How Sukanya Samriddhi calculator can Help You Achieve Your Daughter’s Dream Goals.
Sukanya Samriddhi Yojana calculator is an essential tool that every parent should know about. The Sukanya Samriddhi Yojana calculator allows you to calculate the amount of money that you need to invest regularly to ensure that your daughter’s future goals are met. In this article, we will discuss the importance of Sukanya Samriddhi Yojana and the role of the Sukanya Samriddhi calculator in achieving your daughter’s future goals.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for girls launched in 2015. The scheme aims to promote the education and marriage of girls in India. The scheme offers a high-interest rate of 7.6% per annum, which is higher than most fixed deposits and other savings schemes. The scheme also provides tax benefits under Section 80C of the Income Tax Act.
The Sukanya Samriddhi Yojana scheme can be opened by parents or legal guardians of a girl child below the age of 10. The account can be opened at any post office or authorized bank branch. The account can be opened with a minimum deposit of Rs. 250 and a maximum deposit of Rs. 1.5 lakh per annum. The account matures after 21 years from the date of opening, and the total amount, including the interest accumulated, is paid to the account holder.
What are the benefits of Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana has many benefits, which makes it an excellent savings scheme for parents to invest in for their daughter’s future goals.
1. High interest rate: The scheme offers a high-interest rate of 7.6% per annum, which is much higher than most savings schemes.
2. Tax benefits: The scheme provides tax benefits under Section 80C of the Income Tax Act. The investment made up to a limit of Rs. 1.5 lakh is eligible for tax exemption.
3. Long-term investment: The scheme has a long-term investment horizon of 21 years, making it an ideal savings scheme for long-term goals such as higher education and marriage.
4. Low-risk investment: The scheme is backed by the government, making it a low-risk investment for parents.
5. Easy to open: The account can be opened at any post office or authorized bank branch, and the process is simple and hassle-free.
How does the Sukanya Samriddhi calculator work?
Sukanya Samriddhi calculator is a tool that helps parents calculate the amount of money they need to invest regularly to achieve their daughter’s future goals. The calculator uses a simple formula based on the amount to be invested, the tenure of the investment, and the expected return on investment.
To use the Sukanya Samriddhi calculator, you need to enter the following details:
1. Initial deposit: The amount you plan to deposit initially in the account.
2. Monthly deposit: The amount you plan to deposit every month in the account.
3. Rate of interest: The rate of interest offered under the scheme, which is currently 7.6%.
4. Investment period: The duration for which you plan to invest in the scheme.
Once you enter these details, the calculator will show you the maturity amount you can expect based on your investment. The calculator also helps you understand the amount you need to invest to achieve your daughter’s future goals.
How can the Sukanya Samriddhi calculator help achieve your daughter’s future goals?
The Sukanya Samriddhi calculator can help you achieve your daughter’s future goals by providing you with a clear understanding of the amount you need to invest regularly to achieve your daughter’s dreams. The calculator helps you plan your investment in such a way that your daughter’s future goals are met, and you can achieve financial stability.
Let’s take an example. Suppose you want to save Rs. 20 lakh for your daughter’s higher education, and she is currently five years old. You plan to invest in Sukanya Samriddhi Yojana for the next 15 years. Using the Sukanya Samriddhi calculator, you can calculate the amount you need to invest every month to achieve your goal.
Suppose the rate of interest under the scheme is 7.6%. In that case, you need to invest Rs. 6,300 every month for the next 15 years to achieve the target of Rs. 20 lakh. The calculator helps you understand the importance of regular investments and helps you plan your finances better.
FAQs
1. Can I open multiple Sukanya Samriddhi Yojana accounts for my daughter?
No, you can open only one Sukanya Samriddhi Yojana account for your daughter.
2. Can I withdraw the amount invested before the maturity period?
Yes, you can withdraw the amount invested before the maturity period, but only under specific circumstances such as the death of the account holder or on medical grounds.
3. Can I extend the maturity period of the account beyond 21 years?
No, you cannot extend the maturity period of the account beyond 21 years.
4. Can I invest more than Rs. 1.5 lakh in a year in the Sukanya Samriddhi Yojana account?
No, you cannot invest more than Rs. 1.5 lakh in a year in the Sukanya Samriddhi Yojana account.
In conclusion, Sukanya Samriddhi Yojana is an excellent savings scheme for parents to invest in for their daughter’s future goals. The scheme offers a high-interest rate, tax benefits, and provides a long-term investment horizon. The Sukanya Samriddhi calculator is an essential tool that helps parents plan their investments better and achieve their daughter’s future goals. Therefore, every parent should know about the Sukanya Samriddhi Yojana calculator and use it to plan their finances better.