SSY calculator is a tool used to calculate the maturity value of investment made in Sukanya Samriddhi Yojana (SSY). SSY is a small deposit scheme launched by the Government of India as a part of the ‘Beti Bachao Beti Padhao’ campaign. The scheme is designed to encourage parents to save for their girl child’s future education and marriage expenses.
The SSY calculator takes into account the investment amount, interest rate, and the number of years for which the investment is made to calculate the maturity value.
The formula for calculating the maturity value of the SSY investment is as follows:
Maturity value = P x [ (1+i)^n – 1 ] / i
P = Investment amount
i = Annual interest rate/4
n = Number of quarters
For example, if you invest Rs. 1 lakh per annum for 14 years at an annual interest rate of 7.6%, then the maturity value of the investment will be:
Maturity value = Rs. 1,00,000 x [ (1+7.6%/4)^(14*4) – 1 ] / (7.6%/4)
= Rs. 33,14,497.13
So, the maturity value of the investment in the SSY scheme after 14 years will be Rs. 33,14,497.13.
SSY stands for Sukanya Samriddhi Yojana, which is a small savings scheme launched by the Government of India to encourage parents to save for the future of their girl child. It is a part of the government’s “Beti Bachao, Beti Padhao” campaign and is aimed at providing financial security to the girl child for her higher education and marriage expenses. The scheme offers an attractive interest rate and tax benefits to investors.