# Sukanya Samriddhi Yojana Calculator

Sukanya Samriddhi Yojana is a small savings scheme introduced by the Government of India under the 'Beti Bachao Beti Padhao Campaign.' It is exclusively for the girl child and meant for covering her education and marriage expenses. The added advantage is the guaranteed returns and EEE tax exemption, interest, and maturity amount. One can use the Sukanya Samriddhi Yojana calculator to calculate the maturity amount and know exactly how much you will be able to save for your girl's education and marriage.

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## What is Sukanya Samriddhi Yojana (SSY)?

Sukanya Samriddhi Yojana (SSY) is a small savings scheme introduced by the Government of India in 2015 under the ‘Beti Bachao Beti Padhao Campaign.’ A Sukanya Samriddhi Account can be opened in a post office or designated private and public sector banks. The interest rate for this scheme is decided by the Government and declared every quarter.

For the current quarter (April 2020 to June 2020), the interest rate is 7.6%, compounded annually. Since the government backs the scheme, the returns are supposed to be guaranteed.

Below are the main features and eligibility criteria for the Sukanya Samriddhi account to help in your investment planning SSY accounts can only be opened in the name of the girl child by either the parent or legal guardian. The girl should be a resident of India.

At the age of 18, the girl child can take control of the Sukanya Samriddhi account.

Only one account per girl child who is less than ten years of age is allowed. The accounts are transferable from one bank to another. And only two accounts are allowed per family, and in case of twins or triplets, a third account can be opened.

The minimum amount and the maximum amount of investment are INR 250 and INR 1.5 lakhs per year. The investor has to make a minimum contribution of INR 250 for 15 years to keep the account running. In case of default, a penalty of INR 50, along with the minimum amount (INR 250), has to be paid for all the defaulted years to activate the account.

The returns are credited into the account yearly and can be withdrawn when the age of the girl reaches 21 or gets married, whichever is earlier.

At the age of 18, up to 50% of the money can be withdrawn for the higher education of the girl child. The interest is paid only on the balance amount for the next three years.

Premature withdrawal is only available if the child unfortunately dies, or is in need of medical treatment for life-threatening diseases.

The SSY account doesn’t earn interest after the maturity of the scheme. In other words, if the amount isn’t withdrawn after 21 years, the maturity amount will no longer generate interest. The total amount would be kept idle with the Central Government

## Who can use SSY Calculator?

While anyone can use the SSY calculator online, one must be able to satisfy the following conditions to actually invest in the scheme.

- The girl child should be an Indian resident
- The girl child should have attained the age of ten years or below
- The family can only open two SSY accounts, and in case of twins or triplets, another account can be opened.
- The SSY account scheme allows the parents of the child or by her legal guardian to open hold the account
- The family should be able to provide the following documents to be able to open an SSY account.
- Birth certificate of the girl child
- Identity proof of the depositor (parent/legal guardian). They can give either a passport, PAN card, driving license, or ration card.
- Address proof of the depositor (parent/legal guardian). They can give either a passport, driving license, ration card, electricity bill, or telephone bill.
- Any additional documents requested by the concerned authority.

The family who meets the above criteria and all eligible documents can use the Sukanya Samriddhi Yojana calculator. The calculator helps in calculation of maturity value and estimate how much they can save for education and marriage expenses

## How to use our Sukanya Samriddhi Yojana calculator?

Scripbox’s Sukanya Samriddhi Yojana Calculator is quite simple to use. By entering the correct details in the fields, one can calculate the maturity amount of their investment in Sukanya Yojana.

All one has to do is enter the following details:

- Investment per year: This field is the value of the investment the depositor wants to invest for his/her girl child.
- Girl’s age: This field is for the age of the girl for whom the SSY account is to be opened.
- Start year: This field is the starting year of the investment.
- The Sukanya Samriddhi Yojana calculator returns the following values:
- Maturity year: This field shows the year in which the scheme matures. It matures in 21 years.
- Maturity amount: This field gives the final value of the investment in Sukanya Samriddhi Yojana.

The interest rate is fixed by the government, and hence investors need not worry about entering this value. The current Sukanya Samriddhi Yojana interest rate is 7.6% (April 202-June 2020) compounded annually.

Let’s consider the following example. Mr. Ajith plans to invest in Sukanya Samriddhi Yojana for his daughter an amount of INR 50,000 per annum. The child was just a few months old when the investment started. The current rate of interest is 7.60%.

