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  • 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.

    Advantages of the 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 the 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.

    • If it is not configured correctly it can provide incorrect values.
    • Even though the government has provided a cap of Rs. 1.5 lakhs the calculators don’t limit the annual investments so if you enter an investment of more than Rs. 1.5 lakhs, it will still calculate a maturity value.
    • Since the calculator is configured manually, you will have to enter the Sukanya Samriddhi Yojana interest rate every time that it changes in the future.
    • It also works on the assumption that the interest rate will never change and will stay 9.2%.
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