SSY Calculator: By investing in SSY, you would get ₹ 44 lakh at maturity. Learn about all the details, including interest and investments

 SSY Calculator: By investing in SSY, you would get ₹ 44 lakh at maturity. Learn about all the details, including interest and investments

SSY Calculator: The Sukanya Samriddhi Yojana is a national program for women in India. show this link for a simple SSY calculation to show how a fund of Rs 44 lakh may be built under this program.

SSY Calculator: If you are a parent of a girl, you are probably well aware that concerns about a daughter's future begin in her early years. You should begin investing now to cover all of your girls' costs, from college to marriage. You won't have any issues getting money in the future if you do this. You may use the Sukanya Samriddhi Yojana to assist with financial planning in these circumstances. Read all the details here to find out what the SSY plan is and how to apply for a Rs 44 lakh grant.

What is the SSY plan?

The Indian government's Sukanya Samriddhi Yojana is excellent for the nation's girls. SSY accounts may be opened by parents of girls under the age of ten. Currently, investments in SSY are provided at an interest rate of 8% annually. Remember that parents may invest up to Rs 1.5 lakh annually under the Sukanya Samriddhi Yojana. It takes 15 years to invest in the SSY plan. This plan matures in twenty-one years. However, you may take money out of the account for education or marriage after your daughter becomes eighteen.

The simple method for depositing ₹44 lakh is as follows:

You would need to invest ₹ 1 lakh per year for 15 years in order to build up a corpus of Rs 44 lakh. This implies that you would fund your SSY account with a total of Rs 15 lakh over a period of 15 years. With an annual interest rate of 8%, the total interest you would get on your SSY account will be ₹ 29,89,690. Let me inform you that you will get ₹ 29,89,690 in interest along with the invested sum of ₹ 15 lakh at maturity. This computation indicates that you will get ₹ 44,89,690 in total.

Note: You must make an annual investment for the first 15 years, or until 2039, if your daughter is 3 years old and you begin investing in this program in 2024. In addition, you will be able to withdraw funds for your daughter's schooling or marriage in 2042, when she reaches 21. The SSY account will mature at the same time in 2045, which is 21 years from now, and you will get the whole amount at that point.