Sukanya Samriddhi Yojana Calculator - Calculate SSY Returns
Free calculator to determine maturity amount, total investment, and interest earned for Sukanya Samriddhi Yojana girl child savings scheme
Sukanya Samriddhi Yojana Calculator
Results
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched in 2015 as part of the 'Beti Bachao, Beti Padhao' initiative. It offers attractive interest rates and tax benefits to encourage parents to save for their daughter's education and marriage.
This calculator helps with:
- Future planning - Calculate maturity amount for education expenses
- Investment planning - Determine optimal annual investment amount
- Tax planning - Maximize Section 80C benefits
- Goal setting - Plan for marriage and higher education expenses
- Return comparison - Compare with other savings options
SSY Account Components
SSY accounts have these key components:
Annual Investment
₹250 to ₹1.5 lakh per year with compound interest benefits.
Interest Rate
Attractive government-guaranteed returns, currently 8.2%.
Lock-in Period
21 years or until daughter turns 18, whichever is later.
Tax Benefits
Triple tax exemption under Section 80C with EEE status.
Benefits of SSY Investment
High Returns
Government-guaranteed returns higher than most savings schemes.
Tax Savings
Investment, interest, and maturity amount are completely tax-free.
Long-term Planning
Systematic savings for daughter's education and marriage expenses.
How to Use This SSY Calculator
Enter Daughter's Age
Input current age of your daughter (0-10 years)
Set Annual Investment
Enter planned yearly investment (₹250 - ₹1.5 lakh)
Confirm Interest Rate
Verify current SSY interest rate (default: 8.2%)
View Complete Results
See maturity amount, total investment, and interest earned
Benefits of Using This Calculator
- •Accurate Projections: Calculate exact maturity amount based on current interest rates.
- •Investment Planning: Determine optimal annual investment for your financial goals.
- •Tax Optimization: Maximize Section 80C benefits with proper investment planning.
- •Goal Comparison: Compare different investment amounts and their impact on final returns.
- •Long-term Planning: Plan for daughter's education and marriage expenses effectively.
Factors That Affect Your SSY Returns
1. Annual Investment Amount
Higher annual investment = Higher maturity amount. Maximum benefit at ₹1.5 lakh per year.
2. Interest Rate Changes
Government revises rates quarterly. Higher rates significantly increase final returns.
3. Investment Duration
Longer investment period maximizes compound interest benefits over 15-21 years.
4. Regular Deposits
Consistent annual deposits ensure maximum compound interest accumulation.
Frequently Asked Questions
Common questions about Sukanya Samriddhi Yojana and savings calculations
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched in 2015 specifically for the girl child. It offers attractive interest rates and tax benefits to encourage parents to save for their daughter's education and marriage.
Who can open an SSY account?
Parents or legal guardians can open an SSY account for their daughter(s) who are under 10 years old. Each family can open up to two accounts for two daughters. The account can be opened in any post office or authorized bank.
What is the current interest rate for SSY?
The current interest rate for SSY is 8.2% per annum (as of April 2024). The government reviews and announces the interest rate quarterly. The rate is typically higher than most savings accounts and fixed deposits.
What is the minimum and maximum deposit in SSY?
The minimum annual deposit in SSY is ₹250, and the maximum is ₹1.5 lakh per financial year. You need to deposit at least ₹250 each year for 15 years to keep the account active.
When does SSY account mature?
SSY account matures after 21 years from the date of opening, or when the girl child turns 18 years old, whichever is later. However, partial withdrawal is allowed when the girl turns 18 or for her marriage.
What are the tax benefits of SSY?
SSY offers tax benefits under Section 80C of the Income Tax Act. The amount invested (up to ₹1.5 lakh) is eligible for tax deduction. The interest earned and maturity amount are also completely tax-free.
Can I withdraw money from SSY before maturity?
Partial withdrawal up to 50% of the balance is allowed when the girl turns 18 years old, or earlier if it's for her marriage. The account must have been operational for at least 5 years for marriage-related withdrawal.
What happens if I miss a deposit in SSY?
If you miss the minimum deposit of ₹250 in any year, you can reactivate the account by paying ₹50 penalty along with ₹250 minimum deposit. However, it's best to maintain regular deposits to maximize returns.