Sukanya Samriddhi Yojana is an SSY account—a small savings scheme for girls—that the Indian government supports. You may open a girl’s SSY account whenever she is born until she is 10. You may open an SSY account at any post office or commercial bank branch.
A girl’s SSY account will continue to be active for 21 years, or until she gets married, after she turns 18. So, do you want to learn more about how to use Sukanya Samriddhi Yojana Calculator to calculate the amount? Keep reading.
What is the Sukanya Samriddhi Yojana Calculator?
Using the SSY Calculator, you may determine the amount of interest you will earn and the date your SSY account will mature. If you are eligible for an SSY account, you may use this SSY calculator post office to determine the value of your investment at maturity. In the SSY Calculator, you may find a formula box that asks for the deposit amount, the age of the girl (up to 10 years), and the year that the investment begins. The SBI Sukanya Samriddhi Yojana calculator displays the total interest amount together with the maturity date.
How Does The SSY Calculator Work?
Input the year you start investing, the girl child’s age, and the contribution amount. The SBI Sukanya Samriddhi Yojana calculator will show you the amount of interest and when the investment is due. A = P(1+r/n)^nt , where,
- P = Initial Deposit
- r = Rate of interest
- n = Number of years the interest compounds
- t = Number of years
- A = Amount at maturity.
How to use SSY Calculator Online?
Using the Sukanya Samriddhi Yojana calculator SBI, you may see the maturity amount and interest earned on your SSY account. Follow the steps below to learn how to use:
- Write or slide down the amount (maximum of Rs 1.5 lakh can be deposited annually)
- The age of the girl should be entered in years.
- The next step is to determine the desired investment duration.
Use Sukanya Samriddhi Yojana calculator SBI to determine a girl’s SSY account maturity age. You can see the investment’s maturity year alongside its income and total payable at maturity.
Who Can Use This Calculator?
The Sukanya Samriddhi Yojana interest rate calculator is only to be used by adults who can legally represent a girl child minor, such as parents or legal guardians.
This is essential:
- All girl child participants must be younger or equal to 10 years old and citizens of India.
- An SSY deposit account may be opened and accessed by anybody allowed by a minor’s parents or legal guardians.
- There is a restriction of one account per girl. If the family has two daughters, they can open max up to two accounts per household.
- The family must provide the government with certain documents, such as the birth certificate of the girl child, proof of identity and residency for the guardian, and any further papers that may be required.
- At the age of 18, a girl can transfer control of her Sukanya Samriddhi Yojana account to herself.
- An investor must contribute at least Rs. 250 each year for fifteen years to keep the account active.
How can an SSY calculator help you?
The Sukanya Samriddhi Yojana interest rate calculator could be useful for anybody considering making a contribution to the Sukanya Samriddhi Yojana. An investor may make a more educated investment choice if they are aware of the amount owed to the beneficiary, who is the girl child, at the end of the scheme’s term.
For large-scale calculations, the Sukanya Samriddhi Yojana calculator in excel is beneficial since human computing is both time-consuming and error-prone. In addition, SSY calculator SBI gives a fair assessment of the quantity of consistent contributions that will be required to achieve the desired maturity.
Advantages of using Sukanya Samridhi Scheme Calculator
Here is a list to emphasize the key benefits of Sukanya Samriddhi Yojana calculator in excel:
● Accurate and easy
Use Sukanya Samriddhi Yojana post office calculator to see how much your SSY account is going to be worth when it matures. The calculator simplifies the process of calculating the maturity amount, interest earned, and other related figures. Users can input their investment amount, tenure, and interest rate to get accurate results without manual calculations.
● Informed planning for future
A Sukanya Samriddhi Yojana post office calculator will help you plan for your daughter’s future with ease. Simply assess the potential returns and maturity values by adjusting different parameters and plan your investment.
● Sense of Well-being
A Sukanya Yojana calculator will help you determine the exact amount you should be putting in every year and at what frequency — monthly, quarterly, or yearly. This leaves one with a sense of being in control and sorted. This helps individuals assess the flexibility of the scheme based on their financial capabilities.
● Completely Free, saves time
The SSY calculator SBI is completely free to use, so feel free to do so whenever you want. Manual calculations can be time-consuming and prone to errors. A calculator automates the process, saving time and effort while providing accurate results.
● Easy to Use
The Sukanya Samriddhi Yojana scheme calculator does not need any prior understanding of financial principles. Once the Sukanya Samriddhi Yojana calculator has received the required information, it will take care of the rest.
How Can I Use The Corpus Accumulated From SSY Contributions?
After becoming an adult, the girl will have access to the accumulated corpus. The following papers must be presented in order for this to be accomplished:
- Request for Withdrawal Form
- Proof of identification and proof of residency
- Passport size photograph
The daughter may utilise the withheld corpus to pay for her college expenses. With these funds, she can pay for all of the admission fees and expenditures. The only requirement is to provide documentation indicating the money is going for tuition, such as an acceptance letter or a receipt. Withdrawing cash early to finance wedding expenses is also permissible if the girl is 18 or older. The girl must first provide an affidavit attesting to her legal adult status before this withdrawal may be processed.
FAQ’s:-
The calculator typically takes inputs such as the initial deposit amount, frequency of deposits, and the current interest rate. Using these inputs, it calculates the maturity amount based on the compound interest formula.
The SSY calculator is typically designed to provide estimates for the maturity amount. For calculations involving partial withdrawals or premature closures, additional factors need to be considered, and the calculator may not cover these scenarios.
Only girls can withdraw the partial money. The only way for a girl to make partial withdrawals after turning 18 is if she plans to use them for her wedding or college. Parents will not be able to access their SSY funds until that time comes. For this reason, the Sukanya Samriddhi Yojana Calculator is a great tool to have at your disposal while planning your finances.
The calculator provides an estimate based on the inputs provided. The actual maturity amount may vary due to changes in interest rates or other factors.
Even though you may access the funds in the account once the girl turns 18, the maturity date is set at 21 years from the date of setup. You may use the SSY calculator post office to have a better idea of your financial situation and how you can support the future of the girl child in issue.
Yes, it is feasible to close an SSY account prior. The death of the account user or other extraordinary humanitarian situations may also lead to the closure of the account. It is also possible to close the account after five years after it was opened.