The Sukanya Samriddhi Account is an initiative started by the Government of India with the view of helping the girl child. According to the scheme parents of a girl child can deposit up to 1.5 lakhs in the name of the girl in this account every year. Once the deposit is made it accrues interest at the rate of 9.2% per annum and is set to mature when the girl turns 21 years old or get married, whichever comes first. The account can be opened with a minimum deposit of Rs. 1,000 and subsequent deposits can be multiples of Rs. 100. The account even allows for a partial withdrawal to be made when the girl turns 18 years old to support payments towards expenses for her education or even her marriage. Another advantage of this scheme is that investments in it need to be made only for 14 years after which none are required and the amount at credit at the end of 14 years will continue to gather interest till the scheme matures. The maximum amount that you can earn with this investment, assuming that you have been investing Rs 1.5 lakhs for 14 years at an interest rate of 9.2% per annum, is Rs. 78, 90,763.
Advantages of the Sukanya Samriddhi Account 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 the Sukanya Samriddhi Account 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 lakhs the calculators don’t limit the annual investments so if you enter an investment of more than Rs. 1.5 lakhs, 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.
- It also works on the assumption that the interest rate will never change and will stay 9.2%.
- Column 1: Age of girl child – In this column, you must enter the age of your girl child as on today.
- Column 2: Account age – You must enter the account’s age, which means the number of years the account has been open for. (The Sukanya Samriddhi Scheme takes deposits for a maximum of 14 years)
- Column 3: Date of deposit – In this column, you have to enter the date of deposit of the amount towards the scheme.
- Column 4: Deposit amount – This column has the amount deposited towards the girl child by the guardian.
- Column 5: Principal amount at year end – This column will have the amount available in the account at the end of a financial year. This amount is calculated by adding the total amount at the end of the year and the amount to be deposited for the next year. (Formula from second cell onwards, D3 +G2 and so on)
- Column 6: Total yearly interest – This column will have the interest accumulated under the SSAY at the prevailing interest rate.
- Column 7: Total amount at year end – In this column, you will be able to calculate the final amount that you will accumulate at the end of each year. (Formula to be used is Principal Amount + Yearly Interest – E2 +F2 to be used in an excel sheet)
- Rate of Interest is assumed to be 9.1% throughout the period of the scheme for 21 years.
- Monthly contributions have to be made on 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.
- State Bank of Indi (SBI)
- State Bank of Hyderabad (SBH)
- State Bank of Travencore (SBT)
- State Bank of Mysore (SBM)
- State Bank of Patiala (SBP)
- Syndicate Bank
- Vijaya Bank
- United Bank of India
- UCO Bank
- Punjab National Bank (PNB)
- Oriental Bank of Commerce (OBC)
- Indian Bank
- Punjab & Sind Bank (PSB)
- Indian Overseas Bank (IOB)
- ICICI Bank
- IDBI Bank
- Corporation Bank
- Dena Bank
- Axis Bank
- Allahabad Bank
- Andhra Bank
- Canara Bank
- Central Bank of India (CBI)
- Bank of Maharashtra (BOM)
- Bank of Baroda (BOB)
Calculator Table Format:
You can create your own Sukanya Samriddhi Account Yojana (SSAY) calculator by making a table with seven columns in the form of a data sheet with all the necessary information to calculate the yearly and monthly contribution.
Given below is the format:
Given below is the sample calculator table:
|Age of girl child||Account age||Date of deposit||Deposit amount||Principal amount at year end||Total yearly interest||Total amount at year end|
Please Note: Under the SSAY scheme, interest calculation is compounded yearly. This is important to note as it will affect your maturity amount when you make monthly deposits.
Calculation of Maturity Value under the SSAY 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 monthly and 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:
Yearly Contribution Table:
|Yearly contribution||Balance accumulated in 14 years||Maturity amount after completion of 21 years|
Monthly Contribution Table
|Monthly contribution||Balance accumulated in 14 years||Maturity amount after completion of 21 years|
The following banks are authorised to open Sukhanya Samriddhi Account:
Sukanya Samriddhi Yojana Account (Model Calculation for 9.2%):
Given below is the model calculation of closing balance in a Sukanya Samriddhi Account with an interest rate of 9.2%:
|Year||Age of girl child||Opening Balance||Monthly Contribution||Yearly Contribution||Interest Rate at 9.2%||Closing Balance|
- What is the account limit under the Sukanya Samriddhi Account Yojana?
Maximum of one SSAY 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 SSAY?
Having a PPF is a good idea from an investment perspective. Although SSAY is similar in nature to PPF in terms of investment, however some of the reasons that make SSAY a better option are:
- When you exhaust your limit in PPF, you can opt for SSAY to save more for your girl child.
- PPF is mostly used for savings for yourself, while SSAY is exclusively designed for your daughters.
- By investing in both PPF and SSAY, you can save up to Rs.3,00,000 p.a. for your daughter.
- SSAY offers a higher interest rate than PPF.
- What is the minimum and maximum deposit required to be made under the Sukanya Samriddhi Yojana scheme?
A minimum of Rs.1,000 and a maximum of Rs.1,50,000 should be deposited every year for 15 years from the date of opening of the SSAY account.
- What is the maturity or termination period of the SSAY?
The SSAY 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 SSAY account and what is the maximum that can be withdrawn?
When the girl child for whom the SSAY account has been opened either passes 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.
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