Sukanya Samriddhi Yojana Calculator Last Updated : 21 Sep 2019

A scheme that was launched for girls as a part of the ‘Beti Bachao Beti Padhao’ campaign is the Sukanya Samriddhi Yojana (SSY) scheme.

  • Contributions as low as Rs.250 can be made
  • High interest rates of up to 8.50% p.a.
  • Tax benefits of up to Rs.1.5 lakh
  • Contributions made are minimal on risk

Who are the individuals that can use the SSY calculator?

Individuals who are planning to invest in the SSY scheme can check the amount they will receive at the time of maturity by using the SSY calculator.

In order for individuals to use the SSY calculator, they must meet the eligibility criteria of the scheme. As per the scheme, the below-mentioned individuals can open an SSY account:

  • The girl must be a resident of India.
  • The age of the girl should not exceed 10 years.
  • In a single family, the Sukanya Samriddhi Yojana account cannot be opened for more than two girls.

For more information, Check out related articles Sukanya Samriddhi Yojana Age Limit, Sukanya Samriddhi Account Balance & Sukanya Samriddhi Account Passbook

Method to use Sukanya Samriddhi Yojana calculator

Once the individual has met the eligibility of Sukanya Samriddhi Yojana, the age of the girl child and the amount of investment that must be made should be provided in the calculator. The minimum and maximum amount that can be invested towards the scheme are Rs.250 and Rs.1.5 lakh, respectively. Earlier, the minimum contribution was Rs.1,000. However, the Indian Government reduced the minimum contribution to Rs.250 in July 2018.

Sukanya Samriddhi Account Calculator
Sukanya Samriddhi Account Calculator

How does SSY calculator work?

Based on the details entered by the individual, the SSY calculator determines the amount of money the individual will receive on maturity. The maturity period of the scheme is 21 years.

It is mandatory for individuals to make at least one contribution in a year until the completion of 14 years. The calculator will assume that the same amount of deposit is made on a yearly basis. No deposits are required to be made between year 15 and year 21. However, individuals will earn interest on the previous contributions during this period. The calculator also considers the interest that is generated when providing the final amount.

What details are shown by SSY calculator?

Depending on the details that are provided by the individual, the calculator shows the year the scheme matures, the interest rate that was used, and the maturity value.

An example of the details shown by the Sukanya Samriddhi Yojana calculator is shown below:

Assumptions:

  • Yearly deposit: Rs.1,00,000
  • Rate of Interest: 8.50%
Year Financial Year Rate of Interest (%) Deposit made during the year (Rs.) Interest generated during the year (Rs.) Deposits made up to the year (Rs.) Interest generated up to the year (Rs.) Balance at the end of the year (Rs.)
1 2019-2020 8.50 1,00,000 8,500 1,00,000 8,500 1,08,500
2 2020-2021 8.50 1,00,000 17,723 2,00,000 26,223 2,26,223
3 2021-2022 8.50 1,00,000 27,729 3,00,000 53,951 3,53,951
4 2022-2023 8.50 1,00,000 38,586 4,00,000 92,537 4,92,537
5 2023-2024 8.50 1,00,000 50,366 5,00,000 1,42,903 6,42,903
6 2024-2025 8.50 1,00,000 63,147 6,00,000 2,06,050 8,06,050
7 2025-2026 8.50 1,00,000 77,014 7,00,000 2,83,064 9,83,064
8 2026-2027 8.50 1,00,000 92,060 8,00,000 3,75,124 11,75,124
9 2027-2028 8.50 1,00,000 1,08,386 9,00,000 4,83,510 13,83,510
10 2028-2029 8.50 1,00,000 1,26,098 10,00,000 6,09,608 16,09,608
11 2029-2030 8.50 1,00,000 1,45,317 11,00,000 7,54,925 18,54,925
12 2030-2031 8.50 1,00,000 1,66,169 12,00,000 9,21,094 21,21,094
13 2031-2032 8.50 1,00,000 1,88,793 13,00,000 11,09,887 24,09,887
14 2032-2033 8.50 1,00,000 2,13,340 14,00,000 13,23,227 27,23,227
15 2033-2034 8.50 0 2,31,474 14,00,000 15,54,701 29,54,701
16 2034-2035 8.50 0 2,51,150 14,00,000 18,05,851 32,05,851
17 2035-2036 8.50 0 2,72,497 14,00,000 20,78,348 34,78,348
18 2036-2037 8.50 0 2,95,660 14,00,000 23,74,008 37,74,008
19 2037-2038 8.50 0 3,20,791 14,00,000 26,94,798 40,94,798
20 2038-2039 8.50 0 3,48,058 14,00,000 30,42,856 44,42,856
21 2039-2040 8.50 0 3,77,643 14,00,000 34,20,499 48,20,499

Sukanya Samriddhi Yojana Closure on Maturity

The account closure on maturity is guided by certain rules.

