In this fast-paced world, financial stability is the source of independence and security, especially for people who want to plan their long-term financial goals. One of the reliable investment avenues that have become popular among the Indian populace is the Sukanya Samriddhi Yojana (SSY). An initiative of the Indian government, it is one of the most lucrative long-term savings scheme specially designed to secure the future of the girl child. Precisely, it’s the ideal investment plan for your daughter’s secure future. To help individuals evaluate their fund’s potential, the SSY calculator proves to be an instrumental tool. So, this article aims at unraveling how you can plan your investments using the SSY calculator.
SSY calculator
The SSY calculator is an online tool that allows you to estimate the maturity amount at the end of the tenure. This accounting tool uses the data provided, such as the age of your daughter, initial deposit amount, and annual deposit value to calculate the maturity amount at the end of the term. It is important to note that the present interest rate is 7.6% per annum. Though this rate may vary with changes in the financial market, the SSY calculator can provide accurate results based on the data entered.
Let’s now look at how you can use the SSY calculator to plan your investments effectively.
STEP 1: KNOW THE DEPOSIT AMOUNT
The minimum annual deposit for an SSY account is Rs. 250, while the maximum amount you can deposit is Rs. 1.5 lakhs in a financial year. Once you have decided on the amount that you are able to invest annually, you can enter this value in the SSY calculator.
STEP 2: CALCULATING THE MATURITY AMOUNT
Once you have entered the deposit amount and the age of your daughter, the calculator will compute the amount that you will receive at the end of the tenure. This will help you gauge the financial resources available at maturity to support your child’s future.
STEP 3: PLANNING
By using the computed maturity amount, you can plan how to appropriately use it in the future if needed. For example, the returned amount can be used for the higher education of your daughter or her wedding expenses.
Along with planning, it is equally significant to monitor your savings regularly for which SSY balance check is of utmost importance. To check the account balance, the passbook given while opening the account can be updated at the nearest post office or Bank. Alternatively, some banks provide the facility of an online SSY balance check that eliminates the need for frequent visits to the bank or post office.
The SSY calculator and balance check provide efficiency and transparency in planning and monitoring your investments. However, before you embark on your journey to financial planning, it is crucial to understand that investments in financial markets are subject to market risks, and the available benefits may vary with changes in government policies or market conditions.
DISCLAIMER:
This information is meant for informational purposes only. It is suggestive in nature and the user must independently verify all the details. The investor must gauge all the pros and cons of trading in the Indian financial market.
Summary:
Planning for your child’s future takes a commendable amount of forethought and strategic financial planning. To make this process easier, the SSY calculator comes into play, assisting you in estimating the fund’s maturity amount that can be amassed through the Sukanya Samriddhi Yojana scheme. The SSY balance check further aids in regularly monitoring the savings in the account. Nevertheless, while planning these investments, it is crucial to consider the volatility of the financial market. It’s always recommended to thoroughly analyze all the advantages and disadvantages before investing in the Indian financial market.