Sukanya Samriddhi Yojana Calculator
Last Updated : Nov. 10, 2022, 12:25 p.m.
The Sukanya Samriddhi Yojana (SSY) Calculator determines the maturity amount and computes the interest generated on the Sukanya Samriddhi Yojana account. Sukanya Samriddhi Yojana Calculator is a promising tool that makes the Sukanya Samriddhi Yojana calculation easier in a rapid manner. Herein, numerous information regarding the qualifying requirements and necessary information for the Sukanya Samriddhi Yojana Calculator’s efficient and accurate operation and its advantages has been presented.
Eligibility to use the Sukanya Samriddhi Yojana Calculator
Sukanya Samriddhi Yojna is a savings scheme for girls launched by the government in 2015 under Beti Bachao, Beti Padhao campaign, which strives to provide girls with the best chance at a promising future across the country. After the girl child is born and until age ten, an account under the Sukanya Samriddhi Yojana can be created in her name at the post office or a commercial bank’s authorised branch.
After opening, the Sukanya Samriddhi Yojana account may continue to be used for up to 21 years or until the girl child marries. This savings plan can help you pay for education, marriage-related expenses, or any unforeseen emergency. With a minimum initial deposit of Rs 250, the Sukanya Samriddhi Yojana account can be opened and activated.
It’s noteworthy that a fiscal year’s maximum deposit into a Sukanya Samriddhi Yojana account is Rs. 1.5 lakh. The interest rate offered by Sukanya Samridhi Yojana accounts is approximately 7.6%. Since the Sukanya Samriddhi Yojana account offers high-interest rates and tax advantages, applicants choose it over other investment plans. After investing, interest income is tax-free. Additionally, the maturity amount is also subject to tax benefits.
The girl child and her guardian must meet several requirements before opening a Sukanya Samridhi Yojana account and using the Sukanya Samriddhi Yojana Calculator to avoid laborious manual calculations. These requirements include:
- The girl must be an Indian citizen;
- Her age must not exceed ten years.
- Until the girl turns 18, her legal parents may open and maintain an account on her behalf.
- A single household with two girl children may open two accounts.
- The girl child’s birth certificate, for whom an account is being made.
- A properly completed scheme opening document includes the girl’s and her guardian’s details.
- Documents proving the guardian of the girl child’s identification and address.
- A medical certificate is necessary if more than one child is born under a single birth order.
Information essential to the Sukanya Samriddhi Yojana Calculator’s proper operation
The Sukanya Samriddhi Yojana Calculator shows the total amount of interest and maturity. A formula box makes up the Sukanya Samriddhi Yojana Calculator. You must fill up a formula box with the necessary data and information. The Sukanya Samriddhi Yojana Calculator’s task is to analyse and deliver correct statistics regarding the received returns after the investment amount after the user has entered the necessary information.
The age of the girl child is one of the crucial pieces of information needed for the Sukanya Samriddhi Yojana Calculator to function. The age of the girl child should be up to 10 years. Additionally required are the deposit amount and the year the investment started. You have to select the duration of the investment.
Furthermore, the Sukanya Samriddhi Yojana Calculator employs a formula for its calculation which is A=P(1+r/n)ᶺ nt. Here, A signifies compound interest. P and r denote the principal amount and rate of interest, respectively. n represents the number of times interest compounds annually, and t shows the number of years.
Advantages of the Sukanya Samriddhi Yojana Calculator
With the Sukanya Samriddhi Yojana Calculator, available for free use, one can rapidly ascertain the amount of maturation. The following are just a few of the many benefits of using the Sukanya Samriddhi Yojana Calculator:
- Delivers findings quickly and accurately.
- You can evaluate the worth of your investment using the Sukanya Samriddhi Yojana Calculator, which can also be used to organise your portfolio more effectively.
- For real-time updates, you can also use the Sukanya Samriddhi Yojana Calculator online.
- The year of maturity’s date is also displayed.
Conclusion
If you meet the eligibility requirements, you can quickly find out the value of the matured investment on the Sukanya Samriddhi Yojana account online by using the calculator. Quick outcomes are offered via the user-friendly Sukanya Samriddhi Yojana Calculator. Therefore, employing the same is quite convenient. The Sukanya Samriddhi Yojana Calculator provides results quickly and easily. The Sukanya Samriddhi Yojana Calculator is extremely handy and practical.