Sukanya Calculator – The Sukanya Samriddhi Yojana (SSY) is a government-sponsored savings system that debuted in 2015 as part of the Beti Bachao, Beti Padhao campaign. It enables parents and guardians to plan for their daughter’s financial future, including school and marriage expenditures.
This online Sukanya Calculator gives an estimated overview of the maturity amount and also we write some important information regarding Sukanya Samriddhi Yojana (SSY), including its advantages, eligibility requirements, and how to use a Sukanya calculator for educated financial planning.
Read More – Understanding The Basics Of Sukanya Samriddhi Yojana | By Sukanya Calculator
Who Can Use this Sukanya Calculator?
The Sukanya calculator is an excellent resource for anybody looking to invest in the Sukanya Samriddhi Yojana (SSY) plan. This includes parents or guardians of a female kid.
- Individuals who aim to pay for their daughter’s future education and marriage.
- Financial advisers advise customers on investing alternatives for female children.
How Can a Sukanya Calculator Help You?
A Sukanya calculator helps you:
- Plan your investments: Calculate the maturity amount depending on the chosen investment amount and tenure.
- Set financial goals: Determine how much you should invest on a monthly basis to meet your financial objectives for your daughter’s schooling or marriage.
- Compare returns: See how the Sukanya Samriddhi Yojana (SSY) compares to other investing alternatives.
How Does the Sukanya Calculator Work?
The Sukanya calculator typically considers the following factors:
In Sukanya Calculator, we use mathematical formula to know the maturity value. The formula is as mentioned below –
A = P (1 + r/n) ^ nt
Also, below is the input we need from the applicants to know the maturity value.
- Initial deposit: The amount you plan to deposit in the first year.
- Monthly/Yearly investment: The amount you intend to contribute regularly.
- Interest rate: The prevailing Sukanya Samriddhi Yojana (SSY) interest rate (currently 8.2% p.a. as of Q4 FY 2023-24).
- Investment tenure: The time frame for which you intend to invest (until maturity or 21 years from account opening).
How to Use Our Sukanya Calculator Online?
Using our Sukanya calculator is simple:
- Visit our website (sukanyacalculator.com).
- Locate the Sukanya calculator on the home page.
- Input the initial deposit, monthly/yearly investment amount, girl age and desired scheme starting year.
- Click on “Calculate” to view the projected maturity amount.
Advantages of Using Our Sukanya Calculator
Our Sukanya calculator offers several benefits:
- Simple & User-friendly interface: Anyone can use our Sukanya Calculator Easily and also it’s very easy to navigate and understand.
- Free to use: Our Calculator is available free for everyone.
- Quick Results: Get quick estimates of your maturity amount in seconds.
- Informed decisions: Gain valuable insights to plan your Sukanya Samriddhi Yojana (SSY) investment strategy.
What is the Sukanya Samriddhi Yojana (SSY)?
The Sukanya Samriddhi Yojana (SSY) is a modest savings system created exclusively for a female child’s future. It provides competitive interest rates, tax breaks, and a long-term investment horizon to assist families in building substantial wealth.
Read More – How To Open A Sukanya SamRiddhi Account?
How Can I Open an SSY Account?
You can register a Sukanya Samriddhi Yojana (SSY) account for a female child under the age of ten at a specified branch of an authorised bank or post office. The minimum deposit is ₹250, with successive deposits ranging from ₹250 to ₹1.5 lakh yearly.
Additional Considerations
- Account maturity: The Sukanya Samriddhi Yojana (SSY) account matures 21 years from the date of account opening or when the girl child reaches 18 years of age and marries, whichever comes first.
- Partial withdrawals: After the girl child reaches the age of 18, she can take up to 50% of her balance for further education expenditures.
- Tax benefits: Contributions to the Sukanya Samriddhi Yojana (SSY) are eligible for tax deduction under Section 80C of the Income Tax Act, up to a maximum of ₹1.5 lakh annually. The interest generated and maturity amount are both tax-free.
FAQs – Sukanya Calculator
1. Can I open more than one Sukanya Samriddhi Yojana (SSY) account for a girl child?
No, you can only open one Sukanya Samriddhi Yojana (SSY) account for a girl child.
2. What happens if I miss a deposit in an Sukanya Samriddhi Yojana (SSY) account?
A penalty is applicable for non-maintenance of the minimum annual deposit (₹250).
3. Can I transfer an Sukanya Samriddhi Yojana (SSY) account to another bank or post office?
Yes, you can transfer the Sukanya Samriddhi Yojana (SSY) account to another branch within India.
4. What documents are required to open a Sukanya Samriddhi Yojana (SSY) account?
Documents typically include the girl child’s birth certificate, KYC documents of the guardian, and photographs.
By understanding the Sukanya Samriddhi Yojana (SSY) scheme and using a Sukanya calculator, you can make informed financial decisions to secure your daughter’s future. Remember, investing in your girl child’s well-being is an investment in the future of your family and society.
Disclaimer
We are not a government entity nor connected with any government agency. This tool is made only for given a estimated maturity value only.