Government schemes provide financial assistance to meet your goals. The schemes offer guaranteed returns and tax benefits which makes the government schemes the most sought after by Indian citizens.
However, calculating the investment or return manually is not an easy task and involves the risk of human errors. Here, online calculators play a vital role in providing you with the exact calculation instantly. Let’s discuss 4 calculators that you can use to check the return on various government schemes.
4 Essential Calculators to Use for Calculating Return on Government Schemes
Here are major 4 calculators that you must use:
1. Sukanya Samridhi Yojana Calculator
The Sukanya Samriddhi Yojana is initiated by the Government of India to support families financially during the girl child’s education and marriage. The scheme offers various benefits including good interest rates and tax benefits under section 80C.
The Sukanya Samriddhi Yojana calculator allows the beneficiaries to calculate the return. It’s an online tool that can be used easily by entering the age of the girl child, Annual contribution, and investment tenure. You will get the calculated result including the total maturity amount, Interest amount, and total investment.
You must use the Sukanya Samriddhi Yojana calculator to plan long-term savings for your girl child, adjust the deposit amount as per your financial situation, and get the exact calculator of maturity amount after 21 years.
2. National Pension Scheme Calculator
National pension scheme (NPS) is the most suitable retirement plan for working people who don’t get post-retirement security from their companies. It is a plan where the investors can contribute to the market-linked instruments and get returns as per market performance.
NPS scheme investors must use the National Pension Scheme calculator to determine their return on investment. They need to input details such as the investor’s age, Monthly deposit, expected return rate, Annuity purchase percentage, and Annuity rate. The calculator will provide the exact calculation for their total retirement corpus, Monthly pension, and lump-sum withdrawal.
Investors must use this online tool to find out how much they need to contribute and how much they will get after retirement. They can also find out how much money they need to contribute to secure their post retirement life.
3. Atal Pension Yojana Calculator
Atal Pension Yojana is a government-initiated scheme where the employees of the unorganized sector get a pension after attaining 60 years of age. It is a retirement scheme for the Indian citizen to ensure their post-retirement life remains free from financial issues.
APY calculator helps the investors to determine various aspects associated with the return on investment in this scheme. It is an online tool which is easy to use. You need to enter the details such as your age, desired pension per month, and payment frequency. You will get information such as the required contribution amount and total investment.
APY calculator allows the investors to determine the required monthly or quarterly contribution and the suitable pension amount as per their post retirement needs.
4. Kisan Vikas Patra Calculator
Kisan Vikas Patra Scheme is a government plan that offers fixed income to investors and doubles the money in a specific period. It is the best scheme for people who are looking for regular income on investment. Investors usually struggle to determine the income amount. Kisan Vikas Patra Calculator helps investors to calculate their return on investment. You just need to enter the investment amount and current interest rate. The calculator will provide you with the calculation for the maturity amount and period when your investment will be doubled.
Conclusion
If you are planning to save for your child’s future, retirement or simply looking for monthly income, the Government offers various schemes which can provide you major benefits as per your goals. You need an investment amount and after a few years you will get the desired benefits.
Using calculators such as the Sukanya Samriddhi Yojana calculator and APY calculator can help you determine the return on your investment. The major 4 calculators that you must use before investing to know the benefits are the APY calculator, Sukanya Samriddhi Yojana calculator, Kisan Vikar Patra Yojana calculator, and NPS calculator.
FAQs
How can I use the calculators for determining the government scheme benefits?
Ans. The online calculators are available on the official websites of the schemes, bank websites, and other financial service platforms.
How much do these calculators charge?
Ans. These calculators are free to use. You can visit the official websites and use these calculations any number of times free of cost.
Is it possible to adjust the contribution amount in calculators?
Ans. Yes, you can adjust the contribution amount as per your financial situation. The calculators are easy to use.
