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Sukanya Samriddhi Yojana Calculator

Need to be less than 10 years.

What is a Sukanya Samriddhi Yojana Account Calculator?

Sukanya Samriddhi Yojana Account Calculator is an online tool which helps in calculating and analyzing the amount that one can save by investing in this scheme. This calculator helps in measuring the amount that one can accumulate at the end of the maturity of the plan by inputting relevant data in the calculator itself. Sukanya Samriddhi Yojana Account is a great initiative taken by the government of India to encourage people across the country to have a girl child and not to kill them in the womb and also to facilitate their higher studies and marriage. It is a part of ‘Beti Bachao Beti Padhao’ campaign which has gained significant momentum in the current years. This is a small scheme for depositing money and accumulating wealth which can be used for the higher studies of the girl child after the maturity of the scheme or her marriage. It has become quite popular because of its tax benefit feature for a maximum of 1.5 lakh under section 80C of the IT Act of India. Even the amount received on maturity and the interest gained on the deposit are exempted from tax. You can simply choose to invest in a Sukanya Samriddhi Account to secure your daughter’s future and use a Sukanya Samriddhi Yojana Account Calculator to better understand all the aspects of a scheme.

How does a Sukanya Samriddhi Account Calculator Work?

In Sukanya Samriddhi Yojana Account, you need to deposit an amount equal to or above INR 250 and up to 1.5 lac in a financial year. The calculator will calculate the amount you stand to receive after 21 years which is the tenor of this scheme. In case you wish to invest in a Sukanya Samriddhi Account for securing your child’s future and confused about the amount you should invest and the amount you will receive on maturity, you can take the help of Fingyan’s easy to use Sukanya Samriddhi Account Calculator. All you need to do when you are on Fingyan’s homepage click on the investment tab on the main menu and from the drop-down menu select Sukanya Samriddhi Account Calculator to land on the page that displays the calculator. Once you land on this page where you have to input the age of the girl child which is one crucial factor in determining the amount at maturity. Then you have to provide the date of first deposit made in this account and the amount you deposit or looking to invest on a yearly basis in this scheme. Once, you fill all these three details; hit the submit button. Once you submit the Sukanya Samriddhi Yojana Account Calculator will generate the amount that you can receive on the maturity of the scheme based on the details you have input. This whole calculation takes just a couple of minutes and frees you of the lengthy and cumbersome calculation.


This calculator assumes that you have made a yearly deposit for 15 years without any gap and then it gives you the results. In this scheme, you only need to deposit till the 15th year from the date of opening the account and the rest of the years from 15-21, the interest will be accrued on the accumulated amount, and finally, the scheme will mature on the 21st year. Once, you fill all these three details; the Sukanya Samriddhi Yojana Account Calculator will generate the amount that you can receive on the maturity of the scheme. The calculator will give you details of your investment and how it works over the 21 years in the results instead of just the maturity value. Once you click on the ‘Calculate’ icon, the page will have five sections reflecting the maturity amount which will be received after the end of the scheme tenor that is 21 years. It will be followed by the total interest that is accrued on the deposit which will be followed by the total investment made by you in the 15 years and then the date of maturity which will be exactly 21 years from the date of opening of the account in Sukanya Samriddhi Yojana. The last section is a chart that has all the values according to the years. The table will reflect the age of the child, age of the account opened under this scheme, interest amount, investments per year and the closing value every year.


For example, you opened an account under this scheme when the girl is eight years of age and made INR 1500 yearly deposits then the chart would look like this.

 

Child Age

Account Age

Yearly Investment

Interest

Closing Balance

8

1

Rs 1,500.00

Rs 122.00

Rs 1,622.00

9

2

Rs 1,500.00

Rs 253.00

Rs 3,374.00

10

3

Rs 1,500.00

Rs 395.00

Rs 5,269.00

11

4

Rs 1,500.00

Rs 548.00

Rs 7,317.00

12

5

Rs 1,500.00

Rs 714.00

Rs 9,532.00

13

6

Rs 1,500.00

Rs 894.00

Rs 11,925.00

14

7

Rs 1,500.00

Rs 1,087.00

Rs 14,513.00

15

8

Rs 1,500.00

Rs 1,297.00

Rs 17,310.00

16

9

Rs 1,500.00

Rs 1,524.00

Rs 20,333.00

17

10

Rs 1,500.00

Rs 1,768.00

Rs 23,602.00

18

11

Rs 1,500.00

Rs 2,033.00

Rs 27,135.00

19

12

Rs 1,500.00

Rs 2,319.00

Rs 30,954.00

20

13

Rs 1,500.00

Rs 2,629.00

Rs 35,083.00

21

14

Rs 1,500.00

Rs 2,963.00

Rs 39,547.00

22

15

Rs 0.00

Rs 3,203.00

Rs 42,750.00

23

16

Rs 0.00

Rs 3,463.00

Rs 46,213.00

24

17

Rs 0.00

Rs 3,743.00

Rs 49,956.00

25

18

Rs 0.00

Rs 4,046.00

Rs 54,002.00

26

19

Rs 0.00

Rs 4,374.00

Rs 58,376.00

27

20

Rs 0.00

Rs 4,728.00

Rs 63,105.00

28

21

Rs 0.00

Rs 5,111.00

Rs 68,216.00

 

Benefits of Sukanya Samriddhi Yojana Account Calculator

There are various advantages of using this tool which are as follows –


  • Exact Maturity Date Calculation: It is essential to know the date of maturity of the Sukanya Samriddhi Yojana Account, and this calculator provides the exact date on which the account will mature. It is little confusing to calculate the exact date manually, however, with this calculator you can easily know the exact date on which the account matures so that you can plan for your daughter’s higher studies or marriage.

