A great way of saving while earning benefits from it is by investments in different scheme or funds or securities. You certainly would want o know what is the best mutual funds. Sukanya Samriddhi Yojanais an elss (Equity-linked savings scheme) backed by the government of India. You certainly would want to know what is ElSS? It was launched in 2015 by honourable Prime Minister Narendra Modi under the betibachao, beti padhao campaign. The rate of interest is 8.1% under this scheme and tax benefits are also given. One can open an account at any post office.
The account can be opened for a girls child since she is born to the time she attain 10 years of age. Accounts are transferable all around the country. The maximum of 2 accounts per girl child is allowed. Rupees 1000 is the minimum deposit rate and further can be increase in the multiples of 100 till the maximum limit of Rs 150000. The fine of 50 Rs is levied if minimum deposit is not made in a year.
Advantages of the Sukanya Samriddhi scheme calculator
Sukanya Samriddhi Yojana has another advantage that is its calculator helps one knows how much returns they are going to get with their investments.
Some of the advantages of this Sukanya Samriddhi scheme calculator are-
- It allows one to know what the exact maturity value of our fund is.
- One can plan and set up the calculator according to their income and expenses.
- It eliminates the chances of human errors made by manual calculations.
Like everything this calculator also has some setbacks which are-
- If the values are not entered properly by the users it can show errors in the result.
- The calculator doesn’t have a maximum limit unlike the fund so it will show results if excess amount is written
Basic format of the calculator
The format of the calculator is that in column one the age of the child is written.
Column two the account age is to be filled.
Column three and column four are date and amount of deposit respectively.
Column five is for the principle amount.
Column six is total yearly interest.
And column seven is the result which shows our calculations.
Banks offering the account services
- Other than post offices certain banks are allowed to open these accounts. State Bank of Indi (SBI)
- State Bank of Hyderabad (SBH)
- State Bank of Travencore (SBT)
- State Bank of Mysore (SBM)
- State Bank of Patiala (SBP)
- Syndicate Bank
- Vijaya Bank
- United Bank of India
- UCO Bank
- Punjab National Bank (PNB)
- Oriental Bank of Commerce (OBC)
- Indian Bank
- Punjab & Sind Bank (PSB)
- Indian Overseas Bank (IOB)
- ICICI Bank
- IDBI Bank
- Corporation Bank
- Dena Bank
- Axis Bank
- Allahabad Bank
- Andhra Bank
- Canara Bank
- Central Bank of India (CBI)
- Bank of Maharashtra (BOM)
- Bank of Baroda (BOB)
Are all the banks allowed to open these accounts?
This fund has come a long way since its launch and even the change in rate of interest was implemented recently. It is one of the investments which have a lot of advantages but very few drawbacks.