Table of Content:
Introduction
Unraveling the Sukanya Samriddhi Yojana Calculator
A Quick Overview of Sukanya Samriddhi Yojana
Who Can Use the Sukanya Samriddhi Yojana Calculator?
How Does the Sukanya Samriddhi Yojana Calculator Work?
Benefits of Using the Sukanya Samriddhi Yojana Calculator
AssetPlus: Your Trusted Partner for SSY Calculations
In Conclusion
Introduction
The Sukanya Samriddhi Yojana (SSY) is a widely recognized government-backed savings scheme in India, aimed at ensuring a bright future for the girl child by providing financial support for her education and marriage. The scheme has been embraced by millions of families across India, thanks in large part to its attractive interest rates and tax benefits. But how can one estimate the potential returns on their contributions? That's where the Sukanya Samriddhi Yojana Calculator comes in handy.
Unraveling the Sukanya Samriddhi Yojana Calculator
Awaiting to make your investment journey easier, the Sukanya Samriddhi Yojana Calculator is an online tool that provides a quick and accurate estimation of the maturity amount you can expect from your SSY investments. By simply inputting your annual contribution, the age of your daughter, and the starting year of investment, you can get a clear picture of the financial corpus that would be available upon maturity.
Before delving into the workings of this calculator, let's get a quick snapshot of the SSY scheme.
A Quick Overview of Sukanya Samriddhi Yojana
The SSY scheme was launched in 2015 as part of the 'Beti Bachao, Beti Padhao' campaign by the Indian Government. The scheme allows legal guardians to open a savings account for their girl child in any authorized commercial bank or India Post branch. The SSY scheme comes with a lucrative interest rate, which currently stands at 8.2%.
Under this scheme, deposits can be made for up to 15 years from the opening of the account, and the account reaches maturity after 21 years. Furthermore, the scheme offers tax benefits under Section 80C of the Income Tax Act, 1961.
Now that we have a basic understanding of the scheme, let's delve into the specifics of the Sukanya Samriddhi Yojana Calculator.
Who Can Use the Sukanya Samriddhi Yojana Calculator?
The SSY calculator can be used by any individual who fulfills the eligibility criteria of the SSY scheme. The eligibility conditions include:
The girl child should be an Indian resident.
The age of the girl child should not exceed 10 years at the time of opening the account.
A family can open up to two accounts if they have two girl children. In the case of twins or triplets, an exception is made to this rule.
In addition, the following documents are required:
The scheme's opening document, filled correctly with the account holder's and the girl child's personal details.
The girl child's birth certificate.
Identification documents and a valid address proof of the depositor.
A medical certificate in case of multiple births under a single birth order.
Any additional documents requested by the concerned authority.
How Does the Sukanya Samriddhi Yojana Calculator Work?
The Sukanya Samriddhi Yojana Calculator uses the formula for compound interest to estimate your returns:
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
It's worth noting that the SSY scheme requires at least one annual contribution for the initial 15 years to keep the account active. However, from the 16th year until the 21st year, no contributions are required, and the account continues to earn interest.
Benefits of Using the Sukanya Samriddhi Yojana Calculator
The SSY calculator offers several benefits:
It provides a clear picture of the year of maturity for your SSY account.
It displays the maturity amount you will receive.
It aids in planning your investment portfolio effectively.
With the calculator's help, you can estimate the future returns of your investment and make necessary adjustments to your contributions if needed.
AssetPlus: Your Trusted Partner for SSY Calculations
While there are many online platforms offering the SSY calculator, AssetPlus stands out for its user-friendly interface, up-to-date data, and accurate results. One does not need to sign up or log in to use the calculator, and you can use it as often as you like. The calculator is regularly updated with the prevailing SSY interest rates for higher accuracy.
In Conclusion
Planning for your child's future is a huge responsibility, and the Sukanya Samriddhi Yojana is an excellent initiative to help you achieve this goal. With the help of the Sukanya Samriddhi Yojana Calculator, particularly one provided by trusted platforms like AssetPlus, you can make informed decisions regarding your Best Child Investment Plans. Start planning today for a secure tomorrow for your child.