Now, he wants to know how much will his investment reap at the time of maturity. The maturity amount for him would be INR 21,14,196, and the year of maturity is 2041. For an investment of INR 7,00,000, the interest earned is INR 14,14,196.

## How does the SSY calculator work?

By filling all the required fields in the Sukanya Samriddhi Yojana Calculator, such as Investment per year, Girl’s Age, and Start Year. The calculator will help in determining the Maturity Year and calculate the Maturity Amount. The calculator automatically uses the latest SSY Interest Rate announced by the RBI and does the calculation for you.

The Sukanya Yojana has a lock-in period of 21 years (tenure to maturity). The current rate of interest is 7.60%. In order to keep the account active, the investor must make at least one investment per year for 14 years.

From the 15th year, the investor can choose not to make any contributions to the account until the 21st year. However, the SSY account will continue to earn returns at the prevailing interest rate on the previous investments. Therefore, the final maturity amount is the sum total of the net investments and interest earned.

Assumptions made by the calculator online

- The same amount is invested each year
- No investment made from the 15th year to the 21st year. Interest is calculated on the previous contributions.
- Rate of interest throughout the scheme duration of 21 years is same at 7.60% (current rate announced by RBI)
- Yearly contributions are made on the 1st of April every year
- Monthly contributions are made on the 1st of every month
- No withdrawals are made during 21 years

For example, Mr & Mrs. Srinath invest in Sukanya Samriddhi Yojana when their daughter Nitya is born. They contribute a yearly amount of INR 50,000 for 14 years. They do not make any withdrawals during the scheme tenure.

The total investment of INR 7,00,000 would earn a total interest of INR 14,14,196 by the end of 21 years at the current rate of 7.60%. The maturity value of the investment by the time Nitya is 21 years old would be INR 21,14,196.

Investment – INR 50,000; Tenure -14 years; Rate of Interest (fixed) – 7.60%; Investment Frequency – Annual

Total Deposit Amount – INR 7,00,00; Interest Earned – INR 14,14,196 and Maturity Amount – INR 21,14,196

## How can an SSY calculator help you?

Investing for your daughter is the best gift that you can give her. Sukanya Samriddhi Yojana is one such gift. The Sukanya Samriddhi Yojana calculator helps in determining the amount that you can comfortably invest every year towards your child’s education or marriage.

Hence, investing in SSY is one strategy that you can adopt to secure your girl child’s future. The calculator helps in your investment planning by computing accrued savings from SSY investments

Following are the advantages of Scripbox’s SSY Calculator:

- Free calculator online that helps in the easy computation of the maturity value
- Calculations are made based on the current SSY interest rate
- Investors can quickly generate the maturity value for multiple investment amounts, compare the returns, and finalize their investment value.
- The calculator gives accurate values, and the investor doesn’t need to calculate the returns manually.

The SSY calculator is simple and doesn’t require any special skills to use. The investor just needs to enter the variables in the fields, and the calculator helps calculate the maturity amount

## How interest is calculated on ssy?

The Sukanya Samriddhi Yojana (SSY) Calculator uses the compound interest formula to calculate the interest.

**A = P(1+r/n)^nt**

Where,

Compound Interest

P – Principal Amount

r – Rate of Interest

n – Number of times interest compounds in a year

t – Number of years

Below are the two scenarios that’ll help in understanding the SSY account better. Mr. and Mrs. Kumar decide to invest INR 25,000 per annum in the account scheme for their newborn girl child Pallavi. The current rate of interest offered by the scheme is 7.60%.

##### Scenario 1: Yearly deposit and amount are withdrawn during the investment period.

SSY scheme allows withdrawal maximum up to 50% of the total savings. This can only happen when the girl child completes 18 years of age. The withdrawal can be done only for the purpose of the child’s higher education or marriage.

Though further deposits cannot be made, the accounts balance amount will earn interests until the completion of the 21-year term.

