SSY(Sukanya Samriddhi Yojana) Calculator
Sukanya Samriddhi Yojana Calculator
What is a SSY Calculator?
A Sukanya Samriddhi Yojana (SSY) Calculator is a financial tool designed to help individuals estimate the future value of their investments in the Sukanya Samriddhi Yojana scheme, which is a government-backed savings initiative in India aimed at promoting the welfare of the girl child.
Features of a SSY Calculator:
1. Principal Amount: Users can input the amount they plan to invest annually in the SSY scheme..
2. Interest Rate: The calculator allows users to specify the expected interest rate, which is determined by the government and can change from time to time.
3. Duration: Users can enter the number of years they plan to invest in the scheme. The minimum tenure for the scheme is 15 years, but contributions can be made for a maximum of 21 years.
The primary purpose of the SSY calculator is to assist parents and guardians in planning for their daughters' future education and marriage expenses. By providing a clear estimate of how much their investment will grow over time, it helps in making informed financial decisions regarding the Sukanya Samriddhi Yojana scheme.
SSY Calculator formula
A SSY calculator works on the following formula –
A = P (1 + r/n) ^ nt
In the above formula –
| A | Compound interest |
| P | Principal amount |
| r | Rate of interest |
| n | Number of times interest compounds in a year |
| t | Number of years |