Do you want to know the returns on your investment in various government schemes? Knowing how your money grows can help you make better decisions for your financial future. With the help of online calculators, you can easily calculate the maturity amount, interest earned, and much more based on your inputs, like investment amount, tenure, and interest rate.
Here, you will get a list of some essential calculators that you should use to check the returns on different government schemes.
4 Types of Calculators Crucial for Checking Returns on Different Govt Schemes
Here are the 4 essential calculators that you must use for checking returns on different government schemes:
1. Sukanya Samriddhi Yojana Calculator
It helps you calculate the returns on your investment in the scheme. Launched in 2015 as part of the Government’s Beti Bachao, Beti Padhao campaign, SSY allows guardians to open a savings account for their girl child at any authorized commercial bank or India Post branch.
Using the Sukanya Samriddhi Yojana calculator, you can determine the maturity amount based on your chosen investment tenure and plan your child’s future accordingly.
SSY calculator uses the formula below:
A = P(r/n+1) ^ nt
Here,
A – Compound interest
P – Principal sum
r – Interest rate
n – Number of times the interest is compounded annually
t – Time in years
Suppose you deposit ₹50,000 yearly in the Sukanya Samriddhi Yojana for 15 years. In this period, you do not withdraw any amount during the scheme’s tenure of 21 years. Based on this, the Sukanya Samriddhi calculator will determine that your interest obtained will be ₹16,44,040, and your maturity amount will be ₹23,94,040.
2. National Pension Scheme Calculator
The National Pension System 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 your future.
To calculate this, you have to input personal information, including age and monthly contribution, which generates projections on the total savings amounts and your projected post-retirement income. The interest rate of NPS varies between 9% to 12% per year. NPS’s interest rate ranges from 9% to 12% per annum.
The NPS calculator operates on the principle of compound interest and uses the formula mentioned below:
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 – Annual expected interest rate
t – Total duration or tenure
Suppose you are 25 years old and invest ₹500 per month at an interest rate of 9% per annum. Your maturity amount in the calculator will show as ₹14,81,924.
3. Atal Pension Yojana Calculator
Also known as the APY calculator, this online tool helps you determine the pension and lump sum amount you can receive at age 60.
After entering your age and choosing the desired pension amount between ₹1,000 and ₹5,000, the calculator gives you information on what you have to pay per month and how much you will pay for how many years, thus calculating the total investment made during the contribution period.
The APY Scheme calculator uses the following formula:
APY = (1 + r/n)^n – 1
Here,
r – rate of interest
n – frequency of interest compounding in a year
If you are 18 years old and need a monthly pension of ₹2,000, you must invest ₹84 every month in this scheme. Your total investments will be ₹42,336 and expected returns will be ₹3,00,521.
4. Kisan Vikas Patra Calculator
A Kisan Vikas Patra (KVP) calculator is a digital tool designed to estimate the growth of an investment and its maturity amount over a specific period. KVP is a savings scheme in India that promotes long-term financial planning and discipline.
About the prevailing rate of interest and the method of compounding, the calculator computes the precise projection of returns at the maturity of the invested period. Interest rates on the Kisan Vikas Patra scheme are 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 – Annual expected interest rate
t – Total duration or tenure
For example, for an initial deposit of ₹10,000 at a 7.5% interest rate in KVP, the maturity amount is ₹20,000.
These calculators allow you to plan your finances clearly, ensuring you make the most of government-backed schemes. Whether saving for your child’s future or preparing for retirement, these tools provide accurate estimations to help you make the best choices for your long-term goals.