  • Detailed Calculation over the years: The online calculator is helpful as it provides in-depth analysis of the investment for all the years so that the investor can understand how his investment is growing and other important aspects. The calculator provides all details related to the investment made, interest amount and the amount to be received at the maturity. This helps the investor or the account holder to understand and meet their financial goals.

  • Accurate calculation: The Sukanya Samriddhi Yojana Account calculator generates accurate results if the data required are inputted The calculation of maturity amount is complex, but this calculator produces results which are completely correct. The possibility of errors is negligible. This helps the users/investors to calculate their investment and returns accurately and derive optimum benefit from this scheme.

  • Customized Calculation: The calculator provides pace for customization that is you can input various values in the place of “yearly investment’ and time of first investment and accordingly results will be generated. If you are looking for investing into this scheme and want to know what amount invested per year will reap the amount you want to accumulate at the maturity of the scheme, this calculator can easily do that calculation for you an infinite number of times with different values.

  • Saves the time of the user: Since the calculation of maturity amount and date and detailed calculation on a yearly basis is cumbersome, this calculator can do the same in seconds. If you do it manually, it is not only excessively time-consuming, and besides the calculation might not be completely accurate. This calculator with just three variables entered in it can generate results within a blink of an eye.

  • Helpful in Financial Planning: This scheme is mainly for securing the financial future of your daughter and fulfilling her dreams for higher studies and a grand marriage. So, this scheme can be referred to as an investment tool for financial planning, and this calculator helps in planning your investment in this scheme according to your financial goals for your daughter.

Terms related to Sukanya Samriddhi Yojana Account Calculator

  1. Eligibility for Sukanya Samriddhi Yojana Account: To be eligible for opening Sukanya Samriddhi Yojana Account the age of the girl needs to be less than ten years and she must be an Indian resident citizen. In a family, if there are more than two girls, only two accounts can be opened not more than that. Unless the girls are born triplets.

  2. Maximum investment: There is an upper limit on investment in this scheme on a yearly basis which is INR 150000. The person who is investing in this scheme cannot invest more than this amount in a year. The minimum investment has been cut down to INR 250 from INR 1000.

  3. Installments: The total yearly investment can be made into installments as well. The maximum number of installments in a year is 10, and the minimum amount of installment is INR 100. The investor can choose to pay the full amount at one go or make installments as per his/her discretion.

  4. Interest Rate: The Sukanya Samriddhi Yojana Account earns interest at a floating interest rate. The interest rate is subjected to change every quarter depending on the market and other financial and economic factors. The prevailing interest rate is 8.1%. The interest rate is compounding in nature.

  5. Maturity: The scheme will mature after twenty-one years from the date of opening the account. The account will be active for all these years. However, the investor needs to invest only for 15 years. After that, the account will earn interest on the amount deposited and accumulated in it.

  1. Tax Benefits: On this account, the investor can avail tax benefit under section 80 C of Indian Income Tax Act. The maximum amount of deduction that can be availed is 150000 under section 80C. So, if there are other investments which are eligible for deductions under this section, then SSY’s tax benefit will be limited to the exemption limit under this section.

  2. Closure Norms: The amount accumulated with includes the deposited amount and the interest earned on the same can be withdrawn at the end of the maturity period which is 21 years. If the girl is 18 years of age and gets married before the account matures, the girl can withdraw the amount available in the account once she provides the proof of being 18 years old and being married. However, if the account is not 14 years old, then the account will become inactive, and no further deposits can be made neither the amount can be withdrawn. It will become fully inoperable.

  3. Who can open the Account? The parents of the girl child can open the account and legal guardian in case the parents are not present. The girl has to mandatorily operate the account once she attains the age of 18. Only one account can be opened on one girl’s behalf/name. Maximum two accounts are allowed to be opened in a family which includes adopted girl child as well.

  4. Where can SSY account be opened? The account can be opened in any of the post offices in India which are registered and also in commercial bank branches which are authorized to have this scheme.

  5. Premature Withdrawal: There is provision for withdrawing amount before the maturity of the account subjected to certain conditions. Only half or 50% of the amount deposited (total amount) can be withdrawn before the account matures. The premature withdrawal is not possible if the girl is not 18 years old till that time. The premature withdrawal is allowed only for her higher studies and not for any other reasons.

  6. Penalties: If there is not even the minimum deposit of INR 250 in the account for a year, the account will become inactive and However, the account can be retrieved by paying a fee of INR 50.

  7. Uncertain Events: In case if the girl demises before the account mature, the amount deposited and the interest accrued till that date, will be paid to the parent or the legal guardian.

Benefits of Sukanya Samriddhi Yojana Account

This scheme is mainly launched by the government of India to save the girl child and to increase gender parity. There are several benefits of having an SSY account for your girl and yourself as well, and a few of them are as follows –


  1. Lucrative Interest Rate: The interest rate is comparatively high provided that it is a risk-free investment instrument. This allows the parents to save for their girl child and this, in turn, helps in decreasing the number of female foeticides. Moreover, the rate of interest keeps changing, and it is compounded which makes the deposit grow further.

  2. Tax Exemptions: Whether it is the parents or the legal guardian both can get tax exemption if they invest in this account for the girl child. This is attractive for many households who think girls are a liability.

  3. Withdrawal Before maturity: The account can be used for higher studies of the girl child even before it matures, So, if the girl child is opting for higher studies and the family do not have the financial standing to support her, she can use 50% of the amount, in this account before the account matures once she attains 18 years of age, for her higher studies.

  4. Financial Security: For a girl, it is time to be financially independent. This account helps largely in that direction. On maturity of the account, the girl gets the total deposited amount with interest in her bank account which she can use for her further studies, marriage, and also keep as financial security if life throw her downhill.

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