Sukanya Samriddhi Yojana Calculator is a financial tool that helps to evaluate the maturity amount of Sukanya Samriddhi Yojana at the end of the scheme tenure.
Use this Sukanya Samriddhi Yojana Calculator to calculate the maturity amount of the Sukanya Samriddhi Yojana account. This SSY Calculator requires some data like – Your monthly deposit amount in Sukanya Samriddhi Yojana & Frequency of compounding i.e. annually. After calculation, you will get the Amount (in Rs.) after the Deposit Period (15 Years) & Maturity Amount (in Rs.) after the Maturity Period (21 Years).
Sukanya Samriddhi Yojana scheme offers an interest rate of 8% per annum for Q2 FY (2023-24).
(Calculate the maturity value of Sukanya Samriddhi Yojana account by using this Sukanya Samriddhi Yojana Calculator)
Detailed Information about Sukanya Samriddhi Yojana Calculator:
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What is Sukanya Samriddhi Yojana Account?
Sukanya Samriddhi Yojana is a small savings scheme launched in 2015 by the Government of India. It was launched as part of the “Beti Bachao, Beti Padhao Yojana” for the benefit of the girl child.
Sukanya Samriddhi Account can be open by the parents of a girl child below the age of 10. Only one account in the name of one girl child and a maximum of two accounts in the name of two different girl children can be open. Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18.
From the date of opening of the account, the deposit in Sukanya Samriddhi Yojana can be made till the completion of a period of 15 years.
Sukanya Samriddhi Account can be open by the parents of a girl child below the age of 10. Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. From the date of opening of the account, the deposit in Sukanya Samriddhi Yojana can be made till the completion of a period of 15 years.
Sukanya Samriddhi Yojana’s interest rates are generally higher than the rates on other government savings schemes.
Features of Sukanya Samriddhi Yojana:
- The account can be opened in the name of a girl child till she attains the age of 10 years.
- Only one account can be opened in the name of a girl child and a maximum of two accounts in the name of two different girl children can be open.
- The account can be opened in Post office and branches of authorised banks.
- Birth certificate of girl child in whose name the account is opened must be submitted.
- An account can be opened with a minimum of Rs. 1000/- and thereafter any amount in multiples of Rs. 100/- can be deposited. A minimum of Rs. 1000/- must be deposited in a Financial year.
- Maximum Rs. 1,50,000/- can be deposited in a financial year.
- Interest rates may be notified by the government from time to time will be calculated on a yearly compounded basis and credited to the account.
- One withdrawal shall be allowed on attaining the age of 18 years of the account holder to meet education expenses up to 50 % of the balance at the credit of the preceding financial year.
- The account can be transferred anywhere in India from one post office/bank to another.
- The account shall mature on completion of 21 years from the date of opening of the account or on the marriage of Account holder whichever is earlier.
- From the date of opening of the account, the deposit in Sukanya Samriddhi Yojana can be made till the completion of a period of 15 years.
Sukanya Samriddhi Yojana Interest Rate:
Sukanya Samriddhi Yojana’s interest rate for Quarter July-September 2020 is 7.6%. The interest rate on Sukanya Samriddhi Yojana has compounded annually. The interest rate is fixed by the government and revised quarterly. The following are the historic interest rates of this government scheme for the girl child:
| Time Period | Interest Rate (%) |
| July to September 2020 | 7.6 |
| April to June 2020 | 7.6 |
| January to March 2020 | 8.4 |
| July to Sep 2019 | 8.4 |
| Apr to June 2019 | 8.5 |
| Jan to March 2019 | 8.5 |
| Oct to Dec 2018 | 8.5 |
| July to Sep 2018 | 8.1 |
| Apr to June 2018 | 8.1 |
| Jan to March 2018 | 8.1 |
| Oct to Dec 2017 | 8.3 |
| July to Sep 2017 | 8.3 |
| Apr to June 2017 | 8.4 |
Note about Interest on Sukanya Samriddhi Yojana deposit:
- Interest at the rate, to be notified by the Government, compounded yearly shall be credited to the account till the account completes fourteen years.
- In case of account holder opting for monthly interest, the same shall be calculated on the balance in the account on completed thousands, in the balance which shall be paid to the account holder and the remaining amount in fraction of thousand will continue to earn interest at the prevailing rate.
You may check the current Rate of Interest of Sukanya Samriddhi Yojana here.
Eligibility for Sukanya Samriddhi Yojana:
The following are the key eligibility criteria for opening an SSY Account:
- Sukanya Samriddhi Account can be opened only in the name of the girl child by her parents or legal guardians.
