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Sukanya Samriddhi Yojana Calculator:-
The SSY calculator allows those interested in investing in the SSY program to calculate how much they will get in return at the conclusion of the term. The following post will go into great detail about how the SSY Calculator works as well as how to calculate the maturity value under SSY after 21 years. We will also talk about The Calculator for the Sukanya Samriddhi Yojana: Pros and Cons, Benefits and Drawbacks of the SSY Calculator. The Sukanya Samriddhi Yojana estimates techniques, criteria for eligibility, and paperwork required for the SSY program.
Sukanya Samriddhi Yojana Calculator
The Government of India (GOI), as part of the “Beti Bachao, Beti Padhao Campaign,” the most successful campaign run by the present administration, introduced the Sukanya Samriddhi Yojana, or SSY, a modest savings program, in 2015. You can open an SSY account at a post office, or a commercial or public sector bank. The Indian government sets the interest rate on a quarterly basis. The annualized interest rate for the period of April to June 2022 is 7.60 percent since we must use the most recent figures. The annual investment minimum and maximum are 250 and 1.5 lakh INR, respectively. For 15 years, the investor must make a minimum contribution of INR 250 every year to keep the account active.
Sukanya Samriddhi Yojana Lock-in Period
There is a 21-year commitment term for the Sukanya Samriddhi Yojana. Additionally, for the account to remain active, an investor must contribute at least once a year for 14 years. Every year, you must deposit at least Rs 250 into the account. In addition, there is a Rs 150,000 maximum investment every fiscal year.
However, you have the option to stop contributing to the SSY account after the 14th year and wait until the 21st year. The interest rate for the Sukanya Samriddhi Yojana account will remain the same as it was for the previous investments. As a result, the total amount at the conclusion of this plan will be increased by interest.
SSY Calculator Benefits
- You may use it to accurately predict the maturity value before the account advances.
- Additionally, you may set up the calculator to determine the maturity value using quarterly or yearly installments.
- The Sukanya Samriddhi Yojana calculator might be quite accurate if set up properly.
- When calculating the maturity value manually, mistakes may happen. A calculator may remove these inaccuracies.
- You can adjust your investment amount at any time, and you will still get the value at maturity in a matter of seconds.
- It is easy to use and you may use an online calculator from the convenience of your home.
SSY Calculator: Understand With Example
The calculator should request the girl child’s age and the required investment amount. You can invest as little as Rs 250 and as much as Rs 1.5 lakh into the program.
- For example, Mr.Chaudary started investing in Sukanya Samriddhi Yojana when their daughter Pihu was born.
- They contribute INR 50,000 each year for 14 years. They don’t take any money out of the scheme while it’s running.
- At the current rate of 7.60 percent, the total investment of INR 7 lakh would earn a total of INR 14,14,196 in interest after 21 years. By the time Pihu is 21, the value of the investment at its end would be INR 21,14,196.
Interest Calculate Formula
This formula is a compound interest formula to calculate interest:-
A = P (1 + r/n) ^ nt
- A=> Compound interest
- P=> Principal amount
- r=> Rate of interest
- n=> Number of times interest compounds in a year
- t=>Number of years
How SSY Calculator Helps
- To use the SSY calculator, you must invest in this scheme. You may use it to calculate how much your daughter will receive at the conclusion of the scheme’s time frame.
- So, this calculator saves potential investors from having to do a lot of math.
- This calculator is free to use and can be found online, which makes it easy for investors to use. You just need to search SSY calculator on Google and use any one of your choice.