Selected Year: 2015
Maturity Year: -
Total Investment: ₹0
Interest Earned: ₹0
Maturity Amount: ₹0
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to ensure the financial security of a girl child in India. It was launched as part of the Beti Bachao Beti Padhao initiative by the Government of India to promote the welfare of girls by encouraging savings for their education and marriage. The scheme offers attractive interest rates and tax benefits, making it a preferred investment option for parents of girl children.
To help parents and guardians plan their investments, a Sukanya Samriddhi Yojana Calculator is a useful tool. This calculator simplifies the process of estimating the future value of investments made in the scheme, allowing individuals to plan effectively for their child's future financial needs.
How Does the Sukanya Samriddhi Yojana Work?
The Sukanya Samriddhi Yojana is a long-term savings plan with the following key features:
1. Eligibility
The scheme is available for parents of a girl child below the age of 10 years. A maximum of two accounts can be opened for two different daughters.
2. Minimum and Maximum Deposit
- The minimum deposit required to open an account is ₹250.
- The maximum deposit is ₹1.5 lakh per year.
3. Interest Rate
The interest rate is decided by the Government of India and is revised quarterly. It is generally higher than most other savings schemes, making it an attractive option for long-term savings.
4. Tenure
The account has a lock-in period of 21 years from the date of opening or until the girl child gets married after the age of 18, whichever is earlier.
5. Tax Benefits
- Section 80C of the Income Tax Act provides tax deductions on the contributions made to the SSY account.
- The interest earned and maturity amount are tax-free, which makes it a tax-efficient savings scheme.
Benefits of Using a Sukanya Samriddhi Yojana Calculator
The Sukanya Samriddhi Yojana Calculator offers several benefits for those planning to invest in the scheme:
1. Helps Estimate Maturity Amount
The calculator estimates the maturity amount based on the initial deposit, recurring annual contributions, interest rate, and investment tenure. This helps parents understand how much their investment will grow over time.
2. Easy to Use
The calculator is user-friendly and only requires a few inputs, such as the amount invested, the interest rate, and the number of years for which the investment will be made.
3. Informed Decision Making
By using the calculator, parents can make informed decisions about how much to invest and for how long to ensure sufficient funds for their daughter’s future educational and marriage expenses.
4. Visual Representation of Growth
Some Sukanya Samriddhi Yojana calculators offer graphical representations, showing how the investment grows over time. This helps in tracking the growth trajectory of the savings.
How to Use the Sukanya Samriddhi Yojana Calculator?
Using the Sukanya Samriddhi Yojana Calculator is simple and straightforward. Below are the steps involved:
Step 1: Enter the Initial Deposit
Enter the amount you plan to deposit initially to open the account. The minimum deposit required is ₹250.
Step 2: Enter the Monthly or Annual Contribution
Input the amount you plan to contribute annually or monthly. You can contribute up to ₹1.5 lakh per year.
Step 3: Choose the Investment Period
Select the number of years you want to invest in the scheme. The tenure can be up to 21 years from the date of account opening.
Step 4: Select the Interest Rate
The interest rate for the Sukanya Samriddhi Yojana is updated quarterly. The calculator may ask for the current rate or give an option to enter a rate based on recent trends.
Step 5: Calculate the Maturity Amount
Once you’ve entered the above details, the calculator will provide you with the estimated maturity amount that you will receive at the end of the investment period.
Example Calculation
Let's consider an example to understand how the Sukanya Samriddhi Yojana Calculator works.
- Initial Deposit: ₹250
- Annual Contribution: ₹1,00,000
- Interest Rate: 7.6% (current rate)
- Investment Period: 21 years
Using these inputs, the calculator will compute the maturity amount, factoring in compound interest and regular contributions.
At the end of 21 years, the total amount accumulated in the account will be significantly higher than the sum of all deposits, thanks to the power of compound interest.
Conclusion
The Sukanya Samriddhi Yojana is an excellent tool for parents to secure the future of their daughters by providing a financially stable and tax-free saving mechanism. The Sukanya Samriddhi Yojana Calculator is an essential resource for calculating the maturity amount, helping parents plan better for the educational and marital expenses of their daughter. With its easy-to-use features, this calculator offers a clear picture of how the investment will grow over time, ensuring that you can make an informed decision about how much to save.