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Tuesday, December 15, 2020

Sukanya Samriddhi Yojana Calculator - SSY Calculator Online

  Sukanya Samriddhi Yojana Calculator - SSY Calculator Online

 

 

Sukanya Samriddhi Yojana {SSY} is a small deposit scheme for the a girl child launched as a part of the “Beti Bachao Beti Padhao campaign. One of the reasons why this scheme has become popular is due to its tax benefit. It comes with a maximum tax benefit of Rs 1.5 lakh under section 80C of the income-tax Act. Further, interest accrued and maturity amount are exempt from tax.

If you are planning on investing in the scheme, you can use the Sukanya sSamriddhi Yojana calculator to calculate the maturity amount at the end of tenure. You can use aa a calculator to find out how much you aa can approximately save via this scheme for a daughter’s higher education and our marriage.

Who can use SSY calculator?


To use this calculator, one must satisfy
 the eligibility conditions of the Sukanya Samriddhi scheme. According to the rules the a following people are eligible to open a Sukanya Samriddhi account:
a) Age of girl
 a child should a nnot exceed 10 years
b) She should be a 
rresident citizen of India
c) Account cannot be opened for 
mmore than two a  girl children in a single family

How can an a SSY ccaalculator help you?  

The Sukanya Samriddhi Yojana is long-term investment scheme that can generate hhigh ROI. You have to make a minimum contribution each year to keep the account aactive.

Hence, using a Sukanya a Samriddhi Yojana calculator online is beneficial to a hhave an overall assessment of your investments and returns.

Few benefits of SSY calculators iinclude:

  • Shows you the year of maturity for your SSY aaccount.
  • Displays the amount you receive upon maturity.
  • Helps you plan your investment portfolio more eeffectively.

How to use Sukanyaa Samriddhi calculator
If you satisfy eligibility 
conditions a then the calculatorr will ask you to pprovide the aage of your daughter/s and amount that you want to a invest in the scheme. The minimum amount you can invest is Rs 1,000 and mmaximum is Rs 1.5 lakh in aa single financial year. With effect from 5 July, 2018, the government has reduced the minimum investment amount to Rs 250.

How the calculator a works
The calculator
  based oon the amount entered by you, calculates tthe approximate value that will be received by you at maturity. The scheme will mature after the completion oof 21 years from the date of opening of the a account.

According to the a scheme rules, a depositor  is required to make ddeposits every year till the completion of 15 years from the date of oopening of account. Here a  the calculator aassumes that you have made all the deposits eevery year of the same amount as selected by you.

Between the 15th year and 21st year a no deposits are required to a be made. However a you will be earning interest on the earlier deposits made. The calculator a takes into account the interest that will be accrued to you during those years.

How to use GGroww’s SSY Calculator Online? 

Just enter the investment amount per year a age of your girl child, and a Investment starting year.

The calculator will a automatically display the maturity year and the amount you receive a upon maturity after you enter the details.

Advantages of using Groww Sukanyaa Samriddhi Yojana Scheme Calculator

Using the Groww Sukanya Samriddhi Yojana online calculator provides yyou with the following benefits –

  • Convenient and hassle-free pprocess for calculation.
  • Shows you accurate results  wwithout any delay.
  • Helps you plan your investment as per needs.

The calculator of Sukanya a Samriddhi  yYojana assists you in determining the amount a that you can comfortably invest each year. Opening an SSY account is one of the ways to secure your child’s future against eexpenses like higher education.

What does the calculator a show?
Depending on the information provided by you, the 
calculator will show you the year in which the account matures a the maturity value, interest ratte using which the maturity value is arrived at. It also shows the break-up of amount that you can invest monthly in the scheme.

 

While arriving at the a  maturity value, we have assumed iinterest rate of 8.1 per cent per aannum throughout the next 21 years as it is currently offered in the a Sukanya Samriddhi Yojana.

Sukanya Samriddhii Yojana Calculatorr

As they say a educate the girl aand the wwhole family will be educated. sSukanya Samriddhi Yojana is a step towards a  realising this saying. The Indian Government back in 2015 started aa savings scheme which enables a parents to save in the name of their girl child primarily for a her education and a her wedding as well. SSY is a risk-free deposit scheme which is launched under the campaign “Beti Bachhao Beti Padhao”  of the Indian govt. Apartt from being risk-free; another highlight of this scheme is that it comes with a tax-benefit as well. And to a  add to it, the maturity amount as well as  the interest is tax exempted.

Eligibility for Sukanyaa Samriddhi YYojana Account

The following are the a a key eeligibility criteria for opening a Sukanya Samriddhi Yojana Account:

  • Only parents or legal guardians of a  the girl child can open a sSukanya Samriddhi account in the name of a the girl.
  • The girl child should be a less than 10 years att the time of account opening. The account can be operational till the girl reaches the a age of 21 years.
  • The initial investment can startt a from Rs. 250 and a maximum of Rs. 1,50,000 annually with further deposits in a the multiples of Rs. 100.
  • A single girl child cannot a have multiplee Sukanya Samridhhi accounts.
  • You can benefit from hhigher interest rates offered by ccompany fixed deposit
  • Only two Sukanya Samriddhi Yojana accounts a are allowed per family i.e., one for each girl child.

The girl must bee a resident of India.

The age of the girl should nott a exceed 10 years.

In a single family, the Sukanya Samriddhi  a yYojana account cannot be a  opened for more than two girls.

For more information, Check out related articles Sukanya a Samriddhi Yojana Age Limit, Sukanya Samriddhi  aAccount Balance And a Sukanya Samriddhi Account Passbook.