Year | Opening Balance | Deposit | Interest | Withdrawal | Closing Balance |

1 | Rs. 0 | Rs. 25,000 | Rs. 1,900 | Rs. 0 | Rs. 26,900 |

2 | Rs. 26,900 | Rs. 25,000 | Rs. 3,944 | Rs. 0 | Rs. 55,844 |

3 | Rs. 55,844 | Rs. 25,000 | Rs. 6,144 | Rs. 0 | Rs. 86,989 |

4 | Rs. 86,989 | Rs. 25,000 | Rs. 8,511 | Rs. 0 | Rs. 120,500 |

5 | Rs. 120,500 | Rs. 25,000 | Rs. 11,058 | Rs. 0 | Rs. 156,558 |

6 | Rs. 156,558 | Rs. 25,000 | Rs. 13,798 | Rs. 0 | Rs. 195,356 |

7 | Rs. 195,356 | Rs. 25,000 | Rs. 16,747 | Rs. 0 | Rs. 237,103 |

8 | Rs. 237,103 | Rs. 25,000 | Rs. 19,920 | Rs. 0 | Rs. 282,023 |

9 | Rs. 282,023 | Rs. 25,000 | Rs. 23,334 | Rs. 0 | Rs. 330,357 |

10 | Rs. 330,357 | Rs. 25,000 | Rs. 27,077 | Rs. 0 | Rs. 382,364 |

11 | Rs. 382,364 | Rs. 25,000 | Rs. 30,960 | Rs. 0 | Rs. 438,323 |

12 | Rs. 438,323 | Rs. 25,000 | Rs. 35,213 | Rs. 0 | Rs. 498,536 |

13 | Rs. 498,536 | Rs. 25,000 | Rs. 39,789 | Rs. 0 | Rs. 563,325 |

14 | Rs. 563,325 | Rs. 25,000 | Rs. 44,713 | Rs. 0 | Rs. 633,037 |

15 | Rs. 633,037 | Rs. 0 | Rs. 48,111 | Rs. 0 | Rs. 681,148 |

16 | Rs. 681,148 | Rs. 0 | Rs. 51,767 | Rs. 0 | Rs. 732,916 |

17 | Rs. 732,916 | Rs. 0 | Rs. 55,702 | Rs. 0 | Rs. 788,617 |

18 | Rs. 788,617 | Rs. 0 | Rs. 59,935 | Rs. 0 | Rs. 848,552 |

19 | Rs. 848,552 | Rs. 0 | Rs. 32,245 | Rs. 424,276 | Rs. 456,521 |

20 | Rs. 456,521 | Rs. 0 | Rs. 34,696 | Rs. 0 | Rs. 491,217 |

21 | Rs. 491,217 | Rs. 0 | Rs. 37,332 | Rs. 0 | Rs. 528,549 |

From the above table, the parents withdraw 50% of the savings when Pallavi attains the age of 18 years for her education. In the year 19, they withdrew a sum of INR 4,24,276, and the interest was earned only on the remaining. At the end of the tenure, Pallavi is entitled to INR 5,28,549. Therefore, the total interest earned is INR 5,35,885, and the total amount Pallavi earns from the scheme is INR 9,52,825.

