The Sukanya Samriddhi Yojana Calculator is based on the Sukanya Samriddhi Account Scheme, 2019, launched by the Government of India (GOI). You can use this calculator to estimate the return on the Sukanya Samriddhi Yojana (SSY) account.

Continue reading to know:

  • What is Sukanya Samriddhi Yojana?
  • What are the tax benefits of Sukanya Samriddhi Yojana?
  • How to apply for Sukanya Samriddhi Yojana?
  • What are the eligibility criteria and age limit for the SSY scheme?
  • How to use the SSY calculator to find out the maturity amount in an SSY account?

We also recommend checking out the Atal Pension Yojana scheme launched by the GoI.

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is a small deposit scheme launched by the Ministry of Finance, Government of India. The purpose of this scheme is to promote the education and welfare of girls. It encourages parents/guardians to save and invest for education and wedding expenses of their wards.

The scheme is exclusively meant for girl children who have not attained the age of 10 years.

How to calculate the maturity amount in Sukanya Samriddhi Yojana?

To calculate the maturity amount in Sukanya Samriddhi Yojana, we will use the formula for compound growth:

FV=PV×(1+r)tCG=FVPV\small \begin{align*} FV &= PV \times (1+r)^t\\ CG &= FV - PV \end{align*}

where:

  • PVPV — Initial balance or present value;
  • rr — Annual interest rate;
  • tt — Number of years/time period;
  • FVFV — Future value of the investment; and
  • CGCG — Compound growth.

How to use the Sukanya Samriddhi Yojana calculator?

Now let us see how you can calculate the maturity amount of your SSY account using the Sukanya Samriddhi Yojana calculator. We will assume that you are making an annual deposit of Rs. 1,50,000 per year.

SSY inputs

  1. Choose your deposit frequency (yearly).

  2. Enter your yearly deposit amount (Rs. 1,50,000) and the annual rate of interest (7.6%).

SSY calculator result

  1. The Sukanya Samriddhi Yojana Calculator will display a summary of your investments, i.e., total investment (Rs. 22,50,000), maturity amount (Rs. 65,93,071), and interest earned (Rs. 43,43,071).

  2. You can also see how your investment grows over the years by using the provided chart of balances and a table of payment schedules.

  3. The deposit period (15 years) and maturity period (21 years) are fixed in this scheme. However, you can change these values if you want to check the balance in the case of premature closure of the account.

Sukanya Samriddhi Yojana interest rate

The interest rate of Sukanaya Samriddhi Yojana is declared by the Government every quarter. The current annual interest rate is 7.6%, compounded annually.

You can invest anywhere between Rs. 250 to Rs. 1.5 lakh per year in an SSY account, provided the deposits are in multiples of fifty rupees. The maximum period for which you have to make a deposit is 15 years. The tenure of the deposit is 21 years from the date of opening the account.

Sukanya Samriddhi Yojana benefits

There are several investment options that you can use to secure the future of your child. However, owing to its benefits, Sukanya Samriddhi Yojana is emerging as a popular choice among parents. The main benefits of this scheme are:

  • Attractive interest rate: The interest rate of Sukanya Samridhi Yojana is higher than other investment options like fixed deposit or recurring deposit schemes.

  • Risk-free return: The Government of India backs the Sukanya Samriddhi Yojana scheme. Hence, the returns are risk-free.

  • Tax benefits: Just like PPF and ELSS mutual funds, investments made in this scheme are eligible for tax deductions under Section 80C of the I.T. Act. The interest earned is also completely free from any tax liabilities.

  • Tranferrebility of account: You can easily transfer an SSY account from one bank/post office to another.

Other relevant details of Sukanya Samriddhi Yojana scheme

The rules of operating an SSY account are somewhat similar to that of a PPF account:

  • Tenure of the deposit: The maturity period of an SSY account is 21 years from the date of its opening. However, you may deposit only for a period of 15 years.