  • The account matures on completion of 21 years from the date of creation of the account. The complete maturity amount along with the interest accrued can be withdrawn on maturity.
  • If the girl, for whom the account was opened, gets married before the completion of the maturity period, she can withdraw the balance amount, provided she is 18 years old at the time of such withdrawal. The girl has to produce an affidavit that states that she is 18 years of age at the time of withdrawal.
  • If the girl attains the age of 18 and gets married before the completion of 14 years of the term, the account cannot be operated. Further deposits to the account cannot be made even if the mandated deposited were not made earlier.
  • The girl child is the only authorized person who can withdraw the maturity amount. She is required to submit the passbook and the Sukanya Samriddhi Yojana withdrawal slip to make the withdrawal.
  • If the girl gets married after attaining majority and withdraws 50% of the amount for the purpose of marriage, she may choose not to close the account. Though further deposits cannot be made, the balance amount will earn interests until the completion of the 21-year term.

Calculation of Maturity Value under SSY after 21 Years

As it is difficult to make an accurate calculation of maturity value in this scheme as it depends on many variables. However, by keeping the variable constant with the monthly and the yearly contribution as the only variable, the maturity value can be calculated in the form of a table.

For the following calculation, some assumptions have been made, they are:

  • The rate of Interest is assumed to be 8.1% throughout the period of the scheme for 21 years.
  • Monthly contributions have to be made on the 1st day of every month.
  • Yearly contributions have to be made on 1st of April every year.
  • A fixed amount for monthly or yearly contribution has been consumed.
  • It has also been assumed that throughout these 21 years, there have been no withdrawals made.

Yearly Contribution Table:

Year Investment Amount (Yearly) Investment Amount (14 Years) Maturity Amount (21 Years)
1 Rs.1,000 Rs.14,000 Rs.46,821
2 Rs.2,000 Rs.28,000 Rs.93,643
3 Rs.5,000 Rs.70,000 Rs.2,34,107
4 Rs.10,000 Rs.1,40,000 Rs.4,68,215
5 Rs.20,000 Rs.2,80,000 Rs.9,36,429
6 Rs.50,000 Rs.7,00,000 Rs.23,41,073
7 Rs.1,00,000 Rs.14,00,000 Rs.46,82,146
8 Rs.1,25,000 Rs.17,50,000 Rs.58,52,683
9 Rs.1,50,000 Rs.21,00,000 Rs.70,23,219

Monthly Contribution Table

Instalment Amount (Monthly) Investment Amount (14 Years) Maturity Amount (21 Years)
Rs.1,000 Rs.1,68,000 Rs.5,42,122
Rs.2,000 Rs.3,36,000 Rs.10,84,243
Rs.3,000 Rs.5,04,000 Rs.16,26,365
Rs.4,000 Rs.6,72,000 Rs.21,68,486
Rs.5,000 Rs.8,40,000 Rs.27,10,608
Rs.6,000 Rs.10,08,000 Rs.32,52,730
Rs.7,000 Rs.11,76,000 Rs.37,94,851
Rs.8,000 Rs.13,44,000 Rs.43,36,973
Rs.9,000 Rs.15,12,000 Rs.48,79,095
Rs.10,000 Rs.16,80,000 Rs.54,21,216
Rs.12,500 Rs.21,00,000 Rs.67,76,520

Advantages of Sukanya Samriddhi Yojana Calculator

There are numerous advantages to the Sukanya Samriddhi Yojana calculator and they are:

  • It allows you to know exactly what you will get as the maturity value when the account matures.
  • If you have set it up in an excel sheet then you can put in what you intend to invest in the current and see how it will affect the maturity value.
  • You can even set up the calculator to calculate the maturity value based on monthly or yearly investments.
  • If configured correctly, the Sukanya Samriddhi Yojana calculator can be extremely accurate.
  • It can eliminate the mistakes that can creep in if you calculate the maturity value manually.
  • You can change the amount you plan on investing at any time and still get the maturity value in seconds.

Limitations of SSY Calculator

Even though the Sukanya Samriddhi Yojana calculator is very convenient and useful, there are some things that work against this calculator.

  • If it is not configured correctly it can provide incorrect values.
  • Even though the government has provided a cap of Rs. 1.5 lakh the calculators don’t limit the annual investments so if you enter an investment of more than Rs. 1.5 lakh, it will still calculate a maturity value.
  • Since the calculator is configured manually, you will have to enter the Sukanya Samriddhi Yojana interest rate every time that it changes in the future.

FAQs on Sukanya Samriddhi Yojana Calculator

What is the account limit under the Sukanya Samriddhi Account Yojana?

Maximum of one SSY account can be opened in the name of a girl child and a guardian can open up to two accounts. In case, the guardian has triplet daughters from first birth or twin daughters from the second birth, maximum of 3 accounts can be opened by the parent, where one account is opened in the name of a single girl child.

I already have a PPF account, should I also invest in the SSY?

