Make Informed Decisions with Sukanya Samriddhi calculator – A Must-Have Tool for Parents
Introduction

As a parent, ensuring the financial well-being of our children is a top priority. With the increasing cost of living and the unpredictable economic climate, it’s crucial to make informed decisions about how we save and invest for our children’s future. One such investment tool is the Sukanya Samriddhi Yojana, and to make informed decisions, a Sukanya Samriddhi calculator is a must-have tool for parents.

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is a government-backed savings scheme specifically designed for the girl child. It was launched by the Government of India in 2015, under the “Beti Bachao Beti Padhao” campaign, to encourage the education and marriage of girl children. The scheme offers an attractive interest rate and tax benefits, making it a popular investment option for parents.

How Does Sukanya Samriddhi calculator Work?

A Sukanya Samriddhi calculator is an online tool that helps parents calculate the estimated maturity amount of the investment. The calculator takes into account factors like the amount of investment, the tenure of the investment, and the interest rate offered. Based on these factors, the calculator computes the estimated maturity value and also shows the year-wise break-up of the investment.

Why is Sukanya Samriddhi calculator a Must-Have Tool for Parents?

1. Helps in Financial Planning

A Sukanya Samriddhi calculator is an essential tool for parents looking to plan their child’s financial future. By calculating the estimated maturity value, parents can have a clear idea of how much they need to save for their child’s education and marriage. This knowledge also helps in setting achievable financial goals and planning investments accordingly.

2. Accurate Information

The calculator provides accurate information about the estimated maturity value, the interest rate, and the investment tenure. This information is crucial for parents to make informed decisions about investing in the scheme. It also helps parents to compare the scheme with other investment options available in the market.

3. Saves Time and Effort

Without a calculator, it can be time-consuming and challenging for parents to manually calculate the maturity value of the Sukanya Samriddhi Scheme. A calculator makes the task easy and effortless, saving parents time and energy.

4. Easy to Use

Sukanya Samriddhi Calculators are user-friendly and easy to use. Parents can input the investment amount, the tenure, and the interest rate, and the calculator will calculate the expected maturity value. This makes it accessible to even those who are not comfortable with complex financial calculations.

Sukanya Samriddhi Scheme – Key Features

To understand the benefits of using a Sukanya Samriddhi calculator, it’s essential to know the key features of the scheme:

1. Investment Period

Parents can invest in the Sukanya Samriddhi scheme for a maximum period of 15 years from the date of opening the account. The account will mature after 21 years from the date of opening or when the girl child turns 18 years old, whichever is earlier.

2. Interest Rate

The scheme offers an attractive interest rate, which is revised by the government every quarter. Currently, the interest rate is 7.6%, and it’s compounded annually. The interest earned on the investment is tax-free.

3. Minimum and Maximum Investment

The minimum investment amount is Rs. 250, and the maximum investment amount is capped at Rs. 1.5 lakhs per annum. Parents can invest any amount within this range, and they can make partial withdrawals only after the girl child attains the age of 18.

4. Tax Benefits

The scheme offers tax benefits under Section 80C of the Income Tax Act. The amount invested in the scheme is eligible for tax deductions up to Rs. 1.5 lakhs. The interest earned and the maturity amount are also tax-free.

Frequently Asked Questions (FAQs)

Q1. Who can open a Sukanya Samriddhi Account?

Ans. A Sukanya Samriddhi Account can be opened by the natural or legal guardians of a girl child below the age of ten years.

Q2. What happens if the investment amount is not deposited on time?

Ans. If the investment amount is not deposited on time, a penalty of Rs. 50 will be charged. In addition, the account may be closed in case of non-deposit of the minimum deposit.

Q3. Can the account be transferred from one post office to another?

Ans. Yes, the account can be transferred from one post office to another or from a post office to a bank.

Q4. Can the account be opened in the name of a boy child?

Ans. No, the account can only be opened in the name of a girl child.

Conclusion

A Sukanya Samriddhi calculator is a valuable tool for parents looking to secure their daughter’s financial future. The scheme offers attractive interest rates and tax benefits, making it an excellent investment option. By using a Sukanya Samriddhi calculator, parents can make informed investment decisions, plan their child’s financial future, and achieve their financial goals.