Sukanya Samriddhi Yojana (SSY) is a savings scheme introduced in 2015 by the government as part of Beti Bachao Abhiyan. The scheme allows parents to open a savings account for their girl with an authorized commercial bank or India Post branch.
SSY accounts give an interest rate of 8.4 percent as of 1 July 2019. Sukanya Samriddhi Yojana calculator can assist you in determining the yield earned based on your amount and the duration you have invested.
How can you get help from an SSY calculator?
Samridhi Yojana Sukanya is a long-term investment plan ability to generate a high rate of interest. To keep the account active, you must make a minimum contribution each year.
Therefore, using an online Sukanya Samriddhi Yojana calculator is useful for making a general assessment of your investment and returns.
Some SSY calculator benefits include:
- Show you your SSY account maturity year.
- Shows how much you get at maturity.
- Helps to plan your investment portfolio more efficiently.
The formula for calculating SSY calculator
Sukanya’s Samridhi Yojana offers an interest rate of 8.5 percent per year. It also enables the benefit of compounding as a long-term investment. Like, the formula is –
A = P (1 + r/n) ^ nt
Known as –
A-Compound interest, P-Principal amount, r-Rate of interest, n-Number of times interest compounds in a year, t-Number of years
How do I use Groww’s SSY Calculator Online?
Just enter your girl’s investment amount per year, age and the beginning of the investment year. After entering the details, the calculator will automatically show the maturity year and the amount you earned at maturity.
Benefits of using Groww Sukanya Samriddhi Yojana Scheme
Calculator By using Groww Sukanya Samriddhi Yojana online calculator you get the following benefits –
- Effective and hassle-free calculation method.
- Shows accurate results without delay.
- Helps you to determine your investment according to your needs.
The Sukanya Samriddhi Yojana calculator helps you determine the amount you can invest comfortably every year. Opening an SSY account is one way to secure your child’s future against costs such as higher education.
The following questions will help you understand SSY:
What is the eligibility for Sukanya Samriddhi Yojana Account– Parents can open an account at any time between births and before they reach the age of 10 on behalf of their girl child.
How many accounts can be open under SSY? – For a girl child, only one SSY account is allowed. For each of their girl child, the number of accounts parent can generate is limited to two. Exceptions are for twins or triplets only.
What is the minimum amount required to open an SSY account? – Individuals can open an account with Rs. 250. They have to pay a minimum of Rs. 250 to keep the account active.
What if I don’t make a deposit? – If you do not make any deposit, the SSY account will be deactivated. However, by paying a penalty fee of Rs. 50, you can revive your account.
Can the account holder withdraw money from the SSY account before maturity?
Yes. An account holder (girl) can withdraw from her account after reaching the age of 18 years. Once this prescribed age is reached, the account holder can withdraw 50 percent of the accumulated amount for higher education purposes only.