Today we are going to provide the sukanya samriddhi yojana calculator where we will provide the amount you can expect if the interest rate remain 9.2% per annum. As we all know interest calculation of sukanya samriddhi account is compounded anually. Due to this the sukanya samriddhi yojana calculator is very important for all of us. I will explain the details so that you can calculate the amount easily.
sukanya samriddhi account yojana Calculator
Lets take an example. My girl child is of 3 years and I start depositing amount from 1st april 2015 and will start from 12000 rupee on that day itself. Each year on same I will deposit the same amount then after 21 deposits I will expect Rs 761821.4
Let me explain now the below data sheet and how you can create your own sukanya samriddhi account yojana Calculator.
- 1st column Age of Girl child – Enter the age of your girl child as of today.
- 2nd column account age – This will be be the age of the account i.e. for how much year account has been opened for. Please note Sukanya Samriddhi Scheme will take deposit til 14 years
- 3rd column Date of deposit – This is the date by which an individual will deposit the amount as part of sukanya samriddhi account yojana
- 4th Column Deposit amount – This is the amount that an individual gaurdian will deposit for Girl child. I have done 14 deposits of 12000 each which equivalent to Rs 1000 for Sukanya account
- 5th Column Principal amount year end – This is the amount that you can see in the account after financial year end i.e. 31st March of every year. This is calculated by adding the total amount at the year end + deposit amount for the next year. First cell i.e of 12000 can be pre filled as the principal amount will remain 12000 only. For the next cell you need to include formula as D3+G2 and so on.
- 6th Column Total Yearly interest – This is the interest that the SSAY account will accumulate if the interest rate remains at 9.2% per annum. Formula to use is principal *1.092 – Princial or E2*1.092 -E2 = Interest
- 7th Column Total Amount year End – This is the final amount that you will get after each year. Formula to use is principal amount + Yearly Interest i.e. E2+F2You just need to copy the above table to an excel and can apply the formula.
|Age of Girl Child (A)||Account age (B)||Date of deposit (C)||Deposit Amount (D)||Principal amount year end (E)||Total Yearly Interest (F)||Total amount year end (G)|
Now comes the complex part of sukanya samriddhi account calculator where guardian plan to pay amount monthly. Lets take an example to understand how Sukanya samriddhi Yojana Interest calculation will work in this case. For SSAY account interest is calculated yearly which means that if you pay amount in the month of May then the interest calculation will be done at year end only and interest will not get compounded in the middle of the year.
Below is the Sukanya Samriddhi account calculator in excel with Monthly interest.
- 1st column is the date of deposit. Here we have taken day one of every month
- 2nd column is monthly deposit – This the amount that you will deposit each month. I have taken 1500 ruppees to be deposit each month
- 3rd column is yearly interest – This is the tough part to explain and basically it is the total interest you will get after completion of financial year. The formula you need to apply is B2*(1.092)^(Remaining month/12) – B2
- 4th Column is the amount at the year end – This is the sum of monthly deposit + total yearly interest
- 5th Column is Total amount. You can just sum up the amount at year end to get the total amount with interest
|Date of deposit (A)||Monthly deposit (B)||Total Yearly Interest (C)||Amount year end (D)||Total Amount year end (E)|
Once you get the total amount you can then use the simple calculation provided above to get the amount after 21 years. Do comment us in case of any confusion or lt us know your amount you are planning and we will provide the calculation.
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