Sukanya Samriddhi Yojana (SSY) Calculator
Secure your daughter's future with government-backed returns.
Amortization Table
| Year | Amount Deposited | Interest Earned | Year End Balance |
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Gift Your Girl Child the Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a savings scheme launched by the government in 2015. The idea was to induce the parents to plan for the education of their female children through a lucrative and tax-effective scheme. Ideally, the scheme encouraged people to start early so that the power of compounding worked in their favour.
It is a low-risk scheme with the government guaranteeing the principal amount and the interest payment as per the rates decided each year. The current interest rate in the SSY scheme is 8.2% per annum. The guardian of the girl child can open a savings account for their girl child with an authorised commercial bank or a Post office.
Key Conditions for the Use of Sukanya Samriddhi Yojana
- Interest Rate: The current rate is 8.2%. The interest earned is entirely tax-free.
- Eligibility: The account can only be opened by the legal guardians (biological parents or court-appointed) of the girl child.
- Age Limit: SSY account for the girl child should be opened before the age of 10 years.
- Maturity: The account matures 21 years from the date of account opening.
- Premature Closure: Permitted on the occasion of the girl's marriage (after age 18) or compassionate grounds.
- Partial Withdrawal: Up to 50% of the balance is allowed for higher education after 10th grade or age 18.
- Documents: Copies of PAN card, proof of address, proof of identity, and the registered birth certificate of the girl child.
Advantages of Using the SSY Calculator
There are some distinct benefits to using the Sukanya Samriddhi Yojana Calculator. The SSY Calculator Online is not only accurate but also simple. Moreover, in Sukanya Samriddhi Yojana even with an interest rate of 8.2%, the scheme helps to accumulate wealth in the long term.
- Simple & Quick: The calculator allows for multiple iterations and simulations. This allows you to look at various combinations to get the best value for money.
- End Use Norms: The government has prescribed end usage norms to avoid frivolous use. Withdrawals require proof of university admission letter and stamped fee receipts.
How does the SSY Calculator work?
The Sukanya Samriddhi Yojana Calculator operates using a mathematical formula to calculate the maturity amount based on the principal investment, interest rate, and investment duration.
The formula used is:
Where:
- A = Amount at maturity
- P = Initial deposit
- r = Rate of interest (8.2%)
- n = Frequency of compounding per year
- t = Number of years
Sukanya Samriddhi Yojana Calculator FAQs
How many accounts can a family create under Sukanya Samriddhi Yojana?
There can only be one SSY account for one girl child. The parent can create two SSY accounts for a maximum of two girl children. Twins and triplets are exceptions to this rule.
What minimum and maximum can be invested?
The minimum investment per year is ₹250, and the maximum is ₹1.50 lakhs. To keep the account active, the parent must make at least one SSY deposit in each financial year for the first 15 years.
Can parents withdraw money from the SSY Account?
Parents can withdraw funds from the SSY Account for the girl's higher education or marriage after she turns 18 years old.
Is the interest earned on SSY fully tax-free?
Yes, contributions qualify for tax deductions under Section 80C. The interest earned and maturity amount are tax-exempted.