The SukanyaSamriddhi Account is basically a scheme that has been started by the government of the country with a vision to help the girl child in the country. According to this saving scheme the parents or the guardian of the girl child can deposit up to Rs. 1.5 lakhs in the name of the girl child every year in this account. Once the deposit is made in the account it accrues an interest at the rate of about 9.2% per annum and has a maturity period of 21 years from the date of opening of the savings account or marriage whichever is earlier.
The SukanyaSamriddhi Account can be opened with a minimum amount of Rs.1, 000 and consequently the deposits that are made have to be multiples of Rs.100. This girl child saving account also allows partial withdrawal when the girl child turns 18 years old, in order to supports expenses with regards to her education as well as marriage. An extra advantage of this girl child saving scheme is that, the investments in this account needs to be made only for the first 14 years, after which no deposits are required to be made in the account. The credit amount in this account at the end of 14 years will continue to accrue interest until this scheme matures. The maximum amount that an individual can earn in this account with investing Rs.1.5 lakhs every year for 14 years at the rate of 9.2% interest per annum is Rs.78, 90,763.
Here are a few advantages of the SukanyaSamriddhi Account calculator.
There are many advantages to the SukanyaSamriddhi Scheme, but here are some of the most important ones:
- This scheme allows an individual to know exactly the maturity value once the account matures.
- If you set this scheme up in an excel sheet, you can put up the amount you intend to invest in this scheme currently and you can see how it will affect your maturity amount.
- One could also set up the calculator to calculate the maturity value of the investment on a monthly or yearly basis.
- The SukanyaSamriddhi Account calculator could be extremely precise if it is configured correctly.
- Once can also change the amount you intend to invest at any point of time and can still get the accurate maturity value in a matter of a few seconds.
- Being an ELSS scheme the SukanyaSamriddhi Account calculator also acts as an ELSS calculatorand you can also calculate and work out the total amount you intend to invest in ELSS schemes in order to save Income Tax.
Here are a few limitations of the SukanyaSamriddhi Account calculator.
Although the SukanyaSamriddhi Account calculator is very convenient, here are some things that work against this calculator:
- If not configured correctly it can provide some incorrect values.
- Though the government has provided a cap of Rs.1.5 lakhs the calculator does not limit its yearly investments. So, even if you enter an amount of investment that is more than Rs.1.5 lakh, it will still calculate and provide the maturity value.