Sukanya Samriddhi Yojana Calculator | SSY Interest & Maturity Calculator
Sukanya Samriddhi Yojana Returns
Total Investment
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Interest Earned
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Maturity Amount
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Maturity Year
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| Year | Age | Opening Balance | Yearly Investment | Interest Earned | Closing Balance |
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What is Sukanya Samriddhi Yojana Calculator | SSY Interest & Maturity Calculator?
A Sukanya Samriddhi Yojana (SSY) Calculator is a financial tool designed to help parents estimate the future value of investments made in the Sukanya Samriddhi account for their daughters. This calculator projects the maturity amount and interest earnings based on your regular contributions, taking into account the current interest rate and investment duration.
About Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a government-backed small savings scheme launched as part of the "Beti Bachao, Beti Padhao" campaign in India. It's specifically designed to secure the future of girl children by encouraging parents to save for their education and marriage expenses. Key features of this scheme include:
- Eligibility: Parents or legal guardians can open an account for a girl child up to the age of 10 years.
- Account Limit: Only one account per girl child, with a maximum of two accounts in a family (exceptions for twins/triplets).
- Minimum Deposit: ₹250 per year with a maximum limit of ₹1.5 lakh per year.
- Interest Rate: Currently offers one of the highest interest rates among small savings schemes (revised quarterly by the government).
- Maturity Period: 21 years from the date of opening the account or upon marriage after 18 years of age.
- Tax Benefits: Investments are eligible for tax deduction under Section 80C, and the interest earned and maturity amount are tax-free.
How the Sukanya Samriddhi Calculator Works
The Sukanya Samriddhi calculator uses the following formula to calculate the maturity amount:
A = P(1 + r/100)n
Where:
- A is the maturity amount
- P is the yearly investment amount
- r is the interest rate per annum
- n is the number of years
This calculator helps parents:
- Estimate the total corpus that will be available for their daughter's education or marriage
- Understand how much they need to save regularly to achieve a specific financial goal
- Visualize the power of compounding interest over the long term
- Plan financial allocations for their daughter's future needs
Our Sukanya Samriddhi Calculator is designed to be user-friendly and accurate, providing valuable insights into one of India's most beneficial savings schemes for girl children.
Examples
Here are some practical examples to help you understand how the Sukanya Samriddhi Yojana works with different investment scenarios:
Example 1: Maximum Investment for a Newborn
| Parameter | Value |
|---|---|
| Yearly Investment | ₹1,50,000 |
| Interest Rate | 7.6% p.a. |
| Daughter's Age | 0 years (Newborn) |
| Investment Duration | 15 years (Maximum allowed) |
| Maturity Period | 21 years |
Calculation Results:
- Total Investment: ₹22,50,000 (₹1,50,000 × 15 years)
- Interest Earned: ₹50,16,789
- Maturity Amount: ₹72,66,789
By starting early and investing the maximum amount, this parent creates a substantial corpus for their daughter's future. The interest earned is more than double the invested amount, showcasing the power of compound interest over a long period.
Example 2: Moderate Investment for a 5-Year-Old
| Parameter | Value |
|---|---|
| Yearly Investment | ₹60,000 |
| Interest Rate | 7.6% p.a. |
| Daughter's Age | 5 years |
| Investment Duration | 15 years (Maximum allowed) |
| Maturity Period | 16 years (until age 21) |
Calculation Results:
- Total Investment: ₹9,00,000 (₹60,000 × 15 years)
- Interest Earned: ₹13,62,413
- Maturity Amount: ₹22,62,413
Starting at age 5 still provides 16 years for the investment to grow. Even with a moderate investment amount, the parent is able to generate significant returns, with interest earned exceeding the principal amount.
Example 3: Minimum Investment for a 9-Year-Old
| Parameter | Value |
|---|---|
| Yearly Investment | ₹12,000 |
| Interest Rate | 7.6% p.a. |
| Daughter's Age | 9 years |
| Investment Duration | 12 years (until the girl turns 21) |
| Maturity Period | 12 years (until age 21) |
Calculation Results:
- Total Investment: ₹1,44,000 (₹12,000 × 12 years)
- Interest Earned: ₹1,26,321
- Maturity Amount: ₹2,70,321
Even when starting late (at age 9, just before the maximum age limit of 10), and investing a smaller amount, the parent can still create a meaningful corpus for their daughter. While the interest earned is slightly less than the principal amount due to the shorter investment horizon, it still provides a significant return.
Key Takeaways from Examples:
- Start Early: Beginning investments at a younger age significantly increases the final corpus due to the longer compounding period.
- Maximize Contributions: Higher annual deposits lead to substantially larger maturity amounts.
