Back in 2015, the government of India introduced a savings scheme under the Beti Bachao, Beti Padhao campaign called Sukanya Samriddhi Yojana (SSY). This initiative aims to secure the financial future of your girl child. It offers an 8.2% rate of interest. While many are aware of the scheme itself, did you know there’s also a Sukanya Samriddhi Yojana Calculator?
The SSY calculator can help you calculate how much money your daughter could receive from the Sukanya Samriddhi Yojana (SSY) when she grows up.
Want to know more about the benefits of SSY calculators?
Let’s talk… and make smart decisions for your daughter’s future!
What is Sukanya Samriddhi Yojana?
The Sukanya Samriddhi Account is a special savings scheme meant to secure the future of girl children in India. You, as a guardian, can open this account for a girl under 10 years old with just Rs. 250. SSY scheme by the government of India enables guardians to open a Sukanya Samriddhi Account (SSA). They can do it for their girl child with an authorised commercial bank or India Post branch.
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Girls often struggle with limited access to education and financial stability due to traditional barriers. However, a special savings scheme quietly supports families in planning for their daughters’ future needs from a young age.
You can deposit up to Rs. 1.5 lakh per year, either in one go or in smaller amounts throughout the year.
The best part?
The interest rate is quite good at 8.2% per year, and it’s compounded annually.
Plus, all the interest you earn is tax-free!
As the guardian, you can manage the account until the girl turns 18. You can withdraw money for her education or marriage expenses after she reaches 18 or completes 10th grade.
Now enter the SSY calculator- Sukanya Samriddhi Yojana calculator.
Sukanya Samriddhi Yojana Calculator
Imagine you want to plan financially for your daughter’s future with the Sukanya Samriddhi Yojana (SSY). An SSY calculator helps you figure out how much you can save and what you’ll earn over time.
It calculates numbers for you in seconds!
With the Sukanya Samriddhi Yojana Calculator, you can easily calculate the interest you earn. You can also use a manual formula:
A=P(1+r/n)^nt
Here:
- A is the compound interest
- P is the principal amount
- r represents the interest rate
- n is the number of times interest compounds in a year
- t is the number of years
Calculating this manually can get complicated because it involves compound interest.
To avoid mistakes and get quick, accurate results, you can use the SSY Calculator.
How Does an SSY Calculator Work?
You have to input how much you want to deposit each year (starting from just Rs. 250!), and it shows you how your savings will grow. The Sukanya Samriddhi Yojana calculator works by using the current interest rate of the scheme. It takes into account the amount you plan to deposit each year and the duration of the investment.
This way, you can see how much money you’ll have when your daughter turns 18 or even later.
Let’s say you want to use Sukanya Samriddhi Yojana Calculator.
Suppose you wish to deposit Rs. 10,000 each month for 15 years into a Sukanya Samriddhi Account, with an interest rate of 8.2% compounded annually.
Here’s what happens:
- Total Amount Deposited: Rs. 10,000 per month × 15 years = Rs. 18,00,000
- Maturity Amount: After 21 years, the account would grow to approximately ₹ 55,46,118
- Total Interest Earned: ₹ 55,46,118 – Rs. 18,00,000 (total deposits) = Rs. 22,47,671
So, your total investment (the amount you deposit) over 15 years is Rs. 18,00,000, but by the time your daughter reaches 21 years, the account will accumulate around ₹ 55,46,118, giving you a total interest of ₹ 37,46,118.
Amazing! Isnt it?
Benefits of SSY Calculators- Sukanya Samriddhi Yojana Calculator
The SSY calculator is a great tool for parents who wish to invest in the SSY- Sukanya Samriddhi Yojana Scheme.
Here are the benefits of Sukanya Samriddhi Yojana calculator
- Simple Use: Just add a few numbers, and you will know the right amount you should invest in the SSY scheme.
- Easy Planning: It helps you see how much your savings will grow over time.
- Financial Clarity: The Sukanya Samriddhi Yojana calculator helps you plan for your daughter’s education, marriage, or other needs.
- Interest Calculation: The calculator shows you how much interest you’ll earn.
Who Can Use This SSY Calculator?
Any parent or guardian of a girl child can use the Sukanya Samriddhi Yojana calculator. It’s designed for anyone who wants to invest in the Sukanya Samriddhi Yojana for their daughter’s future.
It’s simple to use and provides valuable insights into your savings plan.
How to Open Sukanya Samriddhi Account Online
Opening a Sukanya Samriddhi Account for Your Girl Child
As a guardian, you can open this account for your girl child who is below 10 years of age. You can only open one account per girl child, either in a post office or a bank, and you can open accounts for a maximum of two girls in your family.
However, if you have twins or triplets, you can open more than two accounts.
To open Sukanya Samriddhi account online, you need to:
- Fill out the SSY Account opening form.
- Prepare necessary documents like the girl’s child’s birth certificate and guardian’s ID proof.
- Make the initial deposit (between Rs. 250 and Rs. 1.5 lakh).
- Set up automatic credit to the SSY Account through NetBanking if available.
FAQs| Sukanya Samriddhi Yojana (SSY) Calculator
If you invest ₹1000 per month for 15 years in the Sukanya Samriddhi Yojana, you will deposit a total of ₹1.8 lakhs. At maturity, you will receive approximately ₹5.40 lakhs, considering the current interest rate of 8.2% for the quarter from January to March 2024.
The maturity amount of SSY is calculated based on the yearly investment, the current interest rate, and the tenure of the scheme.
If you consistently deposit ₹1,50,000 every year for 21 years, the approximate maturity amount could be around ₹71 lakhs at the end of the period, considering the compounded interest of 8.2%. Please note that the minimum amount you can invest is ₹250, and the maximum is ₹1.5 lakhs per year.
Investing ₹2000 per month in SSY would result in a total maturity amount of approximately ₹11,09,224 after 21 years at an 8.2% interest rate.
You need to pay into the SSY account for 15 years from the date of opening the Sukanya Samriddhi account.
The minimum amount required to open a Sukanya Samriddhi Account is ₹250.
Yes, SSY accounts offer tax benefits under Section 80C, and the interest earned is also tax-free.
The Sukanya Samriddhi Yojana (SSY) is considered one of the best post office schemes for a girl child, offering high returns and tax benefits.
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Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.