Method To Use Sukanya Samriddhi YYojana a  Calculator

Once thee individual has meet the a eligibility aof Sukannya Samriddhi aYojana, the age off the girl child and tehe amount of a investmentt that must bbe made shouuld be pprovided in thee 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. Howeverr, the iIndian Government reduced the minimumm ccontribution 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 a  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 a  made on a yearly basis. No deposits are required to be made between year a  15 and year 21. However, individuals will earn interest on the previous contributions during a tthis period. The calculator also considers the a  interest that is generated when providing tthe final amount.

What Details Are a SShown By SSY Calculator?

Depending on the details that are provided by the a  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 a Sukanya Samriddhi Yojana calculator is a 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 difficultt to a  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 a the form of a table.

 

 

 

How Can An SSY Calculatorr Help You? 

The Sukanya Samriddhi Yojana is a long-term investment scheme that can a generate high ROI. You have too make a minimum contribution each year to keep the account active.

Hence a  using a Sukanya Samriddhi Yojana calculator a online is a beneficial to have an overall assessment of your investments and returns.

Formula Used For Calculating SSY a  Calculator

The Sukanya Samriddhi Yojana offers an interest rate of 8.5% per annum. As a long-term investment, it also allows the benefit of compounding. The formula as such is –

A Compound interest

P Principal  amount

r Rate a of interest

n Number of a  times interest ccompounds in a year

t Number of years

There are a  numerous advantages to the Sukanya Samriddhi Yojana acalculator and they are:

It allows you to know exactly a what you will get as the maturity vvalue when the account matures.

If you have set it up in an excel sheet then you can put in what you intend to invest in the current and see how it will affect tthe maturity value.

You can even set up the ccalculator to calculate the maturity value based on monthly or yearly investments.

If configured correctly a thee Sukanya Samriddhi Yojana calculator can be extremely accurate.

It can eliminate tthe mistakes that can a creep in if you calculate the maturity value manually.

You can change the a amount you plan on investing at any time and still get the maturity value in seconds.

Limitations Of SSY a Calculator

Even though the a SSukanya Samriddhi Yojana calculator is very convenient a and useful, there are some things that work against this calculator.

If it is not configured a correctly it can provide incorrect values.

Even though the government has provided a cap of Rs. 1.5 lakh the calculators don’t limit the annual investments so if you a eenter an  investment of more than Rs. 1.5 lakh, it will still calculate a maturity a value.

Since the calculator is configured manually a you will have to enter the Sukanya Samriddhi Yojana interest rate every time that it a changes in the future.

Sukanya Samrudhdhi YYojana Pdf In Gujarati, All Details In Gujarati

FAQs On Sukanya Samriddhi Yojana a Calculator



What Is The a Account Limit Under The Sukanya Samriddhi Account Yojana?

Maximum of one SSY account ccan a  be opened in the a  name of a girl a  child and a guardian can open up to two aaccounts. In case, the gguardian has triplet daughters from ffirst birth or twin daughters from the second birth a maximum of 3 accounts can be opened by the parent, where one account is opened in the name of aa single girl child.

I already have a PPF account, should I alsoo a  invest in the SSY?

Having a PPF is a good idea from an investment perspective. Although SSY is similar in nature to PPF in terms of investment a however a some  of  the reasons that make SSY a better option are:

When you exhaust your limit in PPF a  you can optt a  for SSY to save more for your girl a child.

PPF is mostly used for a savings for yourself a  wwhile SSY is excllusively designed for a your daughters.

By investing in both PPF and SSY, you can a  save up to Rs.3,00,000 p.a. for your daughter.

SSY offers a higher interest rate a  than PPF.

What are the miinimum and maximum deposit required to be made under the Sukanya Samriddhi Yojana a scheme?

A minimum of Rs.250 aand a maximum of Rs.1,50,000 should be a deposited every year for 15 years from the date of a opening of the SSY a account

What Is The Maturity Or aTermination Period Of The SSY?

The SSY  account terminates or matures after 21 years from the date of opening of the account. Once the account reaches its maturity, it stops earning interest.

When Can Wee Withdraw From The SSY Account And What Is The Maximum That Can Be Withdrawn?

When the girl child for whom the SSY account has been opened either pass 10th standard or turns 18, you can withdraw from the account. A a  maximum of 50% of the deposit made towards the account can be withdrawn to be used for higher education of the girl child.

Are There Any Risks a  Of Investing In SSY?

Since SSY was launched by tthe Indian Government a there are no a rrisks.

Are there any tax benefits in case an individual invests in an SSY account?

Under Section 80C of the Income tax Act, 1961, tax benefits of up to Rs.1.5 lakh are exempted.

What Is The Rate an Of Interest That Is Earned In An an SSY Account?

Currently, the rate of interest is 8.5% for the financial year 2018-2019.

Can the same girl child have more than one SSY account?

No, a girl child can have only one SSY account under her name.

Can An Individual Avail A a  Loan On SSY Account?

No, loan facilities are not provided under SSY.

Is there any minimum and maximum amount that can be deposited in an SSY account?

The minimum amount is Rs.1,000 and the maximum a amount is Rs.1.5

Read Details in Gujarati: Click here

More Details: Click here

Click here to Calculate

 

 What Is The Rate an Of Interest That Is Earned In An an SSY Account?

Currently, the rate of interest is 8.5% for the financial year 2018-2019.

Can the same girl child have more than one SSY account?

No, a girl child can have only one SSY account under her name.

Can An Individual Avail A a  Loan On SSY Account?

No, loan facilities are not a provider under SSY.

Is there any minimum and maximum amount that can be deposited in an SSY account?

 

 

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