता राशि प्रदान करता है, जबकि FD में ब्याज आय पर कर लगता है।
Tips for Maximizing Returns with Sukanya Samriddhi Yojana
1 Start Early
More compound interest might accrue over the course of the investing period when you start early. To take advantage of the long-term growth potential of the scheme, start investing as soon as the account is opened.
2. Make Regular Deposits
Regular monthly deposits maximise the maturity amount and guarantee consistent development. To maximise the benefits of compounding, make sure you don't skip any deposits.
3. Keep Track of Interest Rates
Interest rates are revised quarterly. Keep track of rate changes to understand how they impact your investment and adjust your deposits if necessary.
Conclusion
The Sukanya Samriddhi Yojana is a valuable financial tool for securing the future of your daughter through disciplined saving and high returns. Using a Sukanya Samriddhi Yojana Calculator helps in planning your investments effectively and understanding the benefits of the scheme. By starting early and making regular deposits, you can maximize the returns and ensure a bright future for your child.
Frequently Asked Questions
A Sukanya Samriddhi Yojana Calculator is an online tool that helps you estimate the maturity value of your investment under the Sukanya Samriddhi Yojana. It calculates the total interest earned and the final maturity amount based on your deposit amount, tenure, and the current interest rate.
No, each girl child may only open one account. If you have more than one daughter, you can create accounts for each of them.
Under some circumstances, such as for a girl child's marriage or further education, partial withdrawals are permitted. Early withdrawals are governed by regulations and may incur fines.
The Sukanya Samriddhi Yojana Calculator provides accurate results based on the current interest rates and the amount you invest. However, as interest rates may change over time, the actual maturity amount might vary slightly from the calculated estimate.
Yes, you may get the Sukanya Samriddhi Yojana Calculator on official bank portals and financial websites that offer the initiative for free.
You can use the calculator to determine how much you should save on a regular basis to help your daughter attain her financial goals. This helps with long-term financial planning because it lets you view the possible maturity value and change the amount of deposits.
No, the government's current interest rate serves as the basis for the calculator. Interest rate fluctuations in the future cannot be anticipated by the calculator and may affect the final maturity value.