Sukanya Samriddhi Yojana (SSY) Calculator: Plan Your Daughter's Future
It is the Government of India sponsored Sukanya Samriddhi Yojana (SSY) which is a savings plan for India’s only female. SSY is safe financially, interest rate is low and your daughter can get a tax break for the future. The SSY Calculator makes scheduling and forecasting maturity and interest money of your own investments. In this tutorial, you are interested in the properties, pros and disadvantages of the SSY Calculator compared to investment.
SSY Calculator is an online calculator that gives you an accurate estimate of the maturity value of your Sukanya Samriddhi Yojana investments. Just type in a deposit amount, term and rate - the users automatically add up the future corpus for their daughter’s school or marriage.
The Sukanya Samriddhi Yojana Calculator is the most important application for parents to get their daughter’s life. And, as accurate projections and a clear view of the system’s benefit they save money. Use SSY Calculator today to see how many savings you have and get a happy future for your child.
Key Features
- Accurate Projections: Offers maturity and total income.
- Customizable Inputs: Variables of annual contributions and tenure.
- Interactive Interface: Quick-up – and simple-to-use solution for easy calculations.
How to Use the SSY Calculator
- Enter Initial Deposit: Choose how much your plan to add in each year.
- Choose Tenure: Limit the investment period, whichever is 15 years and it is 21.
- Input Current Interest Rate: SSY interest rate (measured quarterly by the government) now is 8% ( FY 2023-24).
- Review Results: The calculator gives the maturity rate and total interest.
Benefits of Sukanya Samriddhi Yojana
- High Interest Rates: Higher return than other government-backed programmes.
- Tax Benefits: Contributions are deductions under Article 80C of the Income Tax Act.
- Long-Term Savings: Providing financial security for your daughter’s future.
- Guaranteed Returns: Government backed guarantees safe and reliable.
Comparison with Other Investment Options
| Investment Option | Interest Rate | Tax Benefit | Risk Level | Liquidity |
|---|---|---|---|---|
| Sukanya Samriddhi Yojana (SSY) | 8% (current) | Deduction under Section 80C | Low | Low (21-year lock-in, partial withdrawal at 18 years) |
| Fixed Deposit (FD) | 5% - 7% | Taxable | Low | Low (Premature withdrawal with penalty) |
| Public Provident Fund (PPF) | 7% - 8% | Deduction under Section 80C | Low | Low (15-year lock-in) |
| Mutual Funds | 8% - 12% | Depends on type (ELSS qualifies under 80C) | Moderate to High | High |
| Stocks | 10% - 15% (varies) | Taxable | High | High |
Advantages of Using the SSY Calculator
- Financial Planning: Helps plan for your daughter’s future financial needs effectively.
- Time-Saving: Instant calculations save effort compared to manual methods.
- Accuracy: Reduces errors in maturity value estimation.
- Informed Decisions: Allows comparison with other investment options.