For the welfare of girl child, government has enrolled Sukanya Samriddhi Scheme in 2015. It is a small saving scheme under Beti Bachao Beti Padhao Campaign. The maximum age of the girl child should be 10 years to avail of the scheme. This scheme helps the child in covering range of expenses as the scheme guarantees sizable return as well as tax exemptions on the maturity amount and accrued interest. To calculate the same, we need Sukanya Samaridhi Calculator.
Where
P is Principal Loan Amount
A is Compound Interest
N/n is Number of times interest compounds in a year
R/r is Rate of interest
T/t is Number of years
For example : Let’s say Mrs. Smita is making a yearly investment of Rs.50,000 in Sukanya Samriddhi Yojana. She makes this deposit every year for 14 years. Additionally, she does not make any withdrawals during the scheme’s tenure.
i.e : 21 years.Based on the annual deposit of Rs.50,000 for 14 years
The Sukanya Samriddhi calculator will calculate the interest earned as Rs.14,14,196 and the maturity amount as Rs.21,14,196.
The Sukanya Samriddhi Calculator helps in determining the return on amount invested into the scheme. Using this tool, you can calculate the maturity amount as per the tenure. This calculator helps you a lot in planning your child future accordingly. You can plan the amount you like to contribute for the bright future of your girl child till 21 years of her age.
To use this financial calculator, you need to share your age of child when you opened SSY account, amount you are planning to invest in a year, and the starting year of investment. Once you put the required details, in a second, calculator will share with you expected return. Furthermore, calculator considers the latest interest rate on SSY to find out these figures.