  • Irregular payment penalty: If you fail to deposit a minimum of Rs. 250 in a financial year, your account will be considered as under default. However, you can regularise your account by paying a penalty of Rs. 50 along with the minimum annual deposit for each year of default.

  • Premature withdrawal: You can withdraw a maximum of 50% of the available balance in the account for the child's education once she attains the age of 18 years or has passed the tenth standard. The withdrawal can be made either in a lump sum or in instalments.

  • Premature closure: You can't close an SSY account prematurely except for circumstances such as marriage, death, or life-threatening diseases.

  • Limitations: A family can open up to two accounts for a maximum of two female children.

Sukanya Samriddhi Yojana calculator disclaimer

You should consider the SSY calculator as a model for financial approximation. All payment figures, balances, and interest figures are estimates based on the data you provided in the specifications that are not exhaustive despite our best effort.

For this reason, we created the calculator for instructional purposes only. Still, if you experience a relevant drawback or encounter any inaccuracy, we are always pleased to receive helpful feedback and advice.

FAQ

What is the age limit for Sukanya Samriddhi Yojana?

The maximum age limit of the girl child for opening a Sukanya Samriddhi Yojana account is ten years.

What are the tax benefits of Sukanya Samriddhi Yojana?

The tax benefits of Sukanya Samriddhi Yojana are:

  • Under Section 10 of the Income Tax act, the interest earned is free from any tax.
  • The deposits made under SSY qualifies for tax benefit under section 80C.

How to apply for Sukanya Samriddhi Yojana?

To open a Sukanya Samriddhi Yojana account, the parent or guardian of the girl can approach any authorized bank branch or a post office. The following documents are required for the Sukanya Samriddhi Yojana account:

  • The filled SSY account application form;
  • Initial deposit amount (between Rs. 250 and Rs 1.5 lakh)
  • Identity and address proof of the guardian or parent; and
  • Birth certificate and photograph of the child.

What is the deposit limit for Sukanya Samriddhi Yojana account?

The minimum deposit is two hundred fifty rupees, and the maximum deposit is one lakh fifty thousand rupees per financial year.

Who is eligible for Sukanya Samriddhi Yojana?

The eligibility criteria for opening a Sukanya Samriddhi Yojana account are:

  • The child must be a girl and a resident of India.
  • The girl should not have attained the age of 10 years.
  • One family can open a maximum of two accounts, i.e., for two children.
Purnima Singh, PhD and Wei Bin Loo
I'd like to know the...
final balance
SSY inputs
Deposit payment
$
Deposit frequency
Yearly
Interest rate
%
Deposit period
yrs
Maturity period
yrs
Start date
Inflation rate
%
Results
Your initial investment will become $6,593,071.00 at the end of the term.
Final balance$6,593,071.00
Yearly deposit$150,000.00
Total deposit$2,250,000.00
Total return$4,343,071.00
Number of deposits15
End of termSept. 27, 2043
Display...
table of payment schedule
YearOpening balanceYearly depositYearly returnClosing balance
20220150,00011,400161,400
2023161,400150,00023,666335,066
2024335,066150,00036,865521,931
2025521,931150,00051,067722,998
2026722,998150,00066,348939,346
2027939,346150,00082,7901,172,136
20281,172,136150,000100,4821,422,619
20291,422,619150,000119,5191,692,138
20301,692,138150,000140,0021,982,140
20311,982,140150,000162,0432,294,183
20322,294,183150,000185,7582,629,941
20332,629,941150,000211,2762,991,216
20342,991,216150,000238,7323,379,949
20353,379,949150,000268,2763,798,225
20363,798,225150,000300,0654,248,290
20374,248,2900322,8704,571,160
20384,571,1600347,4084,918,568
20394,918,5680373,8115,292,379
20405,292,3790402,2215,694,600
20415,694,6000432,7906,127,390
20426,127,3900465,6826,593,071
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