Sukanya Samriddhi Yojana Calculator
Established by the Indian government in 2015, the Sukanya Samriddhi Yojana serves as a financial avenue for meeting the educational and marriage expenses of girl children. Within this scheme, the legal guardian has the prerogative to open an account and contribute an annual sum ranging from Rs. 250 to Rs. 1.5 lakh. With the government guaranteeing a predetermined interest rate, it is imperative to devise a strategic investment plan to project the maturity corpus accurately. Employing the Sukanya Samriddhi Yojana calculator facilitates the computation of comprehensive returns on the investments directed towards the scheme, fostering prudent financial decision-making.
- Interest Amount
- Principal Amount
- Maturity Year
- Principle Amount
- Total Interest
- Maturity Year
- Maturity Value
Comprehensive Guide to Sukanya Samriddhi Yojana (SSY) Calculator
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to provide a financial foundation for the girl child's education, marriage, and overall empowerment. This scheme offers attractive interest rates and tax benefits. An SSY Calculator is a tool used to estimate the maturity amount of investments made under the Sukanya Samriddhi Yojana. This guide will cover the components, usage, benefits, and practical examples of an SSY Calculator.
Components of an SSY Calculator
- Annual Deposit Amount: The yearly contribution made towards the SSY account.
- Interest Rate: The annual rate of interest offered under the Sukanya Samriddhi Yojana.
- Investment Period: The duration for which the investments are made, typically until the girl child reaches maturity (usually 21 years).
- Maturity Value: The estimated value of the investment at the end of the investment period.
How to Use an SSY Calculator
- Input Annual Deposit Amount: Enter the yearly contribution made towards the SSY account.
- Enter Interest Rate: Input the annual rate of interest offered under the Sukanya Samriddhi Yojana.
- Enter Investment Period: Choose the duration of the investment, typically until the girl child reaches maturity.
- Calculate: The calculator will compute the maturity value of the SSY investment based on the inputs.
Formula for Calculating SSY Maturity Value
The formula for calculating the maturity value under Sukanya Samriddhi Yojana is based on compound interest:
A = P (1 + r/n) ^ nt
- A = Compound interest or interest income you earn
- P = Principal amount or annual sum of money you deposit
- r = Applicable interest rate of an SSY scheme
- n = Number of times interest compounds in a financial year
- t = Number of years
Conclusion
An SSY Calculator is a valuable tool for parents and guardians planning to invest in the Sukanya Samriddhi Yojana for the welfare of the girl child. By understanding the components and using the calculator effectively, investors can make informed decisions about their investments and secure the financial future of their daughters.