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The Government of India, as part of its ‘Beti Bachao, Beti Padhao’ initiative, launched the Sukanya Samriddhi Yojana (SSY) in 2015. This savings scheme focuses on promoting the welfare of girl children in the country. The scheme offers guaranteed returns combined with tax exemptions on the maturity amount, including interest accrued. With the help of a Sukanya Samriddhi Yojana calculator, one can easily estimate the total investment value at maturity and interest earnings that can be expected out of the investment. Here, we will explain this calculator in detail and also share additional information on the scheme.
Table of Contents
Who can use the calculator?
An applicant who satisfies the eligibility conditions of the Sukanya Samriddhi scheme can make use of the calculator to estimate returns from the scheme. The eligibility conditions for Sukanya Samriddhi scheme are:
- The girl child’s age should be under 10 years
- The girl child should be a resident citizen of India
- SSY accounts can be opened for a maximum of two girl children per family.
The SSY calculator requires a user to provide his/her daughter/s age and investment amount to estimate the investment’s maturity value. The scheme’s minimum investment amount is Rs. 250 and maximum that can be invested in a financial year is Rs 1.5 lakhs.
How does the calculator function?
To begin using the calculator, an investor who has opened the SSY account for his/her girl child must enter the following information:
- Annual investment amount
- Year in which investment has started
The maturity year and current interest rate will be auto-populated in the calculator. Upon entering the above-mentioned details, the calculator shows the total value of investment along with the interest earnings on the right-hand side.
The calculator estimates the approximate maturity value of the investment made. The scheme attains maturity after completion of 21 years, starting from the date of account opening.
Assumptions in the calculator:
Continuity of investment
As per the conditions of the scheme, an investor must continue to deposit every year for 15 years, starting from the date of account opening. In this regard, the SSY calculator assumes that the user has made all the required deposits each year consistently of the same amount as entered in the calculator.
Continuity of interest earnings
The scheme does not require an investor to make any deposits between the 15th and 21st year of the scheme enrollment. However, one can still earn interest on the deposits made earlier. In this regard, the calculator considers the interest accrued through all those years.
How can Finity’s SSY calculator help you?
Finity’s Sukanya Samriddhi Yojana calculator is specially crafted for those who are planning to invest in the SSY scheme for their girl child/children. It helps an investor in ascertaining the investment maturity amount that his/her girl child can receive once the scheme’s tenure comes to an end.
In any kind of investment, manual computation of returns can be cumbersome and may involve human errors. With Finity’s SSY calculator, one can get error-free results.
Based on the maturity amount reflected by the calculator, an investor can determine the amount of regular contribution that’ll have to be made to reach the desired maturity amount.
Investors who want to effectively evaluate their SSY investment and potential returns can plan their investment portfolio after using the Finity Sukanya Samriddhi Yojana calculator.
What are the benefits of using Finity’s Sukanya Samriddhi Yojana calculator?
Finity’s Sukanya Samriddhi Yojana calculator has a number of benefits for an investor. Some of them are listed below:
- SSY calculator provides accurate figures and helps in eliminating the possibility of human errors, which generally occur in manual calculations.
- The calculator helps investors in easily determining the interest earnings and the maturity value within a matter of a few seconds.
- Using this calculator, investors can calculate the maturity value of their SSY investment for both monthly and yearly contributions.
- The calculator results allow an investor to plan finances for his/her girl child and help her in achieving certain financial goals such as higher education, medical needs, career aspirations, marriage, etc.
- This easy-to-use online calculator can be used at any time, any number of times, and for free.
At maturity, the corpus accumulated in an SSY account can be withdrawn by the girl child. To withdraw the corpus, the girl child must furnish, withdrawal application form, citizenship proof, ID and address proof. Premature withdrawals are not allowed except for marriage purposes once the girl has attained 18 years of age.
A parent or guardian can open a SSY account on behalf of his/her girl child before she has attained 10 years of age.
In case one fails to make timely deposits in the SSY account, the account may be considered inactive and a penalty charge of Rs. 50 must be paid towards revival of the same.
The maximum amount that can be deposited in an SSY account in a financial year is Rs. 1.5 lakhs.
Under section 80C, one can claim income tax benefits for investment made towards an SSY account in a financial year.
In case the account holder meets an untimely death or is undergoing a treatment for a life-threatening ailment, the SSY account can be closed before maturity.
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