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Sukanya Samriddhi Account Interest/ Maturity Calculator
Sukanya Samriddhi Yojana (SSY) Calculator
The maturity period for the Sukanya Samriddhi Yojana (SSY) account is 21 years. It is crucial for individuals to make at least one contribution each year to keep the scheme active until 14 years of contributions are completed.
After 14 years, individuals can choose to stop making contributions to the SSY account until the 21-year maturity period is reached. However, the investments already made will continue to earn interest at the prevailing rate. The final amount is calculated based on your total contributions plus the interest earned over the years.
The Sukanya Samriddhi Yojana calculator uses the following formula to determine the maturity amount:
A = P (1 + r/n) ^ nt
Where
A = Compound interest
P = Principal amount
r = Rate of interest
n = Number of times interest compounds in a year
t = Number of years
Frequently Asked Questions (FAQs)
What is the Sukanya Samriddhi Yojana Calculator?
The Sukanya Samriddhi Yojana Calculator helps estimate the maturity amount and interest earned in the SSY scheme.
How does the Sukanya Samriddhi Yojana Calculator work?
It calculates based on your annual contributions, the scheme’s interest rate, and the duration of the investment.
What is the interest rate for Sukanya Samriddhi Yojana?
As of now, the interest rate is 8.2% per annum.
Can I use the Sukanya Samriddhi Yojana Calculator for free?
Yes, most SSY calculators available online are free to use.
Where can I find a Sukanya Samriddhi Yojana Calculator?
You can find it on financial websites, banks’ websites, and government portals.
What details do I need to use the Sukanya Samriddhi Yojana Calculator?
You need your annual contribution amount and the number of years you plan to invest.
Does the Sukanya Samriddhi Yojana Calculator account for changes in the interest rate?
Most calculators use the current interest rate, but some may allow for future rate adjustments.
Is the maturity amount calculated by the Sukanya Samriddhi Yojana Calculator guaranteed?
The calculator provides an estimate, but the actual amount depends on the prevailing interest rates throughout the investment period.
Can I use the Sukanya Samriddhi Yojana Calculator to plan my investments?
Yes, it helps you understand how much you need to save annually to reach your financial goals for your daughter.
Is the Sukanya Samriddhi Yojana Calculator useful for financial planning?
Absolutely, it helps in forecasting returns and planning long-term savings for your daughter’s future.
How many accounts can be created under SSY?
You can open one Sukanya Samriddhi Yojana (SSY) account per girl child.
What happens when I do not make any deposits?
If you miss deposits, the account will become inactive. To reactivate it, you need to pay a penalty and make the overdue deposits.
Does a Sukanya Samriddhi Yojana account provide income tax benefits?
Yes, contributions to an SSY account are eligible for tax benefits under Section 80C of the Income Tax Act.
Can an accountholder prematurely withdraw from an SSY account?
Yes, premature withdrawal is allowed for specific purposes like higher education or marriage, but it comes with certain conditions and penalties.
Can an SSY account be closed before maturity?
Yes, an SSY account can be closed before maturity under certain circumstances, such as for the girl’s marriage or medical emergencies, subject to specific rules.