- The girl child has to be below the age of 10 at the time of account opening.
- Multiple Sukanya Samridhhi accounts cannot be opened for a single girl child.
- Only two SSY accounts are allowed for a family i.e. one for each girl child.
Tax Benefits of Sukanya Samriddhi Yojana (SSY):
Sukanya Samriddhi Yojana investments are designated as an EEE (Exempt, Exempt, Exempt) investment. It means the principal amount deposited, interest earned during the entire tenure, and maturity benefits are tax-exempt.
Under the existing taxation rules of Sukanya Samriddhi Yojana, the tax deduction benefit on the principal amount invested is up to Rs 1.5 lakh per annum under Section 80C of the Income Tax Act, 1961.
What is Sukanya Samriddhi Yojana Calculator?
Sukanya Samriddhi Yojana Calculator is a financial tool that helps to evaluate the maturity amount of Sukanya Samriddhi Yojana at the end of the scheme tenure.
Use this Sukanya Samriddhi Yojana Calculator to calculate the maturity amount of the Sukanya Samriddhi Yojana account. This SSY Calculator requires some data like – Your monthly deposit amount in Sukanya Samriddhi Yojana & Frequency of compounding i.e. annually. After calculation, you will get the Amount (in Rs.) after the Deposit Period (15 Years) & Maturity Amount (in Rs.) after the Maturity Period (21 Years).
Sukanya Samriddhi Account can be open by the parents of a girl child below the age of 10. Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. From the date of opening of the account, the deposit in Sukanya Samriddhi Yojana can be made till the completion of a period of 15 years.
Sukanya Samriddhi Yojana Calculator Variables:
This Sukanya Samriddhi Yojana (SSY) calculator uses some different investment variables that most of the SSY calculator requires. These Sukanya Samriddhi Yojana calculator variables are:
Monthly Deposit Amount: This is a fixed monthly amount that is invested in a Sukanya Samriddhi Yojana scheme. This deposit amount varies from person to person but it must be fixed for this calculator.
Rate of Interest: The Rate of Interest is the variable of the Sukanya Samriddhi Yojana calculator that is not required at the time of maturity calculation. This variable is predefined in this SSY calculator. Sukanya Samriddhi Yojana’s interest rate for Quarter July-September 2020 is 7.6%.
Period of Investment: The length of the investment or period for the investment in months is another factor that plays a major role in the Sukanya Samriddhi Yojana calculator. It is not required at the time of maturity calculation. This variable is predefined in this SSY calculator.
Frequency of compounding: The frequency of compounding for Sukanya Samriddhi Yojana is Annual.
Amount (in Rs.) after the Deposit Period (15 Years): It is the maturity amount at the completion of the deposit of money till 15 years. It is not the final maturity amount of Sukanya Samriddhi Yojana.
Maturity Amount (in Rs.) after the Maturity Period (21 Years): The desired or required amount that an investor wants at the end of the Sukanya Samriddhi Yojana life cycle is known as the final amount or final maturity amount for Sukanya Samriddhi Yojana. It is the final maturity amount of Sukanya Samriddhi Yojana after completion of 21 years.
How Sukanya Samriddhi Yojana Calculator Works?
Anyone can calculate his maturity returns from the Sukanya Samriddhi Yojana account through the online Sukanya Samriddhi Yojana calculator available on this page with high accuracy.
Following are the steps to calculate the maturity value through this calculator:
- Step 1: Enter the fixed monthly amount that he wants to deposit every month in Sukanya Samriddhi Yojana.
- Step 2: Do not require to fill the rate of interest of Sukanya Samriddhi Yojana. This variable is predefined in this SSY calculator.
- Step 3: Thereafter choose the frequency of compounding. The frequency of compounding must be yearly or annual.
- Step 4: After submitting all variables required by the Sukanya Samriddhi Yojana calculator, one will get the final maturity amount for the investment query.
How to use the SSY Calculator?
To use the Sukanya Samriddhi Yojana calculator, by simply entering your monthly deposit amount in Sukanya Samriddhi Yojana & Frequency of compounding i.e. annually.
The SSY calculator will show maturity value based on the entered numbers instantly. It will change as per modification.
Sukanya Samriddhi Scheme Calculator Formula:
Since Sukanya Samriddhi Yojana is a long-term investment, there are certain compounding benefits that are available for the applicants. The formula used to calculate the related amount is-
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A=P(1+r/n)^n |
In this formula,
- A= Compound Interest
- P=Principal Amount
- r=Rate of Interest
- n=The number of times interest is compounded in a year
- t=number of years
Who can use this Calculator?