- Power of Compounding: In Example 1, the interest earned is more than double the invested amount due to compounding over 21 years.
- Never Too Late: Even starting close to the age limit can result in meaningful returns for your daughter's future.
- Tax Efficiency: Remember that all investments, interest earned, and the maturity amount are completely tax-free, enhancing the effective returns.
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How to Use Sukanya Samriddhi Yojana Calculator | SSY Interest & Maturity Calculator
The Sukanya Samriddhi Yojana (SSY) calculator helps you estimate the maturity amount for your daughter's SSY account. Follow these simple steps to use the calculator effectively:
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Enter Your Yearly Investment:
Input the amount you plan to deposit in the SSY account each year. This can be anywhere between ₹250 (minimum) and ₹1,50,000 (maximum) per financial year.
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Enter the Interest Rate:
The calculator is pre-filled with the current interest rate, but you can modify it if needed. The government revises the interest rate quarterly.
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Enter Your Daughter's Age:
Specify your daughter's current age in years. Remember, an SSY account can only be opened for a girl child who is under 10 years of age.
-
Include/Exclude Current Year:
Choose whether to include the current year in your calculation by checking or unchecking the box.
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Click the Calculate Button:
After entering all the required information, click the "Calculate Returns" button to see the results.
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Analyze the Results:
Review the results showing the total investment, interest earned, maturity amount, and year of maturity. You can also examine the yearly breakdown table for detailed insights.
Understanding Sukanya Samriddhi Yojana Rules:
- Investment Period: You can make deposits for 15 years from the date of account opening.
- Account Maturity: The account matures when your daughter turns 21 years old.
- Partial Withdrawal: You can withdraw up to 50% of the balance at the end of the previous financial year for higher education expenses once the girl turns 18.
- Premature Closure: The account can be closed prematurely in case of marriage after the girl turns 18.
- Minimum Deposit: A minimum of ₹250 must be deposited every year to keep the account active.
- Penalty: A penalty of ₹50 is charged for each year the minimum deposit is not made.
Interpreting Calculator Results:
- Total Investment: This is the sum of all yearly deposits you make to the SSY account.
- Interest Earned: This represents the total interest accumulated over the entire duration of the account.
- Maturity Amount: This is the final amount your daughter will receive when the account matures.
- Yearly Breakdown: The table shows how your investment grows year by year, helping you visualize the power of compounding.
Advantages of Sukanya Samriddhi Yojana Calculator | SSY Interest & Maturity Calculator
The Sukanya Samriddhi Yojana Calculator offers several key benefits for parents planning for their daughter's future:
- Future Value Projection: Accurately estimates the maturity amount your daughter will receive, helping you plan her education and marriage expenses with confidence.
- Investment Planning: Determines the optimal yearly contribution required to meet your daughter's future financial goals, allowing for better financial planning.
- Compounding Visualization: Demonstrates the powerful effect of compounding interest over the long investment horizon, encouraging early investment.
- Tax Benefit Assessment: Helps evaluate the tax advantages of SSY investments under Section 80C, allowing for more efficient tax planning.
- Year-wise Growth Analysis: Provides a detailed yearly breakdown of your investment growth, helping you understand how your money multiplies over time.
- Comparative Analysis: Enables comparison of different investment amounts to determine the most suitable contribution based on your financial capacity.
- Early Planning Advantage: Illustrates the significant benefits of starting early by showing the substantial difference in returns when investing during your daughter's early years.
- Decision Support: Offers a clear financial perspective on securing your daughter's future, helping you make an informed decision about opening an SSY account.
Frequently Asked Questions
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme in India specifically designed for the girl child. It offers parents or legal guardians a tax-efficient way to save for their daughter's education or marriage expenses.
How does the Sukanya Samriddhi Calculator work?
The Sukanya Samriddhi Calculator uses the compound interest formula to calculate the maturity amount of your SSY investment. It considers your annual investment amount, the current interest rate, and the investment duration to show you the potential corpus at maturity.
What is the minimum and maximum investment amount for SSY?
The minimum annual investment in a Sukanya Samriddhi account is ₹250, and the maximum is ₹1,50,000. You can make deposits in lump sum or in installments, but the total should not exceed the annual limit.
When can I withdraw from a Sukanya Samriddhi account?
Partial withdrawals (up to 50% of the balance) are allowed after the girl reaches 18 years of age for higher education expenses. The account matures when the girl turns 21, at which point the entire amount can be withdrawn.
What are the tax benefits of Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana offers triple tax benefits under the EEE (Exempt-Exempt-Exempt) category. The investments qualify for tax deduction under Section 80C, the interest earned is tax-free, and the maturity amount is also exempt from tax.