Want to know the return on investment in various government schemes? Knowing how your money grows can help you make better decisions about your future financial situation. Online calculators allow you to easily calculate maturity amounts, interest income, and more based on inputs such as investment amount, term, interest rate, and more.
Here you will get a list of some important calculators that you should use to check the returns of various government schemes.
4 important calculators to check the returns of various government schemes
Here are four important calculators you should use to check the returns of different government schemes.
1. Sukanya Samriddhi Yojana Calculator
This will help you calculate the return on your investment in the scheme. Launched in 2015 as part of the government’s Beti Bachao, Beti Padhao campaign, SSY allows parents to open a savings account for their girl child in a recognized commercial bank or an India Post branch. .
use of Sukanya Samriddhi Yojana Calculatoryou can decide the maturity amount based on your chosen investment period and plan your child’s future accordingly.
The SSY calculator uses the following formula:
A = P(r/n+1) ^ nt
here,
A – Compound interest
P – Total principal amount
r – interest rate
n – the number of times interest is compounded annually
t – time in years
Suppose you deposit ₹50,000 every year in Sukanya Samriddhi Yojana for 15 years. During this period, no amount can be withdrawn for 21 years, which is the validity period of the scheme. Based on this, Sukanya Samriddhi calculator determines that the interest earned is ₹16,44,040 and the maturity amount is ₹23,94,040.
2. National pension system calculation tool
The National Pension Scheme Calculator is an online tool designed to help users estimate their retirement savings and potential pension benefits under the National Pension Scheme. This scheme helps you save for the future.
To calculate this, you’ll need to enter personal information such as your age and monthly contribution amount, which will generate a prediction of your total savings and retirement income. The interest rate on NPS varies between 9% and 12% annually. NPS interest rates range from 9% to 12% per annum.
The NPS calculator works on the principle of compound interest and uses the following formula:
A = P(1 + r/n) ^ nt
here,
A – Final amount at maturity
P – initial investment or principal amount
n – number of compounding periods per year
r – expected annual interest rate
t – total duration or tenure
Let’s say you are 25 years old and you invest ₹500 every month at 9% interest per annum. The maturity amount in the calculator is shown as ₹14,81,924.
3. atal pension yosana calculator
Also known as APY calculatorThis online tool can help you determine the amount of pension and lump sum payments you’ll receive at age 60.
Once you enter your age and select your desired pension amount between ₹1,000 and ₹5,000, the calculator will provide you with information on how much you have to pay each month, how much you will pay over the years, and how much you will pay during the contribution period. Calculate the total investment. period.
The APY scheme calculator uses the following formula:
APY = (1 + r/n)^n – 1
here,
r – interest rate
n – frequency of compounding per year
If you are 18 years old and want a monthly pension of ₹2,000, you will have to invest ₹84 every month in this scheme. The total investment will be ₹42,336 and the expected return will be ₹3,00,521.
4. Kisan Vikas Patra Calculator
Kisan Vikas Patra (KVP) Calculator is a digital tool designed to estimate the growth of an investment over a specific period of time and its maturity value. KVP is an Indian savings scheme that promotes long-term financial planning and discipline.
Regarding common interest rate and compounding methods, the calculator calculates an accurate prediction of the return at the maturity of the investment period. The interest rate for Kisan Vikas Patra scheme is 7.5% per annum.
The formula to calculate KVP is:
A = P (1 + r/n) ^ (nt)
here,
A – Final amount at maturity
P – initial investment or principal amount
n – number of compounding periods per year
r – expected annual interest rate
t – total duration or tenure
For example, for an initial deposit of ₹10,000 at 7.5% interest rate on KVP, the maturity amount is ₹20,000.
These calculators will help you clearly plan your finances and ensure you get the most out of your government support scheme. Whether you’re saving for your children’s future or preparing for retirement, these tools provide accurate estimates and help you make the best choices for your long-term goals.
