Get Clarity on Sukanya Samriddhi Scheme Contributions and Returns with the calculator
The Sukanya Samriddhi Scheme is a government-backed savings scheme aimed at encouraging parents to save for their daughters’ future education and marriage expenses. The scheme offers guaranteed returns and tax benefits, making it an attractive investment option for many. However, it’s important to understand the contributions and returns of the scheme before investing in it. Fortunately, there are plenty of online calculators available to help you get clarity on this.
Contributions to the Sukanya Samriddhi Scheme
Under the Sukanya Samriddhi Scheme, parents or legal guardians of a girl child can open a savings account in her name at any post office or authorized bank. To open an account, the child must be below the age of 10 years.
The minimum contribution for the account is Rs. 250 per year. The maximum amount that can be deposited each year is Rs. 1.5 lakh. The contributions can be made in multiple instalments or as a lump sum.
The account can be opened and maintained until the girl child reaches the age of 21 years. If the account holder wants to discontinue the account before she turns 21, she can do so provided she is married before the age of 18. However, she will need to submit proof of her marriage and age to claim the balance amount.
Returns on the Sukanya Samriddhi Scheme
The Sukanya Samriddhi Scheme offers a lucrative interest rate of 7.6% per annum, compounded annually. The interest rate is reviewed and revised every quarter by the government.
The maturity period of the scheme is 21 years, which means that the account holder will receive the principal amount along with the accumulated interest on maturity. If the account holder wishes to continue the account after maturity, she can do so by submitting a request to the bank or post office.
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Using the Sukanya Samriddhi Scheme calculator
To get clarity on the contributions and returns of the Sukanya Samriddhi Scheme, there are several online calculators available. These calculators are user-friendly and provide an accurate estimate of the maturity amount based on the contributions made.
To use the calculator, you will need to provide the following details:
– The age of the girl child
– The amount of contribution made each year
– The expected inflation rate
– The expected interest rate of the scheme
Based on these details, the calculator will provide an estimate of the maturity amount. It’s important to note that this is only an estimate and the actual returns may be different due to changes in the interest or inflation rates.
FAQs
Q. Who can open a Sukanya Samriddhi Scheme account?
A. Parents or legal guardians of a girl child under the age of 10 years can open an account in her name.
Q. Is there a minimum and maximum contribution amount?
A. The minimum contribution amount is Rs. 250 per year and the maximum amount is Rs. 1.5 lakh per year.
Q. What is the interest rate of the scheme?
A. The interest rate is currently 7.6% per annum, compounded annually.
Q. What is the maturity period of the scheme?
A. The maturity period of the scheme is 21 years.
Q. Can the account be continued after maturity?
A. Yes, the account can be continued after maturity by submitting a request to the bank or post office.
In conclusion, the Sukanya Samriddhi Scheme is an excellent investment option for parents looking to save for their daughter’s future expenses. By using the online calculator, one can gain clarity on the contributions and returns of the scheme and make an informed investment decision. However, it’s important to keep in mind that the actual returns may vary due to changes in interest or inflation rates.