Having a PPF is a good idea from an investment perspective. Although SSY is similar in nature to PPF in terms of investment, however, some of the reasons that make SSY a better option are:

  • When you exhaust your limit in PPF, you can opt for SSY to save more for your girl child.
  • PPF is mostly used for savings for yourself, while SSY is exclusively designed for your daughters.
  • By investing in both PPF and SSY, you can save up to Rs.3,00,000 p.a. for your daughter.
  • SSY offers a higher interest rate than PPF.
What are the minimum and maximum deposit required to be made under the Sukanya Samriddhi Yojana scheme?

A minimum of Rs.250 and a maximum of Rs.1,50,000 should be deposited every year for 15 years from the date of opening of the SSY account

What is the maturity or termination period of the SSY?

The SSY account terminates or matures after 21 years from the date of opening of the account. Once the account reaches its maturity, it stops earning interest.

When can we withdraw from the SSY account and what is the maximum that can be withdrawn?

When the girl child for whom the SSY account has been opened either pass 10th standard or turns 18, you can withdraw from the account. A maximum of 50% of the deposit made towards the account can be withdrawn to be used for higher education of the girl child.

Are there any risks of investing in SSY?

Since SSY was launched by the Indian Government, there are no risks.

Are there any tax benefits in case an individual invests in an SSY account?

Under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are exempted.

What is the rate of interest that is earned in an SSY account?

Currently, the rate of interest is 8.5% for the financial year 2018-2019.

Can the same girl child have more than one SSY account?

No, a girl child can have only one SSY account under her name.

Can an individual avail a loan on SSY account? 

No, loan facilities are not provided under SSY. 

Is there any minimum and maximum amount that can be deposited in an SSY account? 

The minimum amount is Rs.1,000 and the maximum amount is Rs.1.5 lakh per year. 

Who decides the rate of interest for SSY? 

The rate of interest is determined by the Central Government on a quarterly basis. 

Can an individual transfer his/her SSY account? 

Yes, an individual can transfer his/her SSY account. 

Can an SSY account be prematurely closed? 

No, the SSY account cannot be prematurely closed. 

News About Sukanya Samriddhi Account Calculator

  • Interest rate for small saving schemes unlikely to be increased in April

    In what would be regarded as quite a disappointment for lakhs of subscribers to saving schemes such as the National Pension Scheme, Sukanya Samriddhi Yojana, Public Provident Fund and so on, a government official has said that the interest rate for such schemes is unlikely to be increased in the next quarter, from April on-wards. Most subscribers were hoping for the interest rates of such schemes to go north due to the Government’s good yield from investing in bonds. For those who do not know, the Government has been investing the corpus of saving schemes in market-linked instruments, bonds-corporate and Government, and so on. Through the investments, the Government have been getting enormous profits which was been pointed out earlier to be used to keep the interest floating at a high rate and increase it further possibly in the future. That said, subscribers contributing to such schemes are perched on their seats to see if these profits-made out of the investments from the corpus which is the money of the subscribers - will be passed on to them in the near future. The Government for now has said that they are working on it.

    9 April 2018

  • Saving schemes interest rates to go north from next quarter

    In what could finally be a glimmer of good news for subscribers to saving schemes - the Provident Fund, Employees’ Provident Fund, Sukanya Samriddhi scheme, Senior Citizen scheme and so on - the Government is all set to increase the interest rate of such schemes by 15-20 basis points in the next quarter. With most saving schemes suffering a drop in interest rates continuously, the hopeful hike will be a sigh of relief. According to Financial experts, the hike in interest rates will be up due to the good yield of investments of Government Bonds in the quarter, which could result in the interest rate going north after a very long time. As per the predictions, the interest rate for the Public Provident Fund will sit at 7.75%, for the Sukanya Samriddhi scheme will sit at 8.25% and the Senior Citizen scheme will be increased either between 15-20 basis points to 8.5%.

    23 March 2018

  • Over 3 lakh accounts opened in Chhattisgarh under the Sukanya Samriddhi Scheme

    As per the recent data from the department of Woman and Child Development, 2,38,540 post office accounts and 81,150 bank accounts have been opened in Chhattisgarh under this scheme.

    The Sukanya Samriddhi Yojana was an initiative started for the girl child in 2014. Under the scheme, accounts are opened for girls under the age of 10, with deposits ranging between Rs.250 to 1.5 lakh permitted each year. The deposits are made to the account until the account holder is 21 years old, following which the sum deposited over the years is handed over to the girls’ parents. The scheme also provides the account holder 9.1% interest on the amount deposited, as well as a tax deduction under Income Tax Section 80(c).

    Out of the five major districts in Chhattisgarh, Raigarh had 28,476 such accounts opened, followed by Balod, Raipur, Jashpur and Bilaspur with 27,240, 26,085, 25,951 and 22,195 accounts respectively.

    10 January 2018

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