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Sukanya Samriddhi Yojana - SSY Calculator
Calculate Maturity Amount for your Recurring SSY
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Sukanya Samriddhi Yojana Calculator
What is Sukanya Samriddhi Yojana (SSY) Scheme?
This scheme offers tax benefits under Section 80C of the Income Tax Act and provides attractive interest rates.
What is Sukanya Samriddhi Yojana (SSY) Calculator?
How Does the SSY Calculator Work?
• A = P(1 + r/n) ^ nt
Where:
• A = Maturity Amount
• P = Annual Investment
• r = Interest Rate
• n = Compounding Frequency (Yearly for SSY)
• t = Number of Years
The calculator factors in the government-declared interest rates and provides an estimate of the total amount that can be withdrawn at maturity.
SSY Calculator Example
Consider an individual investing ₹1,50,000 annually for 15 years at an 8.2% compounded annual interest rate. The goal is to find the total corpus after 21 years, with contributions stopping after 15 years but investment continuing to grow.
The total accumulated amount after 15 years would be ₹45.25 lakh, including interest. However, allowing the investment to grow for 6 more years without additional deposits, the final maturity amount grows to ₹72.98 lakh.
Year-wise Breakdown:
| Year | Opening Balance | Annual Deposit | Interest Earned | Closing Balance |
|---|---|---|---|---|
| 1 | ₹0 | ₹1,50,000 | ₹12,300 | ₹1,62,300 |
| 2 | ₹1,62,300 | ₹1,50,000 | ₹25,133 | ₹3,37,433 |
| 3 | ₹3,37,433 | ₹1,50,000 | ₹38,972 | ₹5,26,405 |
| 4 | ₹5,26,405 | ₹1,50,000 | ₹53,855 | ₹7,30,260 |
| 5 | ₹7,30,260 | ₹1,50,000 | ₹69,833 | ₹9,50,093 |
| 6 | ₹9,50,093 | ₹1,50,000 | ₹86,963 | ₹11,87,056 |
| 7 | ₹11,87,056 | ₹1,50,000 | ₹1,05,308 | ₹14,42,364 |
| 8 | ₹14,42,364 | ₹1,50,000 | ₹1,24,936 | ₹17,17,300 |
| 9 | ₹17,17,300 | ₹1,50,000 | ₹1,45,920 | ₹20,13,220 |
| 10 | ₹20,13,220 | ₹1,50,000 | ₹1,68,341 | ₹23,31,561 |
| 11 | ₹23,31,561 | ₹1,50,000 | ₹1,92,280 | ₹26,73,841 |
| 12 | ₹26,73,841 | ₹1,50,000 | ₹2,17,827 | ₹30,41,668 |
| 13 | ₹30,41,668 | ₹1,50,000 | ₹2,45,078 | ₹34,36,746 |
| 14 | ₹34,36,746 | ₹1,50,000 | ₹2,74,134 | ₹38,60,880 |
| 15 | ₹38,60,880 | ₹1,50,000 | ₹3,05,103 | ₹43,15,983 |
| 16 | ₹43,15,983 | ₹0 | ₹3,54,711 | ₹46,70,694 |
| 17 | ₹46,70,694 | ₹0 | ₹3,83,000 | ₹50,53,694 |
| 18 | ₹50,53,694 | ₹0 | ₹4,14,402 | ₹54,68,096 |
| 19 | ₹54,68,096 | ₹0 | ₹4,48,780 | ₹59,16,876 |
| 20 | ₹59,16,876 | ₹0 | ₹4,86,585 | ₹64,03,461 |
| 21 | ₹64,03,461 | ₹0 | ₹5,28,284 | ₹69,31,745 |
This example illustrates the power of compounding, where even after stopping contributions, the investment continues to grow significantly over time.
How to Use ABCD’s Sukanya Samriddhi Yojana Calculator?
• Enter the Annual Investment Amount
This is the amount you plan to contribute each year.
• Enter the Girl's Age
This helps determine the investment duration.
• Enter the Starting Year of Investment
This is used to calculate the maturity period and expected returns.
Once these details are entered, the calculator instantly provides the estimated maturity value and the year when the investment matures.
Who Can Use the SSY Calculator?
Advantages of Using Sukanya Samriddhi Yojana Calculator
- Quick & Accurate Estimates
Get instant calculations without manual effort. - Easy Financial Planning
Helps parents determine how much to invest annually. - Tax Benefits Analysis
Understand the tax exemptions applicable under SSY. - Government-Regulated
Uses official interest rates for accurate results. - Future Corpus Visualisation
Helps in mapping out financial goals for your child.
How Can I Use the Corpus Accumulated from SSY Contributions?
The funds accumulated in an SSY account can be used for:
- Higher Education
Covering tuition fees, accommodation, and educational materials. - Marriage Expenses
Ensuring financial preparedness for wedding-related costs. - Financial Security
Creating a stable financial foundation for the girl child’s future.
The Formula for Calculating the Maturity Value From Sukanya Samriddhi Yojana
A= P(1+r/n) ^ nt
A is the compound interest
P is the principal amount
n is the number of times interest gets compounded in a year
t is the number of years
r is the rate of interest
While this formula can help determine the maturity value, individuals can use an SSY calculator to find the result quickly.
Why to use a Sukanya Samriddhi Yojana Calculator?
How to Use a Sukanya Samridhhi Yojana Calculator?
- The investment amount per year.
- The girl child’s age.
- The starting year of the investment.
