How To Calculate Maturity Value Of Sukanya Samriddhi Yojana Account?
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The Sukanya Samriddhi Yojana (SSY) is a modest savings plan launched by the Indian government in 2015 as part of the "Beti Bachao, Beti Padhao" campaign..' A Sukanya Samriddhi Account can be opened at any post office or authorized commercial or public sector bank. Every quarter, the government decides and releases the interest rate for this scheme. To use the SSY calculator, individuals must fulfill the scheme's qualifying conditions.
Who Can Use The Sukanya Samriddhi Yojana Calculator?
To use this calculator, you must be eligible for the Sukanya Samriddhi program. According to the regulations, the following people are eligible to open a Sukanya Samriddhi account:
a) The female kid should be no older than 10 years old.
b) She must be a citizen of India.
c) Accounts for more than two female children in a single-family are not permitted to be opened.
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Calculator For Sukanya Samriddhi Yojana
Once the applicant has met the Sukanya Samriddhi Yojana eligibility conditions, the age of the female child and the amount of investment necessary should be put into the calculator. The lowest and maximum investment amounts under the plan are Rs.250 and Rs.1.5 lakh, respectively. Previously, the minimum gift was Rs.1,000. However, the Indian government reduced the minimum payout to Rs.250 in July 2018.
Working Of Sukanya Samriddhi Yojana Calculator
Once the applicant has satisfied the Sukanya Samriddhi Yojana's qualifying requirements, the age of the female kid and the amount of investment required should be entered into the calculator. The lowest and maximum investment amounts under the plan are Rs.250 and Rs.1.5 lakh, respectively. The prior minimum donation was Rs.1,000. However, in July 2018, the Indian government reduced the minimum payout to Rs.250.The calculator takes into account the interest that will be accrued to you over the course of those years. Based on the information you provide, the calculator will display the year the account matures, the maturity value, and the interest rate used to compute the maturity value. It also shows a breakdown of the monthly amount you can invest in the program. We utilized an annual interest rate of 8.1 percent for the following 21 years to calculate the maturity value, which is currently accessible under the Sukanya Samriddhi Yojana.
Conclusion
Those interested in the Sukanya Samriddhi Yojana can use the SSY calculator to calculate the maturity amount at the end of the scheme's duration. The calculator aids in determining the amount of money that can be saved through the plan. Allows applicants to calculate the amount that will be credited after maturity. Allows candidates to look at maturity values on a monthly and yearly basis. Errors that arise with manual calculations are eliminated. The SSY calculator is simple to use and does not need any special skills. The investor just inputs the information into the appropriate areas, and the calculator computes the maturity amount.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
