Sukanya Samriddhi Yojana Calculator

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Sukanya Samriddhi Yojana(SSY)is government savings Scheme For a Girl Child. The Government’s Beti Bachao, Beti Padhao Initiative was launched on 8th April 2015. The above scheme is available for opening a guardian savings account with an authorized Commercial Bank or India Post.

The interest rate of the SSY account is 8.2%. The Sukanya Samriddhi Yojana Calculator can be used to calculate your returns if you invest funds and save for a specified period.

Who Can Use This Calculator? 

The criteria for SSY calculator usage are to determine first whether you are eligible for the scheme. An SSY account can be opened by a legal guardian of a girl child only if they satisfy the following meets:

• 1. The girl must be an Indian resident.
• 2. She should be no older than 10 years.
• 3. A family can open up to two accounts for two girl children.

You will also need to provide the following documents to start deposits in the scheme:

• Application form containing basic personal information of the account holder and the girl child.
• Girl Birth Certificate.
• Identification: The Depositors Valid Address Proof
• Medical certificate: In case more than one child is born at that birth,
• As and when asked for by the authority/tasking mandator.

If you meet these requirements and have the necessary documents, you can use the SSY calculator online.

How can an SSY calculator help you?  

Many parents, especially those of their daughters, look to invest in their child’s education and wedding costs. Most prefer the Sukanya Samriddhi Yojana (SSY) because it offers high interest and is a tax-saving scheme. Deposits towards SSY accounts are also tax-deductible under Section 80C of the I-T Act up to a maximum of Rs 1.5 lakhs. Now, you also earn tax-free interest, and the maturity amount is eligible for tax benefits.

Parents opting to invest in Sukanya Samriddhi could use a tool that calculates the amount they will receive on maturity. They can be challenging to perform manually and are prone to errors. The planner helps investors adjust their regular contributions to reach the desired amount. It is user-friendly and outputs the same accurate results for various scenarios.  

Sukanya Samriddhi Yojana is a long-term investment scheme with the potential for high earnings. A yearly minimum contribution is needed to maintain the account active. The Sukanya Samriddhi Yojana online calculator provides a clear picture of your investment and returns.

Here are some SSY calculator’s advantages written

• To represent the Year Of Maturity in case your account is SSY
• To reveal how much payout you will receive on your account once it matures
• A balanced position investing wisely in an optimum level of lower.  

Explanation of the SSY Calculator

This plan’s maturity period spans 21 years. You must contribute at least once within the first 14 years for the account to remain open. Begins with 14 years of not contributing, and you can hold off on the rest of it until the end of the 21 years. But after all your money is invested, it still keeps chugging on and makes you interested. You will be receiving a permanent amount, which is the sum of all your contributions and the interest generated.

Using the following formula, the Sukanya Yojana calculator calculates results as shown below:

A = P (1 + r/n) ^ nt

Symbol Meaning

A=Compound interest

P=Principal amount

r=Rate of interest

n=number of times interest compounds in a year

t=Number of years

How to use SSY Calculator Online? 

Using the calculator, input how much you plan to invest yearly, the age of your firstborn girl, and the year when you should start investing. The calculator will then tell you the maturity year and how much you will receive at maturity once you have filled in the details above.

Advantages of using the Sukanya Samridhi Scheme Calculator

Online Sukanya Samriddhi Yojana calculator benefits are as follows-

The Sukanya Yojana Calculator is absolutely free and provides error-free outputs, even with multiple iterations.

The calculator provides actual output in seconds.

It’s available on the website as an online tool, and you dont need to install any software.

You do not need to sign in or input anything. The calculator can be used straight out of the box without requiring any user details, except in the input fields.

Answer: There is no restriction on the number of times the SSY calculator will work for you.

Therefore, the calculations are performed according to the prevailing SSY interest rates for greater accuracy; users aren’t required to input the interest rate manually.

The SSY Calculator is up-to-date, and any modification to the scheme that may change the calculation of the corpus will automatically affect the workings of the Sukanya Samriddhi calculator.

The tool works just as well on every device.

The Sukanya Samriddhi Yojana calculator helps you calculate the amount you are capable of investing every year. One reliable strategy for saving for a child’s education is opening an SSY account.

What should I do with all SSY contributions to the corpus?

At full maturity, you can then get out of there the (presumably large) corpus that the girl child has built up. Documents needed to start this process are given below:

• 1. Withdrawal application form
• 2. Proof of identity and your address
• 3. Nationality Docs

If the girl child has completed matriculation, that is, 10th standard, and is more than 18 years old, the withdrawals can be used for higher education expenses. Please note that these funds are exclusively for tuition and fees. Depositors need to provide admission letters and fee receipts as documents to verify the correct utilization/application of the money (for educational purposes).

Additionally, for expenses related to marriage by the older girl (18 years old or older), she must file an affidavit stating that she is a major.