Sbi Sukanya Samriddhi Yojana Calculator

Sukanya Samriddhi Yojana (SSY) was introduced in 2015 as a part of the Beti Bachao, Beti Padhao campaign by the Indian Government. This scheme allows parents or guardians to open a savings account for their daughters at authorized commercial banks or India Post branches.

The interest rate for SSY accounts is 8.2%. By using a Sukanya Samriddhi Yojana calculator, you can calculate the returns based on the amount and duration of your investment.

Who Can Use This Calculator?

Before using the SSY calculator, it is important to ensure that the eligibility requirements of the scheme are met. The account can be opened by legal guardians of a girl child if certain conditions are fulfilled.

The girl should be a citizen of India, not exceeding 10 years old. A family can open up to two accounts if they have two daughters.

Furthermore, the legal custodians must furnish the necessary documentation in order to initiate deposits within the scheme.

The necessary documents for opening an SBI Sukanya Samriddhi Yojana account include a completed application form with personal details of the account holder and the girl child, the birth certificate of the girl child, identification documents and address proof of the depositor, a medical certificate if there are multiple children born in one order, and any additional documents required by the relevant authority.

Those who fulfill the mentioned requirements and possess the necessary paperwork are qualified for the program and can proceed to utilize the online SSY calculator.

SBI Sukanya Samriddhi Yojana Calculator: How it can assist you?

Often parents of the girl child, look to do investments in the name of their child that can help meet the expenses of their daughter’s education and marriage expenses.

Sukanya Samriddhi Yojana has become a popular investment option for parents due to its attractive interest rate and tax benefits. According to the Income Tax Act of 1961, individuals can avail tax exemption up to Rs 1.5 Lakh on their contributions to the SSY account.

Furthermore, the returns earned from investments in Sukanya Samriddhi Yojana are not subject to taxation. Additionally, tax benefits also apply to the maturity amount. However, parents who have decided to opt for this investment option require a convenient tool to calculate the total maturity amount accurately. Manual calculations can be tedious and prone to mistakes. This is where the Sukanya Samriddhi Calculator proves useful.

According to the maturity amount, investors can make adjustments to regular contributions to reach the desired corpus. The calculator is free to use and can generate error-free output for multiple iterations.

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The SBI Sukanya Samriddhi Yojana Calculator is a useful tool to determine the potential returns of this investment scheme. To ensure that your account remains active, it is necessary to make a minimum annual contribution.

Hence, using a Sukanya Samriddhi Yojana calculator online is beneficial to have an overall assessment of your investments and returns.

The calculator provides information on when your SSY account will reach maturity and the corresponding amount you will receive. It assists in effectively planning your investment portfolio.

SBI Sukanya Samriddhi Yojana Calculator: How Does it Function?

The duration for the amount to reach maturity is 21 years. Individuals must make at least one contribution per year in order to maintain the scheme until it reaches 14 years of completion.

The account holder has the option to skip making contributions in the SSY account for any year from year 1 to year 21. Nonetheless, the existing investments in the account will still accumulate interest based on the prevailing rate. As a result, the total amount at maturity is calculated by adding your net contribution and the interest earned.

The calculator for the Sukanya Yojana utilizes a specific formula to produce outcomes.

In the context of SBI Sukanya Samriddhi Yojana Calculator, there are certain terms that need to be understood. These terms include: A (representing compound interest), P (representing principal amount), r (representing rate of interest), n (representing number of times interest compounds in a year), and t (representing number of years).

Sukanya Samriddhi Yojana: Estimating the Amount after 21 Years

If you invest Rs 1,50,000 annually for a duration of 15 years in the SSY account, your total amount after this period will be Rs 42.48 lakh. You can continue with the SSY account until its maturity at 21 years without making any additional deposits. At maturity, you will receive a sum of Rs 65.93 lakh.

– Annual deposit: Rs 1,50,000

– Deposit duration: 15 years

– Total amount after 15 years: Rs 42.48 lakh

– Maturity period: Until end of year 21

– Additional deposits during maturity period: None required

– Amount at maturity (end of year 21): Rs 65.93 lakh

How to use Groww’s SSY Calculator Online ?

Simply input the yearly investment amount, age of your daughter, and the year you wish to start investing.

Once you input the necessary information, the calculator will promptly show you the year of maturity and the corresponding amount that you will receive at that time.

Understanding the Sukanya Samriddhi Yojana: Monthly Contribution of 2000 INR

This program allows parents or guardians to establish a savings account for their daughter at an authorized commercial bank or India Post branch. The SSY accounts provide an interest rate of 8.2%. To calculate the returns based on the invested amount and duration, you can utilize a Sukanya Samriddhi Yojana calculator.

– Parents or guardians can open a savings account for their girl child at an authorized commercial bank or India Post branch.

– SSY accounts offer an interest rate of 8.2%.

– A Sukanya Samriddhi Yojana calculator helps determine the returns based on the invested amount and tenure.

Benefits of utilizing the Groww Sukanya Samriddhi Scheme Calculator

Using the Groww Sukanya Samriddhi Yojana online calculator provides you with the following benefits –

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The Sukanya Samriddhi Yojana calculator helps you calculate the suitable yearly investment amount. By opening an SSY account, you can ensure a secure future for your child, covering expenses such as higher education.

