• Sukanya Samriddhi Account Calculator

    The Sukanya Samriddhi Yojana 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.

    Know Sukanya Samridhi Yojana(SSY) Calculation
    Figure 1. Sukanya Samriddhi Yojana Plan

    Advantages of 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 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%.

      Sukanya Samriddhi Yojana Interest Rate

      Earlier, the interest rates of post office schemes were announced yearly. But from the FY 2016-17, the rate of interest for savings schemes are decided on a quarterly basis. The interest rate for the Sukanya Samriddhi Yojana account was set to be 8.1% in the year 2017-18. The interest rate, which is compounded yearly, is said to be the best interest rate when compared to other savings schemes. The scheme not only provides security to the girl child but offers a high rate of interest and tax exemption too.

      Sukanya Samriddhi Yojana Tax Benefits

      This savings scheme, introduced to provide for a better future of the girl child, is completely tax-free. The initial amount deposited in the scheme is deductible under Section 80C of the Income Tax Act. The cap provided for this deductible is Ra.1.5 lakh. This upper limit of Rs.1.5 lakh also happens to be the upper limit for tax exemption under Section 80C. The interest earned throughout the investment period as well as the final maturity amount received once the account is closed are exempted from taxes.

      Calculator Table Format

      You can create your own (SSAY) Sukanya Samriddhi Yojana Account 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:

      • 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)

    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.

    Sukanya Samriddhi Yojana Account 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 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 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:

      • 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.

    Yearly Contribution Table:

    Table 1. SSA - Yearly Contribution Table
    Yearly contribution Balance accumulated in 14 years Maturity amount after completion of 21 years
    Rs.1,000 Rs.28,593 Rs.52,605
    Rs.2,000 Rs.57,185 Rs.1,05,210
    Rs.3,000 Rs.85,778 Rs.1,57,815
    Rs.4,000 Rs.1,14,371 Rs.2,10,420
    Rs.5,000 Rs.1,42,963 Rs.2,63,025
    Rs.6,000 Rs.1,71,556 Rs.3,15,630
    Rs.7,000 Rs.2,00,149 Rs.3,68,236
    Rs.8,000 Rs.2,28,741 Rs.4,20,841
    Rs.9,000 Rs.2,57,334 Rs.4,73,446
    Rs.10,000 Rs.2,85,927 Rs.5,26,051
    Rs.11,000 Rs.3,14,519 Rs.5,78,656
    Rs.12,000 Rs.3,43,112 Rs.6,31,261
    Rs.15,000 Rs.4,28,890 Rs.7,89,076
    Rs.18,000 Rs.5,14,668 Rs.9,46,891
    Rs.21,000 Rs.6,00,446 Rs.11,04,707
    Rs.24,000 Rs.6,86,224 Rs.12,62,522
    Rs.25,000 Rs.7,14,816 Rs.13,15,127
    Rs.27,000 Rs.7,72,002 Rs.14,20,337
    Rs.30,000 Rs.8,57,780 Rs.15,78,152
    Rs.33,000 Rs.9,43,558 Rs.17,35,968
    Rs.36,000 Rs.10,29,336 Rs.18,93,783
    Rs.42,000 Rs.12,00,891 Rs.22,09,413
    Rs.48,000 Rs.13,72,447 Rs.25,25,044
    Rs.50,000 Rs.14,29,633 Rs.26,30,254
    Rs.54,000 Rs.15,44,003 Rs.28,40,674
    Rs.60,000 Rs.17,15,559 Rs.31,56,305
    Rs.66,000 Rs.18,87,115 Rs.34,71,935
    Rs.72,000 Rs.20,58,671 Rs.37,87,566
    Rs.75,000 Rs.21,44,449 Rs.39,45,381
    Rs.84,000 Rs.24,01,783 Rs.44,18,826
    Rs.96,000 Rs.27,44,895 Rs.50,50,087
    Rs.1,08,000 Rs.30,88,007 Rs.56,81,348
    Rs.1,20,000 Rs.34,31,119 Rs.63,12,609
    Rs.1,32,000 Rs.37,74,230 Rs.69,43,870
    Rs.1,44,000 Rs.41,17,342 Rs.75,75,131
    Rs.1,55,000 Rs.42,88,898 Rs.78.90,762

