Sukanya Samriddhi Yojana Calculator

Sukanya Samriddhi Yojana Calculator - SSY Maturity & Interest

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to secure the financial future of a girl child. Launched under the Beti Bachao, Beti Padhao initiative, the scheme encourages parents to save for their daughter's education and marriage.

Compared to other traditional government-backed savings schemes, SSY offers better advantages like high interest rates and tax benefits under section 80C of the Income Tax Act of 1961.

If you wish to secure your girl child’s future, investing in the Sukanya Samriddhi Yojana can be highly beneficial. However, before you proceed to open an SSY account, estimating the Sukanya Samriddhi Yojana returns is crucial. This will help you make informed investment decisions that align with your financial objectives. The best way to estimate the returns from this investment scheme is to use a Sukanya Samriddhi Yojana calculator.

What is the Sukanya Samriddhi Yojana Calculator?

The Sukanya Samriddhi Yojana calculator is a free online tool designed to help you determine the returns under the SSY scheme. By just entering a few basic investment details, you can calculate the expected interest and final corpus amount based on the applicable interest rate.

The tool considers factors like the investment amount, your girl child’s age and the year in which you plan to begin investing. Some SSY calculators let you manually specify the interest rate, whereas others apply it automatically.

How to Use the Sukanya Samriddhi Yojana Calculator?

Samco Securities offers a user-friendly Sukanya Samriddhi Yojana calculator that can help you quickly estimate the interest and final maturity amount you will receive from your investment in the scheme. Here are the steps you need to follow to use Samco’s SSY scheme calculator.

• Step 1:
  Visit Samco’s Sukanya Samriddhi Yojana returns calculator webpage.​
• Step 2:
  Enter the amount you are willing to contribute to the scheme per year. According to the scheme’s rules, the minimum amount you can contribute per year is Rs. 250, whereas the maximum amount is limited to Rs. 1.5 lakh. ​
• Step 3:
  Specify the girl child’s age. A Sukanya Samriddhi Yojana account can be created for a child aged between 1 and 10 years. ​
• Step 4:
  Enter the starting year. The maximum tenure of the SSY scheme is 21 years from the date of account opening.​

Note: The calculator will apply the prevailing interest rate for the Sukanya Samridhhi Yojana automatically.

As soon as you enter all the relevant details, the calculator will apply a mathematical formula to provide an estimate of the final maturity value of your SSY investment, including the principal investment amount, the interest earned and the year of maturity.

Formula for Sukanya Samriddhi Yojana Calculation

Sukanya Samriddhi Yojana maturity calculators use the compound interest formula to estimate the final corpus and interest earned on your investment. As a prospective investor, knowing what the formula is and how it works can help you understand the calculations better. Here is the mathematical formula that Sukanya Samriddhi Yojana calculators use.

M = P x [1 + (R ÷ N)]^NT

Here,
M = The final maturity amount at the end of the tenure
P = The principal investment amount per annum
R = The rate of interest per annum (in decimal form)
N = The number of times the interest is compounded per annum
T = The total tenure of the investment

Benefits of Using the SSY Calculator

A Sukanya Samriddhi Yojana calculator is a highly useful tool that can help you plan your finances more effectively. Let us explore some of the calculator’s key advantages in detail.

• Eliminates Errors:
  Since the scheme operates on compounded interest, calculating the maturity value manually can be complex and prone to errors. The Sukanya Samriddhi Yojana calculator ensures you get an accurate estimate of the maturity amount and interest earnings depending on your contributions.
  The SSY calculator eliminates guesswork and potential miscalculations by automating the entire calculation process. This helps you make informed decisions about your savings and set realistic expectations regarding the future corpus. ​
• Saves Time and Effort:
  Manually calculating Sukanya Samriddhi Yojana returns requires you to apply the compound interest formula for each year individually. This process can be time-consuming, especially if you are unfamiliar with financial calculations.
  The Sukanya Samriddhi Yojana maturity calculator simplifies this by providing instant results with just a few inputs. All you need to do is specify a few details of your investment to get your estimated maturity amount. By providing results within seconds, the calculator allows you to make quick and confident financial decisions.
• Easy to Use:
  The Sukanya Samriddhi Yojana interest calculator is designed to be simple and intuitive. Unlike manual calculations, which require understanding financial formulas, this tool does not require any prior financial knowledge to use, making it accessible to everyone.
  The SSY calculator has a clean and user-friendly interface that is easy to understand at first glance. Furthermore, the tool is highly versatile and can be used on a wide range of devices, including a desktop, tablet or even a smartphone. ​
• Useful for Financial Planning:
  One of the biggest advantages of using the Sukanya Samriddhi Yojana calculator is that it helps you strategically plan for your child's financial future. By getting an estimate of the final maturity corpus, you can determine whether your savings will be sufficient for meeting your girl child’s education expenses, marriage costs or other important financial needs.
  The SSY calculator allows investors to experiment with different deposit amounts. Therefore, if the projected amount is lower than expected, you can adjust your contributions accordingly to ensure adequate funds at maturity. This flexibility allows you to select the best savings strategy for your financial capacity and future requirements.​

