What is the Sukanya Samriddhi Yojana Calculator?
The Sukanya Samriddhi Yojana Calculator is a less time-consuming tool that calculates the interest earned and the maturity amount in the SSY membership. Therefore, if we fulfil the qualifications requirements for the SSY profile, we can utilize the calculator and figure out the maturity value of your own investment. The SSY Calculator includes a formula container, for which you need to enter the amount of the first deposit, the age of the girl child up to 10 years, and mention the starting year of this expense. The calculator then shows the total curiosity and maturity amount.
What is the SSY Account?
Sukanya Samriddhi Yojana or SSY membership is a federal government of India-backed tiny first deposit scheme for the girl child. The SSY account is exposed anytime after the beginning of the girl child until she becomes 10 years aged. You might open up the SSY profile in the post office or any side of the retail financial institution. You may open the Sukanya Samriddhi Yojana membership through a minimal initial deposit of merely Rs 250. The maximum amount deposited in the SSY membership is Rs 1.5 lakh per financial 12 months. The SSY account is established with the name of the child, giving them a vivid foreseeable future. You may use the cash for higher education or the nuptials expenses of a girl child.
The SSY profile is operative for the next 21 years from opening the account or until the girl child’s matrimony after 18. After that, you might make limited withdrawals up to 50per cent associated with balance quantity for degree expenses regarding the girl. The SSY profile also provides an interest of 7.6per cent p.a. for the July to September quarter of 2021.
The formula of the Sukanya Samriddhi Yojana Calculator
You need to enter the number of first deposits, age of your girl child, together with the year in which you get started on the investment. Then, the SSY calculator will reveal the attention received in the financial investment and the whole amount.
Let’s utilize the exact formula:
A = P(1+r/n)^nt
P = original Deposit r = Rate of interest, n = number of years the interest ingredients, t = Number of years, a = Amount at maturity.
As an example, you deposit Rs 1,50,000 every year for 15 years in the SSY membership. The SSY profile offers an interest of 7.6per cent p.a.
How to use the Sukanya Samriddhi Yojana Calculator?
The SSY Calculator demonstrates the interest you’ve earned and the maturity amount in the SSY profile. To use the SSY Calculator:
- First, you need to enter the deposit amount up to Rs 1.5 lakh a year.
- Then you have to enter the age of your girl child in the order of years. The maximum age for the same is 10 years.
- Finally, utilize the slider and choose the financial investment starting year.
- You then choose the length of time regarding the investment.
- The SSY Calculator shows you the age of a girl child during the maturity of the SSY profile. Additionally explains the readiness of 12 months associated with the investment, the interest generated, and the maturity amount.
Advantages of using Sukanya Samriddhi Yojana Calculator
- The Sukanya Samriddhi Yojana Calculator reveals the interest you’ve got and earned plus the maturity amount in the SSY membership in seconds.
- The SSY account is a wonderful expense to save income tax. Additionally, it supplies among the best interest rates among fixed-income opportunities. Finally, the SSY Calculator demonstrates how the SSY profile may help you accomplish your economic desired goals, including a daughter’s matrimony and higher education.
- You might use the SSY Calculator to determine the amount you have to spend for a girl child’s training and marriage.
- The Sukanya Samriddhi Yojana Calculator can be an easy-to-use calculator. It might be used from the comfort of your home or everywhere.
Sukanya Samriddhi Yojana Calculator- FAQ’s
✅What are the advantages of the Sukanya Yojana?
Significant Tax Deductions
Contributions to the Sukanya Samriddhi Yojana for your daughter’s future are tax-deductible under Section 80C of the Income Tax Act of 1961. As a result, you can claim tax benefits up to Rs 1.5 lakh invested in the plan.
✅Why is the Sukanya Samriddhi Yojana bad?
Another concern is that the entire SSY corpus is locked in till the girl becomes 18 years old. Even yet, only up to 50% of the investment amount can be withdrawn for educational purposes. As a result, liquidity is a concern.
✅Can we get a loan under the Sukanya Samriddhi Yojana?
According to the current laws and regulations, no loans may be taken against this policy. Any money put into the account cannot be used as collateral for a loan.