The first step to take benefit of the SSY calculator is to check whether the eligibility criteria of the scheme are fulfilled. SSY account can be opened by legal guardians of the girl child provided the following conditions are met:-
- The girl must be an Indian resident
- The girl shouldn’t be more than 10 years of age
- Up to two accounts can be opened in a family with two girl children.
Additionally, the legal guardians will also need to submit the following documents to be able to start the deposits in the scheme:-
- Duly filled scheme opening document which covers the basic personal details of the account holder and the girl child for whom the account is being opened.
- Birth certificate of the girl child.
- Depositor’s identification documents as well as a valid address proof.
- Medical certificate in the case of the birth of multiple children under a single birth order.
- Additional documents requested by the concerned authority.
Individuals who meet the aforementioned pre-requisites as well as have the supporting documents for the same are eligible for the scheme and hence can go ahead and use the Sukanya Samriddhi Yojana calculator online.
How can an SSY calculator help you?
The SSY calculator will show maturity value based on the entered numbers instantly. The manual calculation is cumbersome and prone to error. This is where the Sukanya Samriddhi Calculator comes in handy. According to the maturity amount, investors can make adjustments to regular contributions to reach the desired corpus. The calculator is free to use and can generate error-free output for multiple iterations.
The Sukanya Samriddhi Yojana is a long-term investment scheme that can generate high ROI. You have to make a minimum contribution each year to keep the account active.
Hence, using a Sukanya Samriddhi Yojana calculator online is beneficial to have an overall assessment of your investments and returns.
Few benefits of SSY calculators include:
- Shows you the year of maturity for your SSY account.
- Displays the amount you receive upon maturity.
- Helps you plan your investment portfolio more effectively.
Advantages of using this Sukanya Samriddhi Yojana Calculator:
The applicants of Sukanya Samriddhi Yojana can use the SSY calculator to evaluate the maturity amount at the end of the scheme tenure. The calculator helps to compute how much savings can be accrued with the scheme.
- This Sukanya Samriddhi Yojana calculator is free to use and can generate error-free output for multiple iterations.
- The calculator generates output within seconds.
- The tool is available online and does not require downloading a utility.
- You don’t have to sign up or log in to use the calculator, it does not ask any user information except the input fields.
- There is no limit to the number of times you can use the Sukanya Samriddhi Yojana calculator.
- The calculations are made based on the prevailing SSY interest rates for higher accuracy; individuals don’t have to manually enter interest rates.
- The SSY Calculator is up to date and any change implemented in the scheme itself, that affects the calculation of the corpus, will get auto reflected in the workings of the Sukanya Samriddhi calculator.
- The tool works equally efficiently on all devices.
- Enables the applicants to evaluate the amount which gets credited after maturity
- Eliminates the mistakes that are carried out during manual calculations
FAQs about Sukanya Samriddhi Yojana Calculator:
Who is eligible for a Sukanya Samriddhi Yojana Account?
Guardians can open an account on behalf of their girl child anytime between when she is born and before she reaches the age of 10.
How many accounts can be created under this scheme?
Only one SSY account is permitted for a girl child. The number of accounts guardians can create is restricted to two for each of their girl children. Exceptions are only in the case of twins or triplets.
What is the minimum amount required to open an SSY account?
Individuals can open an account with as low as Rs. 1000. They also have to invest a minimum of Rs. 1000 to keep the account active.
What happens when I do not make any deposits?
A Sukanya Samriddhi Yojana account is rendered inactive if you don’t make any deposits. However, you can revive your account by paying a penalty charge of Rs. 50.
What is the maximum amount that I can deposit in a year?
The maximum amount that you can deposit per year in a Sukanya Samriddhi Yojana account is Rs. 1.5 Lakh.
What is the maturity period of a Sukanya Samriddhi Yojana Account?
The maturity period of an SSY account is 21 years. However, you only have to make deposits for 14 years. The deposited corpus will earn interest between the 14th and 21st year.
Does a Sukanya Samriddhi Yojana account provide income tax benefits?
Yes. SSY accounts provide income tax benefits of up to Rs. 1.5 Lakh under Section 80C.
Can an account holder prematurely withdraw from an SSY account?
Yes. An account holder (the girl) will be able to withdraw from her account once she reaches 18 years of age. The account holder can only withdraw 50% of the accumulated amount once after she reaches this specified age only for the purpose of higher education.
Can a Sukanya Samriddhi Yojana account be closed before maturity?
Yes. A Sukanya Samriddhi Yojana account can be closed in the event of the account holder’s death or for the treatment of life-threatening diseases, the sanction of which needs to be authorised by the Central Government.
