How to use the SSY calculator?

The government of India introduces many schemes to help the nation grow, prosper, and succeed. It is an essential tool to help the needy and promote equality amongst people. There are different sectors in society, some of which do not receive services and benefits. Hence, the government introduces various laws and programmes to help every person achieve their goals and ambitions.

The Sukanya Samriddhi Yojana is a scheme that aims at providing financial independence to the girl child and encouraging them to invest in schemes. They can fulfil their long-term goals which include higher education, marriage, etc. They receive a rate of interest as high as 8.5 per cent, thus making it one of the best tax-saving methods.

The Government of India has made it easy for people to access the benefits by enabling them to open an account at any post office or authorized bank. The initial deposit can range between INR 250 and INR 1,50,000 annually, as per the financial objectives of the account holder.

How to calculate the maturity benefit?

Investors of the SSY scheme can calculate the maturity benefit by using the calculator available on the official website of the savings scheme. Enter details like the age of the girl, deposit amount and the date of deposit. Click on ‘Calculate’ option.

The calculator generates and reflects the results for the principal amount, maturity amount and interest amount that the account holder will receive upon maturity, as per the current interest rate.

There are many benefits offered by the SSY calculator for calculating the maturity value of the scheme. They are as follows:

1. It enables users to calculate the accurate value upon maturity of the scheme.
2. Users can calculate the amount that they desire to deposit in the account annually to reach the maturity value at the end of the term.
3. Depending upon the annual deposit, users can calculate how much to save every month. The calculator can also calculate monthly and yearly maturity values.
4. The calculator also avoids calculation mistakes that may occur during manual calculations.

The Sukanya Samriddhi Yojana is also applicable for daughters who are adopted by their parents. The scheme does not support Non-Resident Indians (NRIs). A passbook is issued after the account is opened bearing the date of birth of the girl child, the date of opening of the account, account number, name and address of the account holder and the amount deposited.