Plan The Future Of Your Daughter With Scripbox’s Sukanya Samriddhi Yojana Calculator
SSY or Sukanya Samriddhi Yojana is a saving scheme that was launched as a part of Beti Bachao, Beti Padhao in 2015. With the help of this scheme, an individual can open a savings account with an authorized bank where they can invest money for their girl child’s education and marriage.
This government’s initiative has helped a lot of people to meet the expenses required for marriage or education. As it is a small deposit scheme, even people who fall in BPL (Below Poverty Line) can start investing in it. The most important factor due to which this scheme is gaining so much popularity is its tax benefits. Under section 80C of the Income-tax Act, one can even gain a maximum tax benefit of around Rs 1.5 lakh.
One can only open a single account for one girl child, and the government allows a maximum of two Sukanya accounts for a single investor. Also, the girl should be a resident of India, and the age must be less than ten years.
One can take the help of a Sukanya Samriddhi Yojana Calculator to evaluate the returns that they can get depending on the tenure and invested amount. There are various websites where you can find this calculator. It is recommended to use the Sukanya Samriddhi Yojana calculator by Scripbox, as it is easy to use and provides you with accurate results within a few minutes.
Start investing in SSY to safeguard the future of your daughter. SOURCE: Pixabay
How Does Sukanya Samriddhi Yojana Calculator Operate?
The SSY scheme offers an interest rate of around 8.5 percent per annum and the 21 years of tenure for the maturity of the invested amount. The algorithm used by Sukanya Samriddhi Yojana Calculator to evaluate the result is – A = P (1 + r/n) ^ nt.
- A stands for compound interest,
- P for the principal amount,
- r for the rate of interest,
- n for the number of times the interest compounds in a year, and
- t for the number of years.
With the help of the Sukanya Samriddhi Yojana Calculator, you can effortlessly find out the year of maturity and also the amount that you will receive after your SSY account hits maturity.
While using an online SSY calculator here are some steps that you need to follow:
- You first need to input the age of the girl child, and one important thing that you should keep in mind is that the age while opening the account must be less than ten years.
- The calculator will take the latest Sukanya Yojna interest rate as an input for the entire investment tenure. In simple, words, the same interest rate is charged for all the years.
- It will ask for a contribution amount, and the minimum amount set by the Government is Rs 250, and the maximum amount is Rs 1.5 lac. Similar to the rate of interest, you can use the same contribution amount for all the years.
One can only make the contribution for the first 15 years and from the year 15 to 21, the contribution will be zero. The investment will be earned by the individuals during this period. Based on the details mentioned above, the Sukanya Samriddhi Yojana Calculator will calculate the amount of money that one would receive.
For instance, if you are investing Rs 10,000 per year, then the maturity will be Rs 4.9 lac after 21 years. The maturity amount will transform to Rs 73.9 lac if you consider investing the maximum contribution amount, i.e. Rs 1.5 lac.
Benefits of using Sukanya Samriddhi Yojana Calculator
A Sukanya Samriddhi Yojana Calculator allows the applicant to calculate the savings that he or she can accrue with the help of SSY. Here are some of the pros that one can enjoy if they desire to use the Sukanya Samriddhi Yojana Calculator:
- It permits the applicant to calculate the final amount that they can get after their investment hits maturity.
- It allows you to prevent human errors when you are evaluating the same with manual calculations.
- One can also view his maturity amount according to a monthly and yearly basis.
With the above-mentioned details, it can be concluded that one can surely plan his daughter’s future with the help of the Sukanya Samriddhi Yojana Calculator. If you are someone who does not want to take any risk whatsoever when it comes to investing then this scheme makes a lot of sense as not everyone is capable of investing in schemes that come linked with equity. If your goals include saving for a daughter’s education or marriage, then you must invest in SSY and use the online calculator to evaluate the returns effortlessly.