The Sukanya Samriddhi Yojana calculator is a financial tool designed to help individuals estimate the future value of investments made in the Sukanya Samriddhi Yojana scheme.
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched by the Government of India as part of its "Beti Bachao, Beti Padhao" (Save the Girl Child, Educate the Girl Child) campaign. It is designed to promote the welfare and financial security of the girl child in India.
Under this scheme, parents or legal guardians can open an account in the name of a girl child under the age of 10 years. The account can be opened at any post office or authorised commercial bank in India. The scheme provides a higher interest rate compared to other government savings schemes, making it an attractive option for long-term savings.
The calculator takes into account various factors such as the initial deposit amount, the frequency and amount of subsequent deposits, the interest rate applicable to the scheme, and the duration of the investment. By inputting these details into the calculator, individuals can get an approximate idea of the maturity amount they can expect at the end of the investment period.
The calculator typically provides a breakdown of the principal amount, the interest earned, and the total maturity amount. It may also display the year-wise investment and interest accrued, allowing individuals to track the growth of their investment over time.
- The formula used to calculate the amount on maturity under the SSY scheme is as follows:
- A = P × (1 + r/n)^nt
- A = Maturity Amount
- P = Principal Amount (the total contributions made to the account)
- r = Annual Interest Rate (as determined by the government)
- n = Number of years the interest compounds
- t = Number of completed years
To calculate the maturity amount, you would substitute the values of the principal amount, interest rate, and the number of completed years into the formula. The result will give you the total amount that will be available at maturity.
It's important to note that the government may revise the interest rates for the Sukanya Samriddhi Yojana scheme from time to time. Therefore, it is recommended to refer to the official government notifications or contact the concerned authorities for the latest interest rate applicable and any other updated rules or changes to the scheme.
To use the online Sukanya Samriddhi Yojana Calculator by Angel One, you typically need to input the following details:
- Annual Contribution: Enter the amount you plan to invest each year in the SSY account. It should meet the minimum contribution requirement set by the scheme.
- Girl Child's Age: Input the current age of the girl child for whom the SSY account is being opened. Remember that the account can only be opened for a girl child who is under 10 years old.
- Starting Year of Investment: Provide the year in which you plan to start investing in the SSY account.
After entering these details, the SSY Calculator by Angel One will perform the necessary calculations based on the interest rates applicable for different years and compound them. It will then display the estimated maturity amount, which includes both the principal amount invested and the interest earned over the years.
Using the SSY calculator by Angel One can give you an idea of the potential growth of your investment under the Sukanya Samriddhi Yojana scheme, allowing you to make informed decisions and plan your savings accordingly.
However, please note that the calculator provides an estimate, and the actual maturity amount may vary based on the interest rates and any changes in the scheme rules implemented by the government.
- Accurate Estimation: The Angel One SSY Calculator helps you estimate the maturity amount of your investment accurately. By inputting the relevant details such as annual contribution, girl child's age, and starting year of investment, the calculator performs calculations based on the applicable interest rates and compounding. This enables you to have a clear idea of the potential growth of your investment.
- Financial Planning: The calculator assists in financial planning by allowing you to assess the impact of different contribution amounts, investment durations, and interest rates on the maturity amount. You can experiment with various scenarios and make informed decisions regarding your savings strategy under the SSY scheme.
- Time-Saving: The SSY Calculator by Angel One provides quick results within seconds. Instead of manually performing complex calculations, the calculator automates the process, saving you time and effort. It allows you to obtain instant estimates without the need for manual computations.
- Stay Updated: The online SSY Calculator is often updated with the latest interest rates and scheme changes. This ensures that you have access to the most current information while calculating the maturity amount. It helps you stay informed about any revisions in the scheme rules and adjust your financial planning accordingly.
- User-Friendly Interface: The Angel One SSY Calculator is designed to be user-friendly, requiring no technical expertise. It typically has simple input fields and clear instructions, making it easy for anyone to use it without facing any complexities or challenges.
Investments made in the Sukanya Samriddhi Yojana (SSY) scheme qualify for deductions under Section 80C of the Income Tax Act. However, the maximum deduction limit is set at Rs. 1.5 lakh.
Furthermore, the interest earned on the SSY account, which is compounded annually, is also exempt from tax under Section 10 of the Income Tax Act.
Additionally, when the SSY account matures or withdrawals are made, the proceeds obtained are exempt from income tax. This implies that the amount received upon maturity or partial withdrawals is not liable to be taxed.
Sukanya Samriddhi Calculator FAQs
What is the Sukanya Samriddhi Yojana calculator?
The Sukanya Samriddhi Yojana calculator is an online tool that helps calculate the maturity amount of investments made under the Sukanya Samriddhi Yojana scheme.It takes into account factors such as the contribution amount, interest rate, and investment duration to estimate the final maturity value.
How to use the Sukanya Samriddhi Yojana calculator online?
To use the Sukanya Samriddhi Yojana calculator online, you typically need to follow these steps:
- Launch the Sukanya Samriddhi Yojana online calculator by Angel One.
- Input the required details, which usually include the annual contribution amount, the age of the girl child, and the starting year of the investment.
- The calculator will perform the necessary calculations based on the prevailing interest rates and compounding periods to provide an estimate of the maturity amount.
Is the Sukanya Samriddhi Yojana calculator free to use?
Yes, the Sukanya Samriddhi Yojana calculator is available for free. Many online platforms like Angel One offer free access to these calculators to assist individuals in planning their investments under the scheme.
What is the Sukanya Samriddhi Yojana interest rate?
The Sukanya Samriddhi Yojana interest rate is set by the government and is subject to periodic revisions. It is generally higher than most other government-backed savings schemes. It is recommended to refer to official government notifications or contact the concerned authorities to know the latest interest rate applicable under the scheme.
What is the tenure of Sukanya Samriddhi Yojana?
The tenure of the Sukanya Samriddhi Yojana extends until the girl child reaches the age of 21 years from the date of opening the account. However, partial withdrawals can be made after the girl child turns 18 years old for her education purpose.
How to calculate the Sukanya Samriddhi Yojana maturity amount?
The calculation of the Sukanya Samriddhi Yojana maturity amount is based on the contributions made,the applicable interest rate, and the compounding of interest. The Sukanya Samriddhi Yojana calculator formula considers these factors to determine the final amount accumulated in the account at maturity.
What is the minimum contribution for Sukanya Samriddhi Yojana?
Investors are required to make an initial investment of Rs. 250 to open the Sukanya Samriddhi Yojana account. Subsequent contributions can be made in multiples of Rs. 100. It is essential to make at least one contribution per financial year until the account completes 14 years to keep it active and enjoy the benefits of the scheme.