Rate of Interest (2022)
The Sukanya Samriddhi Yojana calculator is easy-to-use. You will have to enter a few basic details, such as the year you plan to start investing and the amount you plan to invest per financial year. The calculator will automatically assume the prevailing rate of interest to proceed with the calculation. The calculator will also assume that the girl child is aged below 10 years. Please note that you will have to make at least one contribution per year for the first 14 years of the scheme. However, you can choose not to make any investments from year 15 to year 21 and your savings will continue to earn interest at the prevailing rate.
While calculating the maturity amount, the SSY calculator makes a few assumptions:
Let us now look at the mathematical formula you can use to calculate the earnings from your SSY savings investment:
The mathematical formula to calculate the amount you will earn from your investment is as follows:
A= interest earned
P= initial investment amount
r= prevailing rate of interest
n= the number of times interest is compounded in a year
t= number of years
Let us understand it better with an example.
Let us assume that you want to make a yearly investment of ₹5,000 for the first 14 years. No deposit is made between year 15 and 21. Also, we will assume that the rate of interest will remain constant at 7.6% p.a. throughout the 21-year tenure of your investment and compounding happens once per year. We also assume that no premature withdrawal is made any time during the tenure.
Then, this how your opening and closing balance would look like for the next 21 years:
|Year||Opening Balance (in ₹)||Deposit (in ₹)||Interest Earned (in ₹) @7.6% p.a.||Closing Balance (in ₹)|
Therefore, going by the above example, here’s how much you would have earned after 21 years:
Total investment = ₹70,000
Maturity amount= ₹2,11,398
Interest earned = ₹1,41,398
So, over a period of 21 years, you will get an absolute return of almost 202% on your investment.
The Sukanya Samriddhi calculator from Navi is intuitive, fast, and accurate. You have to enter a few basic details, such as your early investment amount and the year you plan to begin. The calculator will assume that the rate of interest will remain unchanged over the entire duration. The prevailing rate of interest is 7.6% p.a. and you won’t be able to change it manually.
The calculator will display the following details:
The calculator can be used by anyone planning to invest in the SSY scheme. However, please note that you have to satisfy the following eligibility clauses in order to invest in the actual scheme:
In addition, an investor will need to submit the following documents:
To know more about the scheme details, click here.