Sukanya Samriddhi Yojana Investment Rules

Now, before you proceed to invest in the Sukanya Samriddhi Yojana, it is essential for you to know and understand the various rules associated with the investment scheme. Here are some of the key investment rules you must be aware of.

• Deposit Limits:
  The Sukanya Samriddhi Yojana has strict deposit limits to ensure disciplined savings. According to the scheme’s rules, you must deposit a minimum of Rs. 250 per year. The minimum deposit limits have been kept low to ensure the scheme remains accessible to all income groups.
  Meanwhile, the maximum amount of deposit allowed per financial year is Rs. 1.5 lakh. One of the key features of the SSY scheme is that the deposits can be made either as a lump sum or in installments.
  If the minimum deposit is not made in a financial year, the Sukanya Samriddhi account will be marked as default. However, it can be revived by paying a penalty of Rs. 50, along with the pending deposit amount.
• Lock-in Period:
  The Sukanya Samriddhi Yojana has a lock-in period to encourage long-term savings. The account matures after 21 years from the account opening date or if the girl child is married after she attains 18 years of age, whichever is earlier.
  Until the account matures, withdrawals are not allowed, except under certain specific conditions. Unlike regular savings accounts, the lock-in period of the SSY scheme ensures disciplined savings and helps you accumulate a substantial corpus over time.
• Investment Tenure:
  Despite the long maturity period, contributions to a Sukanya Samriddhi Yojana account are required to be made only for the first 15 years.
  After the end of the 15-year investment tenure, the outstanding balance in the account continues to earn compounded interest until maturity, even without additional deposits. This unique investment structure helps parents benefit from long-term wealth accumulation without needing to invest continuously.
• Premature Withdrawal Rules:
  Premature withdrawal from a Sukanya Samriddhi Yojana account is strictly restricted. A partial withdrawal facility is activated once the girl child attains 18 years of age, which allows her to withdraw up to 50% of the available balance in the account.
  However, such partial withdrawals must be made only for meeting the girl child’s higher education expenses. In fact, you must provide proof of admission to an educational institution to make partial withdrawals for higher education.
  Furthermore, in case of the girl child’s unfortunate demise, the outstanding amount in the account, including interest, is paid to the parents or the guardian.
• Tax Benefits Under Section 80C:
  One of the most important features of the SSY scheme is its tax benefits. The deposits made under this scheme qualify for deductions up to Rs. 1.5 lakh per financial year under section 80C of the Income Tax Act.
  Since the scheme is categorised as Exempt-Exempt-Exempt (EEE), the Sukanya Samriddhi Yojana returns and final maturity proceeds are also completely tax-free. This makes SSY one of the most tax-efficient savings plans available in India.
  By investing in this scheme, you can reduce your total income and tax liability significantly and accumulate a substantial tax-free corpus for your daughter’s future financial needs.

Conclusion

The Sukanya Samriddhi Yojana calculator is a powerful tool for parents wanting to secure their daughter's financial future. By using this tool, you can make effective decisions about your savings strategy for your girl child.

Remember, the Sukanya Samriddhi Yojana works on the compound interest principle. This essentially means that investing early on can ensure higher returns. If you wish to estimate the potential returns from this investment option, consider using Samco’s SSY scheme calculator. The tool simplifies the calculations and provides accurate results instantly within seconds.

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