What does the SBI 65 lakh scheme offer for girl children?

The SBI Sukanya Samriddhi Yojana is a savings scheme supported by the government. It was introduced in January 2015 and can be accessed at all banks and post offices across India. The primary objective of this initiative is to promote saving for the education and marriage expenses of girl children.

– The SBI Sukanya Samriddhi Yojana is a government-backed savings scheme.

– Launched in January 2015, it is available at all banks and post offices in India.

– The scheme aims to encourage saving for the future education and marriage expenses of girl children.

Using the SSY Contributions Corpus: How Can I Utilize It?

Once the girl child reaches maturity, she can withdraw the entire amount accumulated in her account. However, this is only possible if she provides the necessary documents as per the requirements.

The form for withdrawing funds, along with identification and address proof, as well as documents confirming citizenship, are required.

The funds withdrawn from the account can be utilized for covering the costs of higher education for the girl child, given that she has successfully completed 10th grade and turned 18 years old. These funds can only be used towards paying educational fees and admission charges. To ensure that the money is being used for educational purposes, depositors must submit proof such as university admission documents and fee receipts.

If the girl is 18 years old or older, she can withdraw funds from the account before maturity to cover wedding expenses. However, she must provide a legal document stating that she is of legal age.

Interested in making an investment? Begin your investment journey by opening an account with Groww and enjoy the benefits of investing directly without any charges.

Sbi Sukanya Samriddhi Yojana Savings Calculator

SBI Sukanya Samriddhi Yojana Calculator is a tool available online that helps in calculating the returns and maturity amount of the Sukanya Samriddhi Yojana scheme. This calculator can be accessed through the SBI website or other authorized platforms. It provides an easy and convenient way to estimate the future value of investments made under this government-backed savings scheme for girls. By inputting certain details such as the initial deposit, annual contribution, and tenure, individuals can get an idea of how their investment will grow over time. This enables them to plan their finances accordingly and make informed decisions regarding their participation in the Sukanya Samriddhi Yojana scheme.

Is it possible to deposit 10 lakhs in Sukanya Samriddhi?

What is the maximum annual deposit amount allowed under the Sukanya Samriddhi Scheme? The maximum amount that can be deposited annually under this scheme is Rs. 150,000.

List:

– Maximum annual deposit limit for Sukanya Samriddhi Scheme: Rs. 150,000 per annum

What is the optimal scheme for a female child?

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India specifically designed for the benefit of girl children. It aims to promote their education and secure their future by providing financial support. Under this scheme, parents or guardians can open an account in the name of a girl child below the age of 10 years.

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To calculate how much you can accumulate through the Sukanya Samriddhi Yojana, you can use an online calculator specifically designed for this purpose. This calculator takes into account factors such as your initial deposit amount, annual contributions, and applicable interest rates to estimate your final corpus at maturity.

SSY or PPF: Which is the superior option?

1. PPF:

– Offers flexibility in terms of investment amount and frequency.

– Provides tax benefits under Section 80C of the Income Tax Act.

– Has a lock-in period of 15 years with partial withdrawal options after completion of six years.

– Currently offers an interest rate of 7.1% per annum.

2. SSA:

– Offers higher interest rates compared to PPF, currently at 7.6% per annum.

– Allows deposits only until the girl child reaches the age of ten years.

– Has a maturity period when she turns 21 years old.

Both PPF and SSA are government-backed savings schemes that aim to promote long-term savings and financial security for individuals in India.

Does Sukanya Samriddhi have tax-free maturity?

The SBI Sukanya Samriddhi Yojana Calculator is a tool that helps individuals calculate the potential returns on their investment in the Sukanya Samriddhi Yojana scheme offered by the State Bank of India (SBI). This scheme was introduced by the Government of India to promote savings for girl children and provide them with financial security for their future education and marriage expenses.

Under this scheme, parents or legal guardians can open an account in the name of a girl child below 10 years of age. The account can be opened with a minimum deposit amount, and subsequent deposits can be made at any time until she reaches 15 years of age. The interest rate applicable to this scheme is revised periodically by the government.

Using the SBI Sukanya Samriddhi Yojana Calculator, individuals can input details such as initial deposit amount, monthly/yearly contribution, tenure, and expected interest rate to estimate how much money will accumulate over time. This calculator provides an approximate idea about the maturity value that one may receive upon completion of the tenure.

– The SBI Sukanya Samriddhi Yojana Calculator helps estimate potential returns on investments made in this government-backed savings scheme.

– Contributions can be made regularly until she reaches 15 years old.

– The calculator considers factors like initial deposit amount, contributions frequency/amounts, tenure length, and expected interest rates.

– Investments under this scheme offer tax exemptions on both accrued interest and withdrawal proceeds upon maturity or specific criteria.

Is it possible to double my money within 5 years at the post office?

One of the key features of Kisan Vikas Patra is the attractive interest rate it offers. Investors can earn an interest rate of 7.50% on their investments, which adds significant value to their savings over the long term. The minimum amount required to invest in this plan is Rs. 1000, making it accessible for a wide range of individuals seeking financial growth.