• Sukanya Samriddhi Account Calculator

    The Sukanya Samriddhi Account is an initiative started by the Government of India with the view of helping the girl child. According to the scheme parents of a girl child can deposit up to 1.5 lakhs in the name of the girl in this account every year. Once the deposit is made it accrues interest at the rate of 9.2% per annum and is set to mature when the girl turns 21 years old or get married, whichever comes first. The account can be opened with a minimum deposit of Rs. 1,000 and subsequent deposits can be multiples of Rs. 100. The account even allows for a partial withdrawal to be made when the girl turns 18 years old to support payments towards expenses for her education or even her marriage. Another advantage of this scheme is that investments in it need to be made only for 14 years after which none are required and the amount at credit at the end of 14 years will continue to gather interest till the scheme matures. The maximum amount that you can earn with this investment, assuming that you have been investing Rs 1.5 lakhs for 14 years at an interest rate of 9.2% per annum, is Rs. 78, 90,763.

    Know Sukanya Samridhi Yojana(SSY) Calculation
    Figure 1. Sukanya Samriddhi Yojana Plan

    Advantages of Sukanya Samriddhi Account calculator

    There are numerous advantages to the Sukanya Samriddhi Yojana calculator and they are:

    • It allows you to know exactly what you will get as the maturity value when the account matures.
    • If you have set it up in an excel sheet then you can put in what you intend to invest in the current and see how it will affect the maturity value.
    • You can even set up the calculator to calculate the maturity value based on monthly or yearly investments.
    • If configured correctly, the Sukanya Samriddhi Yojana calculator can be extremely accurate.
    • It can eliminate the mistakes that can creep in if you calculate the maturity value manually.
    • You can change the amount you plan on investing at any time and still get the maturity value in seconds.

    Limitations of Sukanya Samriddhi Account calculator

    Even though the Sukanya Samriddhi Yojana calculator is very convenient and useful, there are some things that work against this calculator.

    News About Sukanya Samriddhi Account Calculator

    • Over 3 lakh accounts opened in Chhattisgarh under the Sukanya Samriddhi Scheme

      As per the recent data from the department of Woman and Child Development, 2,38,540 post office accounts and 81,150 bank accounts have been opened in Chhattisgarh under this scheme.

      The Sukanya Samriddhi Yojana was an initiative started for the girl child in 2014. Under the scheme, accounts are opened for girls under the age of 10, with deposits ranging between Rs.1,000 to 1.5 lakh permitted each year. The deposits are made to the account until the account holder is 21 years old, following which the sum deposited over the years is handed over to the girls’ parents. The scheme also provides the account holder 9.1% interest on the amount deposited, as well as a tax deduction under Income Tax Section 80(c).

      Out of the five major districts in Chhattisgarh, Raigarh had 28,476 such accounts opened, followed by Balod, Raipur, Jashpur and Bilaspur with 27,240, 26,085, 25,951 and 22,195 accounts respectively.

      10 January 2018

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