As it is difficult to make an accurate calculation of maturity value in this scheme as it depends on many variables. However, by keeping the variable constant with the monthly and the yearly contribution as the only variable, the maturity value can be calculated in the form of a table.
The rate of Interest is assumed to be 8.1% throughout the period of the scheme for 21 years.
Monthly contributions have to be made on the 1st day of every month.
Yearly contributions have to be made on 1st of April every year.
A fixed amount for monthly or yearly contribution has been consumed.
It has also been assumed that throughout these 21 years, there have been no withdrawals made.
Yearly Contribution Table:
Monthly Contribution Table
Advantages of Sukanya Samriddhi Yojana Calculator
Sukanya Samriddhi Yojana Calculator – SSY Calculator Online
Click here to Calculate
How can an SSY calculator help you?
The Sukanya Samriddhi Yojana is long-term investment scheme that can generate high ROI. You have to make a minimum contribution each year to keep the account active.
Hence, using a Sukanya Samriddhi Yojana calculator online is beneficial to have an overall assessment of your investments and returns.
Formula used for calculating SSY calculator
The Sukanya Samriddhi Yojana offers an interest rate of 8.5% per annum. As a long-term investment, it also allows the benefit of compounding. The formula as such is –
A = P (1 + r/n) ^ nt
Where –
A Compound interest
P Principal amount
r Rate of interest
n Number of times interest compounds in a year
t Number of years
There are numerous advantages to the Sukanya Samriddhi Yojana calculator and they are:
- It allows you to know exactly what you will get as the maturity value when the account matures.
- If you have set it up in an excel sheet then you can put in what you intend to invest in the current and see how it will affect the maturity value.
- You can even set up the calculator to calculate the maturity value based on monthly or yearly investments.
- If configured correctly, the Sukanya Samriddhi Yojana calculator can be extremely accurate.
- It can eliminate the mistakes that can creep in if you calculate the maturity value manually.
- You can change the amount you plan on investing at any time and still get the maturity value in seconds.
Limitations of SSY Calculator
Even though the Sukanya Samriddhi Yojana calculator is very convenient and useful, there are some things that work against this calculator.
- If it is not configured correctly it can provide incorrect values.
- Even though the government has provided a cap of Rs. 1.5 lakh the calculators don’t limit the annual investments so if you enter an investment of more than Rs. 1.5 lakh, it will still calculate a maturity value.
- Since the calculator is configured manually, you will have to enter the Sukanya Samriddhi Yojana interest rate every time that it changes in the future.
FAQs on Sukanya Samriddhi Yojana Calculator
What is the account limit under the Sukanya Samriddhi Account Yojana?
Maximum of one SSY account can be opened in the name of a girl child and a guardian can open up to two accounts. In case, the guardian has triplet daughters from first birth or twin daughters from the second birth, maximum of 3 accounts can be opened by the parent, where one account is opened in the name of a single girl child.
I already have a PPF account, should I also invest in the SSY?
Having a PPF is a good idea from an investment perspective. Although SSY is similar in nature to PPF in terms of investment, however, some of the reasons that make SSY a better option are:
When you exhaust your limit in PPF, you can opt for SSY to save more for your girl child.
PPF is mostly used for savings for yourself, while SSY is exclusively designed for your daughters.
By investing in both PPF and SSY, you can save up to Rs.3,00,000 p.a. for your daughter.
SSY offers a higher interest rate than PPF.
What are the minimum and maximum deposit required to be made under the Sukanya Samriddhi Yojana scheme?
A minimum of Rs.250 and a maximum of Rs.1,50,000 should be deposited every year for 15 years from the date of opening of the SSY account
What is the maturity or termination period of the SSY?
The SSY account terminates or matures after 21 years from the date of opening of the account. Once the account reaches its maturity, it stops earning interest.
When can we withdraw from the SSY account and what is the maximum that can be withdrawn?
When the girl child for whom the SSY account has been opened either pass 10th standard or turns 18, you can withdraw from the account. A maximum of 50% of the deposit made towards the account can be withdrawn to be used for higher education of the girl child.
Are there any risks of investing in SSY?
Since SSY was launched by the Indian Government, there are no risks.
Are there any tax benefits in case an individual invests in an SSY account?
Under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are exempted.
What is the rate of interest that is earned in an SSY account?
Currently, the rate of interest is 8.5% for the financial year 2018-2019.
Can the same girl child have more than one SSY account?
No, a girl child can have only one SSY account under her name.
Can an individual avail a loan on SSY account?
No, loan facilities are not provided under SSY.
Is there any minimum and maximum amount that can be deposited in an SSY account?
The minimum amount is Rs.1,000 and the maximum amount is Rs.1.5
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