##### Scenario 2: Yearly deposit and no amount is withdrawn

Year | Opening Balance | Deposit | Interest | Closing Balance |

1 | Rs. 0 | Rs. 25,000 | Rs. 1,900 | Rs. 26,900 |

2 | Rs. 26,900 | Rs. 25,000 | Rs. 3,944 | Rs. 55,844 |

3 | Rs. 55,844 | Rs. 25,000 | Rs. 6,144 | Rs. 86,989 |

4 | Rs. 86,989 | Rs. 25,000 | Rs. 8,511 | Rs. 120,500 |

5 | Rs. 120,500 | Rs. 25,000 | Rs. 11,058 | Rs. 156,558 |

6 | Rs. 156,558 | Rs. 25,000 | Rs. 13,798 | Rs. 195,356 |

7 | Rs. 195,356 | Rs. 25,000 | Rs. 16,747 | Rs. 237,103 |

8 | Rs. 237,103 | Rs. 25,000 | Rs. 19,920 | Rs. 282,023 |

9 | Rs. 282,023 | Rs. 25,000 | Rs. 23,334 | Rs. 330,357 |

10 | Rs. 330,357 | Rs. 25,000 | Rs. 27,007 | Rs. 382,364 |

11 | Rs. 382,364 | Rs. 25,000 | Rs. 30,960 | Rs. 438,323 |

12 | Rs. 438,323 | Rs. 25,000 | Rs. 35,213 | Rs. 498,536 |

13 | Rs. 498,536 | Rs. 25,000 | Rs. 39,789 | Rs. 563,325 |

14 | Rs. 563,325 | Rs. 25,000 | Rs. 44,713 | Rs. 633,037 |

15 | Rs. 633,037 | Rs. 0 | Rs. 48,111 | Rs. 681,148 |

16 | Rs. 681,148 | Rs. 0 | Rs. 51,767 | Rs. 732,916 |

17 | Rs. 732,916 | Rs. 0 | Rs. 55,702 | Rs. 788,617 |

18 | Rs. 788,617 | Rs. 0 | Rs. 59,935 | Rs. 848,552 |

19 | Rs. 848,552 | Rs. 0 | Rs. 64,490 | Rs. 913,042 |

20 | Rs. 913,042 | Rs. 0 | Rs. 69,391 | Rs. 982,433 |

21 | Rs. 982,433 | Rs. 0 | Rs. 74,665 | Rs. 1,057,098 |

From the above table, Pallavi is entitled to a total of INR 10,57,098, and the total interest earned is INR 7,07,098.

While comparing both the scenarios in Scenario 2, where the family doesn’t make any premature withdrawals. Pallavi is entitled to an additional INR 1,04,273.

Though scenario 2 seems to be earning more returns, at the same time, it is also necessary for the family to meet the needs of the child’s education. Therefore, both options are profitable, and the right decision depends on the situation.

## What is the eligibility for investing under the SSY scheme?

- To invest in an SSY scheme, one must be able to satisfy the following conditions.
- The girl child should be an Indian resident
- The girl child should be of age ten or below
- The family can only open two SSY accounts, and in case of twins or triplets, another account can be opened.
- The account should be opened by the parents of the child or by her legal guardian.

## What documents are required for opening an SSY account?

- The family should be able to provide the following documents to be able to open an SSY account.
- Birth certificate of the girl child
- Identity proof of the depositor (parent/legal guardian). They can give either a passport, PAN card, driving license, or ration card.
- Address proof of the depositor (parent/legal guardian). They can give either a passport, driving license, ration card, electricity bill, or telephone bill.
- Any additional documents requested by the concerned authority.

## How can I check the SSY accounts balance?

You can follow the below steps to check SSY accounts balance

- Apply and get the login credentials for your SSY account from the respective banks
- Use your credentials and login to your account through an internet portal
- Your online accounts provide, the balance will be available on the dashboard.

## Frequently Asked Questions

**What is the minimum and maximum amount that can be invested in the SSY account?**

The minimum contribution per annum in the SSY account is INR 250, and the maximum amount is INR 1.5 lakhs. The tax benefit up to Rs 1.5 lakh is allowed under section 80C on the Income Tax Act 1961

**Can partial withdrawal be availed in the SSY account?**

Yes, the SSY accounts provide an option to withdraw subject to a condition. The withdrawal is allowed when the girl child reaches 18 years of age, a partial withdrawal of up to 50% is allowed for the child’s higher education.

**When does an SSY account mature?**

An SSY account matures when the girl child reaches the age of 21.

**What are the tax benefits of investing in an SSY scheme?**

Sukanya Samriddhi Yojana falls under the EEE (Exempt Exempt Exempt) tax exemption category. The investment amount, the interest earned, and the maturity amount all are eligible for tax exemption. You can use Scripbox’s income tax calculator to calculate the total taxable income after claiming tax exemption against SSY scheme

**What is the current Yojana interest rate?**

For the April-June 2020 quarter, the Yojana interest rate for the SSY account is 7.6%.

**How can I get money after the SSY maturity period?**

Upon the expiry of the maturity period, the money can be withdrawn directly from the SSY account. But the investor has to present a few documents. Namely, application for account closure, proof of identity, residence, and citizenship.

**Is Sukanya Samriddhi Yojana similar to the Public Provident Fund?**

Public provident fund and Sukanya Samriddhi Yojana, both are government investment schemes meant for long-term investments. Both the investment options no doubt have few similarities w.r.t interest rates, long term plans, government-backed and regulated plans. But the very objective behind the investment is different. SSY scheme is introduced with the sole objective of Beti Bachao Beto Padhao to secure a girl child’s future. While the provident fund is meant to build a retirement corpus to secure a fixed income post-retirement. The provident fund investments are made self while SSY is initiated by parents or a guardian. Hence both the investment plans are separate from each other despite few similarities

**Is the maturity amount of SSY taxable?**

No, the maturity amount isn’t taxable for Sukanya Samriddhi Yojana.