How Can I Calculate Maturity Rate of Sukanya Samriddhi Yojana?
Published On Sep 09, 2021
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Sukanya Samriddhi Yojana (SSY) is a modest savings plan launched by the Indian government in 2015 as part of the 'Beti Bachao Beti Padhao Campaign.' A Sukanya Samriddhi Account can be opened at a post office or one of the authorized commercial or public sector banks. The government determines and announces the interest rate for this plan every quarter. Individuals considering investing in the SSY scheme can use the SSY calculator to see how much they will get at maturity. Individuals must fulfill the scheme's eligibility conditions to utilize the SSY calculator.
Who Is Eligible To Use The Sukanya Samriddhi Yojana Calculator?
To use this calculator, you must meet the Sukanya Samriddhi scheme's eligibility requirements. The following persons are qualified to create a Sukanya Samriddhi account, according to the rules:
- a) The female child's age should not be more than ten years old.
- b) She must be an Indian citizen.
- c) Accounts for more than two female children in a single-family may not be created.
Sukanya Samriddhi Yojana Calculator Method
Once the applicant has satisfied the qualifying requirements for the Sukanya Samriddhi Yojana, the age of the female child and the amount of investment required should be entered into the calculator. The scheme's minimum and maximum investment amounts are Rs.250 and Rs.1.5 lakh, respectively. The previous minimal donation was Rs.1,000. However, in July 2018, the Indian government decreased the minimum payment to Rs.250.
How Does the Calculator Work?
The calculator computes the estimated value that you will get at maturity based on the amount you enter. The scheme will mature after 21 years from the date of account opening. According to the plan rules, a depositor must make annual deposits for 15 years from the date of account opening. The calculator assumes that you have made all of the deposits of the same amount each year. No deposits are necessary between the 15th and 21st years. However, you will receive interest on previous deposits. The calculator considers the interest that will be accrued to you throughout those years. The calculator will display the year in which the account matures, the maturity value, and the interest rate used to calculate the maturity value based on the information you give. It also displays the breakdown of the amount you can invest in the program monthly. While calculating the maturity value, we used an annual interest rate of 8.1% for the next 21 years, as is presently available under the Sukanya Samriddhi Yojana.
Sukanya Samriddhi Yojana applicants can use the SSY calculator to calculate the maturity amount after the scheme's duration. The calculator assists in calculating how much money can be saved through the plan. Allows applicants to assess the amount that will be credited following maturity. Allows applicants to examine maturity values on a monthly and yearly basis. Eliminates the errors that occur with manual computations. The SSY calculator is simple to use and does not require any particular abilities. The investor just enters the data into the fields, and the calculator computes the maturity amount.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.