    Monthly Contribution Table

    Table 2. SSY – Monthly Contribution Table
    Monthly contribution Balance accumulated in 14 years Maturity amount after completion of 21 years
    Rs.500 Rs.1,69,937 Rs.3,12,652
    Rs.1,000 Rs.3,39,874 Rs.6,25,305
    Rs.1,500 Rs.5,09,812 Rs.9,37,957
    Rs.2,000 Rs.6,79,749 Rs.12,50,609
    Rs.2,500 Rs.8,49,686 Rs.15,63,262
    Rs.3,000 Rs.10,19,623 Rs.18,75,914
    Rs.4,000 Rs.13,59,497 Rs.25,01,219
    Rs.5,000 Rs.16,99,372 Rs.31,26,523
    Rs.6,000 Rs.20,39,246 Rs.37,51,828
    Rs.7,000 Rs.23,79,121 Rs.43,77,133
    Rs.7,500 Rs.25,49,058 Rs.46,89,785
    Rs.8,000 Rs.27,18,995 Rs.50,02,437
    Rs.9,000 Rs.30,58,869 Rs.56,27,742
    Rs.10,000 Rs.33,98,744 Rs.62,53,046
    Rs.11,000 Rs.37,38,618 Rs.68,78,351
    Rs.12,000 Rs.40,78,492 Rs.75,03,656
    Rs.12,500 Rs.42,48,430 Rs.78,16,308

    Authorised Banks to open Sukanya Samriddhi Account

    Below is the list of Banks of Sukanya Samriddhi Account

      • 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)

    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%:

    Table 3. Sample Calculation for 9.2%
    Year Age of girl child Opening Balance Monthly Contribution Yearly Contribution Interest Rate at 9.2% Closing Balance
    2015 1 - Rs.1,000 Rs.12,000 Rs.598 Rs.12,598
    2016 2 Rs.12,598 Rs.1,000 Rs.12,000 Rs.1,757 Rs.26,355
    2017 3 Rs.26,355 Rs.1,000 Rs.12,000 Rs.3,023 Rs.41,378
    2018 4 Rs.41,378 Rs.1,000 Rs.12,000 Rs.4,405 Rs.57,782
    2019 5 Rs.57,782 Rs.1,000 Rs.12,000 Rs.5,914 Rs.75,696
    2020 6 Rs.75,782 Rs.1,000 Rs.12,000 Rs.7,562 Rs.95,258
    2021 7 Rs.95,258 Rs.1,000 Rs.12,000 Rs.9,362 Rs.1,16,620
    2022 8 Rs.1,16,620 Rs.1,000 Rs.12,000 Rs.11,327 Rs.1,39,947
    2023 9 Rs.1,39,947 Rs.1,000 Rs.12,000 Rs.13,473 Rs.1,65,420
    2024 10 Rs.1,65,420 Rs.1,000 Rs.12,000 Rs.15,817 Rs.1,93,237
    2025 11 Rs.1,93,237 Rs.1,000 Rs.12,000 Rs.18,376 Rs.2,23,613
    2026 12 Rs.2,23,613 Rs.1,000 Rs.12,000 Rs.21,170 Rs.2,56,783
    2027 13 Rs.2,56,783 Rs.1,000 Rs.12,000 Rs.24,222 Rs.2,93,005
    2028 14 Rs.2,93,005 Rs.1,000 Rs.12,000 Rs.27,555 Rs.3,32,560
    2029 15 Rs.3,32,560 - - Rs.30,596 Rs.3,63,155
    2030 16 Rs.3,63,155 - - Rs.33,410 Rs.3,96,566
    2031 17 Rs.3,96,566 - - Rs.36,484 Rs.4,33,050
    2032 18 Rs.4,33,050 - - Rs.39,841 Rs.4,72,890
    2033 19 Rs.4,72,890 - Rs.43,506 Rs.5,16,396
    2034 20 Rs.5,16,396 - - Rs.47,508 Rs.5,63,905
    2035 21 Rs.5,63,905 - - Rs.51,879 Rs.6,15,784

    FAQ

    1. 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.

    2. 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.
    3. 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.

    4. 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.

    5. 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.

    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.1,000 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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