Sukanya Samriddhi Yojana Calculator:- Candidates who wish to invest in SSY scheme can use the SSY calculator to know how much they will get back at the end of tenure. The operation of the SSY Calculator, as well as the calculation of the maturity value under SSY after 21 years, will be fully discussed in the next article.
Moreover, we will discuss The Calculator for Sukanya Samriddhi Yojana: Advantages and Disadvantages, Advantages and Disadvantages of the SSY Calculator. Sukanya Samriddhi Yojana calculation procedures, eligibility requirements and documents required for SSY schemes
Sukanya Samriddhi Yojana Calculator
- Sukanya Samriddhi Yojana or SSY for short, is a low-income saving scheme launched by the Government of India (GOI) in 2015 as part of the highly successful campaign “Beti Bachao, Beti Padhao Abhiyan“ run by the present government .
- SSC accounts can be created at post offices as well as private and public banks.
- The interest rate is fixed quarterly by the Government of India.
- Since we have to calculate the most current figures from April to June 2022, the annual interest rate is 7.60 percent.
- The minimum and maximum annual investment is INR 250 and 1.5 lakh respectively An investor has to contribute a minimum of Rs 250 a year for 15 years to maintain the account.
- The annual rebate is credited to the account and can be withdrawn if the girl is 11 years old or married, whichever comes first.
- At the age of 18, a girl could take fifty percent of the amount for further education.
- For three years after that, only the balance will earn interest.
- Early release is only allowed if the infant is dead or life-threatening conditions require treatment.
- The SSY account does not accrue interest after the policy period has expired.
Sukanya Samriddhi Yojana Calculator Eligibility
- The applicant girl must be a citizen of India.
- Age above 10 years are not accepted
- Only 2 girls can have this scheme benefit from a single family.
SSY Calculator Working
- The figure reflects no later than 2015 in the year you enrolled your daughter in this program. I
- t specifies an annual investment of at least Rs.250. With maximum Rs 1500000 you can choose annual payments.
- That is it the inputs will be shown at the end of the screen maturity For example, if a person opts for 2015, he will get Rs 65,93,071 in 2036 by investing Rs 1 lakh fifty thousand
Formula to Calculate the Interest
below, you can see this formula: This is compound interest formula to calculate interest
A = P(r/n+1) ^ nt
Here,
- T- Interest that builds up over time.
- P stands for the main amount.
- r is the interest rate.
- n is the number of times interest is added to itself in a given year.
It shows how many years have passed.
Let’s look at an example to explain how this formula works:
Let’s say Mrs. Sharma puts Rs. 50,000 into Sukanya Samriddhi Yojana every year. She has been putting this money away for 14 years. She also doesn’t take any money out during the scheme’s life, which is 21 years.
Lock-in Period of Sukanya Samriddhi Yojana
The Sukanya Samriddhi Scheme has a commitment period of 21 years.Also the person investing the money has to invest at least once a year for 14 years to keep the account active. The minimum annual deposit you can make in the account is Rs.250. Also, the maximum investment in a financial year is Rs 1,50,000.
But after the 15th year, you can choose not to transfer any more money to the SSY account until the 21st year. The Sukanya Samriddhi Yojana account will earn interest at the rate applied to the predecessor deposit. Therefore, the final balance at the end of this program will be included in the interest income
Disadvantages of the SSY Calculator
- If it is not properly set up, it may return inaccurate results.
- Even though the government has set a maximum of Rs. 1.5 lakh for yearly investments, the calculators do not restrict annual investments; thus, if you input an investment of more than Rs. 1.5 lakh, the calculator will still compute a maturity value.
- Interest rate is kept the same in the calculator and if it changes then you have to calculate all calculations on your own.
FaQ
Q.What is Sukanya Samriddhi Yojana 1000 monthly?
Ans.If you invest Rs 1000 monthly in this scheme, then Rs 12 thousand will be deposited annually. According to SSY calculator, the total investment in 15 years will be Rs 1,80,000 and Rs 3,29,212 will be received only from interest. In this way, a total of Rs 5,09,212 will be received on maturity
Q. How is Sukanya Yojana calculated?
Ans.A = P(1+r/n)^nt P = Initial Deposit r = Rate of interest n = Number of years the interest compounds t = Number of years A = Amount at maturity For example, you deposit Rs 1,50,000 each year for 15 years in the SSY account.
Q.Is Sukanya samriddhi better than PPF?
Ans. PPF offers better flexibility and SSA provides you with higher returns.
Q.Can I invest in SSY after 15 years?
Ans. contributions have to be made for only 15 years
Q. Is Sukanya tax free?
Ans. Investments made in the sukanya yojana are eligible for a tax deduction