As the Government of India decides the interest rate, individuals aren’t required to enter this detail in the calculator. Currently, the interest rate is 7.6%.
Once the details are entered, the maturity value of the investment will be calculated. The calculator will also help the user find out the maturity year.
Under this scheme, there is a lock-in period of 21 years. However, from the 15th year, the subscriber is allowed to not make any contributions. But the SSY account will earn returns on the invested amount. Subscribers must keep in mind that they need to make an investment at least once a year for 14 years to keep the account active.
Let’s take a look at an example to understand how the investment will grow during the tenure-
Mr. Tripathi open an SSY account when their daughter was born. They make an investment of Rs. 1 Lakh every year for 15 years.
Investment amount- Rs. 1 Lakh
Interest Rate- 7.6%
Investment Tenure- 15 years
Year | Deposit Made | Previous Balance | Interest | Investment Value |
1 | Rs. 1,00,000 | Nil | Rs. 7,600 | Rs. 1,07,600 |
2 | Rs. 1,00,000 | Rs. 1,07,600 | Rs. 15,777.60 | Rs. 2,23,378 |
3 | Rs. 1,00,000 | Rs. 2,23,378 | Rs. 24,576.72 | Rs. 3,47,955 |
4 | Rs. 1,00,000 | Rs. 3,47,955 | Rs. 34,044.60 | Rs. 4,82,000 |
5 | Rs. 1,00,000 | Rs. 4,82,000 | Rs. 44,232 | Rs. 6,26,232 |
6 | Rs. 1,00,000 | Rs. 6,26,232 | Rs. 55,193.64 | Rs. 7,81,426 |
7 | Rs. 1,00,000 | Rs. 7,81,426 | Rs. 66,988.32 | Rs. 9,48,414 |
8 | Rs. 1,00,000 | Rs. 9,48,414 | Rs. 79,679.52 | Rs. 11,28,094 |
9 | Rs. 1,00,000 | Rs. 11,28,094 | Rs. 93,335.16 | Rs. 13,21,429 |
10 | Rs. 1,00,000 | Rs. 13,21,429 | Rs. 1,08,028.56 | Rs. 15,29,458 |
11 | Rs. 1,00,000 | Rs. 15,29,458 | Rs. 1,23,838.80 | Rs. 17,53,297 |
12 | Rs. 1,00,000 | Rs. 17,53,297 | Rs. 1,40,850.60 | Rs. 19,94,148 |
13 | Rs. 1,00,000 | Rs. 19,94,148 | Rs. 1,59,155.28 | Rs. 22,53,303 |
14 | Rs. 1,00,000 | Rs. 22,53,303 | Rs. 1,78,851 | Rs. 25,32,154 |
15 | Rs. 1,00,000 | Rs. 25,32,154 | Rs. 2,00,043.72 | Rs. 28,32,198 |
16 | Nil | Rs. 28,32,198 | Rs. 2,15,247 | Rs. 30,47,445 |
17 | Nil | Rs. 30,47,445 | Rs. 2,31,605.88 | Rs. 32,79,051 |
18 | Nil | Rs. 32,79,051 | Rs. 2,49,207.84 | Rs. 35,28,259 |
19 | Nil | Rs. 35,28,259 | Rs. 2,68,147.68 | Rs. 37,96,407 |
20 | Nil | Rs. 37,96,407 | Rs. 2,88,526.92 | Rs. 40,84,934 |
21 | Nil | Rs. 40,84,934 | Rs. 3,10,455 | Rs. 43,95,389 |
The maturity value of this investment will be Rs. 43,95,389.
Rules for Withdrawal
When the Account Matures
When the Girl Child is 18 Years of Age
If the girl requires funds to pay for her education, then she can withdraw money from the account. However, the girl must be 18 years of age to make the withdrawal. She’s required to submit the necessary documents to withdraw the funds.
Rules for Premature Withdrawal
When the Girl Child is 18 Years of Age
Citizenship Status Change
In case of the Girl Child’s Death
Documents Required to Open an SSY Account
- The account opening form.
- The girl child’s birth certificate.
- The depositor and girl child’s identity proof.
- The depositor’s address proof.
- A medical certificate is necessary in case of twins or triplets.
By investing in Sukanya Samriddhi Yojana, individuals can accumulate funds for their daughters. These funds can be used for their girl child’s future expenses, like marriage and education costs.
SSY Calculator FAQs (Frequently Asked Questions)
What is the maximum amount that I can deposit in a year?
The maximum amount you can deposit annually in an SSY account is ₹1.5 lakh.
What is the maturity period of an SSY account?
The maturity period of an SSY account is 21 years from the date of opening.
Can I open 2 Sukanya Samriddhi Yojana accounts?
Yes, you can open one SSY account for each of your two daughters.
Can parents withdraw money from the Sukanya Samriddhi Yojana account?
Parents cannot withdraw money, only the girl child can make withdrawals, typically after turning 18 years, for education or marriage.
What is Sukanya 1000 per month?
Sukanya 1000 per month refers to depositing ₹1,000 every month in an SSY account, which will accumulate over time to fund the girl child’s future needs.
What is the deposit for SSY after 15 years?
After 15 years, parents can stop depositing money, but the account continues to earn interest on the deposited amount until maturity.
Can I deposit ₹10 lakh in Sukanya Samriddhi?
No, the maximum yearly deposit allowed in SSY is ₹1.5 lakh, but you can spread out multiple deposits across different years.
Is the SSY interest rate fixed?
The SSY interest rate is not fixed and is set by the government of India, which can change every quarter.
DisclaimerThe information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.