What is Sukanya Samriddhi Yojana calculator?
People considering investment in the Sukanya Samriddhi Yojana (SSY) scheme can calculate how much they will get when the account matures by using the Sukanya Samriddhi Yojana Calculator. To use the calculator, individuals need enter their yearly investment amount, and the year in which they are planning open an account in this scheme.
Who can use the Sukanya Samriddhi Yojana calculator?
Sukanya Samriddhi Yojana calculator is only useful for those investors who are eligible for investing in the particular scheme.
Here are the key conditions:
- The girl child should be an Indian resident.
- The girl should be no older than 10 years.
- Families with two girl children can open up to two Sukanya Samriddhi Yojana accounts.
Additionally, legal guardians must provide certain documents to start deposits in the scheme:
- A fully completed scheme opening document containing personal details of both the account holder and the girl child.
- The girl child's birth certificate.
- The depositor's identification and a valid address proof.
- If there are multiple children from the same birth, a medical certificate may be required.
- Any additional documents requested by the relevant authority.
Once you meet these requirements and have the necessary documents, you can use the Sukanya Samriddhi Yojana calculator online to plan your investments.
How can Sukanya Samriddhi Yojana calculator help
Many parents invest in their daughter's future, especially for education and marriage expenses. Sukanya Samriddhi Yojana (SSY) is a popular choice due to its high interest rates and tax benefits. Under Section 80C of the Income Tax Act, you can claim up to Rs 1.5 lakh as a tax exemption for Sukanya Samriddhi Yojana contributions. The interest income is also tax-exempt, and the maturity amount receives tax benefits.
To calculate the maturity amount, the Sukanya Samriddhi Yojana Calculator is a handy tool. It simplifies the process, eliminating manual errors. You can adjust contributions to meet your desired savings goal. This free tool offers precise results for multiple scenarios.
Sukanya Samriddhi Yojana is a long-term investment with a minimum annual contribution requirement to keep the account active. Using an online Sukanya Samriddhi Yojana calculator provides an overview of your investments and returns.
Key benefits include:
- Reveals your Sukanya Samriddhi Yojana account's maturity year.
- Displays the maturity amount you will receive.
- Assists in effective investment portfolio planning.
How does the Sukanya Samriddhi Yojana calculator work?
The maturity period for this amount is 21 years. It is crucial to note that for the first 14 years, you must make at least one contribution annually to maintain the scheme's active status.
Should you choose not to contribute to your Sukanya Samriddhi Yojana account between the 15th and 21st year, that is perfectly acceptable. Your prior deposits will continue to accrue interest at the prevailing rate. The ultimate amount you will receive is determined by your total contributions and the accumulated interest.
The Sukanya Samriddhi Yojana calculator employs this formula to provide you with results:
A = P (1 + r/n) ^ nt
A = Total amount with interest
P = Initial amount
r = Interest rate
n = Number of times interest is compounded per year
t = Number of years
This formula aids in comprehending the ultimate sum you will possess after 21 years of investment.
How to use Bajaj Finance Sukanya Samriddhi Yojana Calculator Online?
It is quite simple to use the Bajaj Finance Sukanya Samriddhi Yojana calculator.
Just follow these steps:
- Enter the “Yearly Investment (in rupees)”.
- Enter the “Start Year”.
And that’s it!
The calculator will provide an estimate of the total value of your investment at maturity, the total interest earned and the maturity year of your investment.
Advantages of using Bajaj Finance Sukanya Samridhi Scheme Calculator
There are several benefits of using the Bajaj Finance Sukanya Samriddhi Yojana online calculator:
- Free and User-Friendly: The Bajaj Finance Sukanya Yojana calculator is free to use and can provide error-free results for multiple scenarios.
- Instant Results: It generates results within seconds, providing quick answers to your investment queries.
- Online Accessibility: The tool is available online on the Bajaj Finance platform.
- Unlimited Usage: You can use the Sukanya Samriddhi Yojana calculator as many times as you need to make different calculations.
- Current Interest Rates: Calculations are based on the current Sukanya Samriddhi Yojana interest rates, eliminating the need to manually enter interest rates.
- Updated Information: The Sukanya Samriddhi Yojana Calculator is always up to date, reflecting any changes in the scheme that may affect your investment calculations.
- Device Compatibility: The tool works efficiently on all types of devices, making it accessible to everyone.
The Bajaj Finance Sukanya Samriddhi Yojana calculator helps you determine the annual investment you can comfortably make. Opening an Sukanya Samriddhi Yojana account is a smart way to secure your child's future against expenses like higher education.
How can I use the corpus accumulated from Sukanya Samriddhi Yojana contributions?
Upon maturity of the Sukanya Samriddhi Yojana, the girl child can withdraw the entire saved amount. This requires specific documents: a withdrawal application, proof of identity, valid address, and citizenship.
The withdrawn funds can be used for the girl's higher education, but there are conditions. She must have completed the 10th standard and be at least 18 years old. The money is for educational fees and admission charges, and proof is needed, such as university admission documents and fee receipts.
For early withdrawals for marriage expenses, the girl must be 18 or older and provide an affidavit confirming her adult status.
Sukanya Samriddhi Yojana Closure on Maturity
- The account matures after 21 years from the opening date or if girl marry after reaching the age of 18, whichever is earlier.
- Withdrawals can be made from the account once the girl child reaches the age of 18 or successfully completes the 10th standard.
- Withdrawals can be made up to 50% of the balance at the end of the preceding financial year.