Sukanya Smruddhi Yojna Calculator
Page Content :
1. How can use Skanya samrudhdhi Calculator?
2. How dose SSY Calculator Work ?
3. Details of SSY Calculator.
4. Monthly anf Yearly contribution Calculation.
A scheme that was launched for girls as a part of the ‘Beti Bachao Beti Padhao’ campaign is the Sukanya Samriddhi Yojana (SSY) scheme.
Contributions as low as Rs.250 can be made
High interest rates of up to 8.50% p.a.
Tax benefits of up to Rs.1.5 lakh
Contributions made are minimal on risk
Who Are The Individuals That Can Use The SSY Calculator?
Individuals who are planning to invest in the SSY scheme can check the amount they will receive at the time of maturity by using the SSY calculator.
In order for individuals to use the SSY calculator, they must meet the eligibility criteria of the scheme. As per the scheme, the below-mentioned individuals can open an SSY account:
The girl must be a resident of India.
The age of the girl should not exceed 10 years.
In a single family, the Sukanya Samriddhi Yojana account cannot be opened for more than two girls.
For more information, Check out related articles Sukanya Samriddhi Yojana Age Limit, Sukanya Samriddhi Account Balance & Sukanya Samriddhi Account Passbook.
Method To Use Sukanya Samriddhi Yojana Calculator
Once the individual has met the eligibility of Sukanya Samriddhi Yojana, the age of the girl child and the amount of investment that must be made should be provided in the calculator. The minimum and maximum amount that can be invested towards the scheme are Rs.250 and Rs.1.5 lakh, respectively. Earlier, the minimum contribution was Rs.1,000. However, the Indian Government reduced the minimum contribution to Rs.250 in July 2018.
How Does SSY Calculator Work?
Based on the details entered by the individual, the SSY calculator determines the amount of money the individual will receive on maturity. The maturity period of the scheme is 21 years.
It is mandatory for individuals to make at least one contribution in a year until the completion of 14 years. The calculator will assume that the same amount of deposit is made on a yearly basis. No deposits are required to be made between year 15 and year 21. However, individuals will earn interest on the previous contributions during this period. The calculator also considers the interest that is generated when providing the final amount.
What Details Are Shown By SSY Calculator?
Depending on the details that are provided by the individual, the calculator shows the year the scheme matures, the interest rate that was used, and the maturity value.
An example of the details shown by the Sukanya Samriddhi Yojana calculator is shown below:
Assumptions:
Yearly deposit: Rs.1,00,000
Rate of Interest: 8.50%
Calculation Of Maturity Value Under SSY After 21 Years
As it is difficult to make an accurate calculation of maturity value in this scheme as it depends on many variables. However, by keeping the variable constant with the monthly and the yearly contribution as the only variable, the maturity value can be calculated in the form of a table.
For the following calculation, some assumptions have been made, they are:
The rate of Interest is assumed to be 8.1% throughout the period of the scheme for 21 years.
Monthly contributions have to be made on the 1st day of every month.
Yearly contributions have to be made on 1st of April every year.
A fixed amount for monthly or yearly contribution has been consumed.
It has also been assumed that throughout these 21 years, there have been no withdrawals made.
Yearly Contribution Table:
Monthly Contribution Table
Advantages Of Sukanya Samriddhi Yojana Calculator
Sukanya Samriddhi Yojana Calculator – SSY Calculator Online
