Sukanya Samriddhi Yojana Calculator
Calculate the maturity amount for your daughter's Sukanya Samriddhi Yojana (SSY) account
Contribution Details
SSY account can be opened for girls below 10 years
Important: Deposits are allowed only for the first 15 years. The account matures after 21 years from the start date, with interest continuing to compound for the remaining 6 years.
SSY Growth Visualization
Yearly Breakdown (21 Years)
Note: Deposits are allowed only for the first 15 years. Interest continues to compound for the remaining 6 years until maturity.
| Year | Actual Year | Contributed (₹) | Interest (₹) | Balance (₹) |
|---|
About Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched by the Government of India in 2015 as part of the "Beti Bachao, Beti Padhao" campaign. It is designed to encourage parents to save for their daughter's future education and marriage expenses.
SSY is one of the most attractive small savings schemes in India, offering tax benefits under Section 80C of the Income Tax Act, along with competitive interest rates and guaranteed returns.
Key Feature: The account matures after 21 years from the date of opening, or when the girl child gets married after turning 18, whichever is earlier.
How SSY is Calculated?
SSY uses compound interest calculation with monthly compounding. Here's how it works:
A = P × (1 + r/n)^(n×t)
Where:
- A = Maturity amount
- P = Principal (yearly contribution)
- r = Annual interest rate (currently 8.2% per annum)
- n = Compounding frequency (12 times per year - monthly)
- t = Time period in years (21 years total)
Example:
Let's calculate SSY maturity for a yearly contribution of ₹50,000 at 8.2% interest for 21 years.
Given: P = ₹50,000/year, r = 8.2% = 0.082, n = 12 (monthly), t = 21 years
Step 1: Calculate Monthly Interest Rate
Monthly Rate = 8.2% / 12 = 0.683%
Step 2: Apply Compound Interest Formula
A = P × (1 + r/n)^(n×t)
A = ₹50,000 × (1 + 0.082/12)^(12×21)
A = ₹50,000 × (1.00683)^252
A = ₹50,000 × 5.234
A = ₹2,61,700 (approx per year contribution)
Step 3: Calculate Total Contribution
Total Contribution = ₹50,000 × 15 years = ₹7,50,000
Step 4: Calculate Total Maturity (with all contributions)
Total Maturity ≈ ₹25,00,000 (with compounding on all contributions)
Result: Your SSY account grows to approximately ₹25,00,000 after 21 years, with ₹7,50,000 in contributions earning ₹17,50,000 in interest.
Deposit Period
You can make deposits for the first 15 years from the account opening date. The minimum deposit is ₹250 per year, and the maximum is ₹1.5 lakh per year.
Maturity Period
The account matures after 21 years from the opening date. During the last 6 years (years 16-21), no deposits are allowed, but interest continues to compound on the accumulated balance.
Interest Calculation
Interest is calculated monthly and compounded annually. The interest rate is set by the government and reviewed quarterly. The current rate is 8.2% per annum (as of 2024).
Benefits of Sukanya Samriddhi Yojana
Tax Benefits
Contributions up to ₹1.5 lakh per year are eligible for deduction under Section 80C of the Income Tax Act.
Tax-Free Maturity
The entire maturity amount, including interest, is completely tax-free under Section 10 of the Income Tax Act.
High Interest Rate
Currently offers 8.2% per annum, which is higher than most fixed deposits and savings accounts.
Government Backed
SSY is a government scheme, ensuring safety and guaranteed returns on your investment.
Flexible Deposits
You can deposit any amount between ₹250 and ₹1.5 lakh per year, with flexibility to skip years if needed.
Long-term Wealth Creation
21-year tenure with compound interest helps build substantial corpus for your daughter's future.
Partial Withdrawal
Up to 50% of the balance can be withdrawn after the girl child turns 18, for education or marriage expenses.
No Market Risk
Unlike mutual funds or stocks, SSY offers guaranteed returns with zero market volatility risk.
SSY Eligibility and Rules
Eligibility Criteria
- Account can be opened for a girl child below 10 years of age
- Only one account per girl child is allowed
- Maximum of two accounts per family (for two daughters)
- Account can be opened by parents or legal guardians
Deposit Rules
- Minimum deposit: ₹250 per year
- Maximum deposit: ₹1.5 lakh per year
- Deposits can be made in multiples of ₹100
- Deposits allowed only for the first 15 years
- You can deposit in lump sum or installments throughout the year
Withdrawal Rules
- Up to 50% of the balance can be withdrawn after the girl turns 18
- Withdrawal is allowed for higher education expenses
- Account matures after 21 years from opening date
- Early closure allowed in case of death of account holder or extreme circumstances
SSY Calculator FAQs
❓What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana is a government savings scheme launched in 2015 to encourage parents to save for their daughter's future. It offers tax benefits, high interest rates, and matures after 21 years.
❓What is the current SSY interest rate?
The current SSY interest rate is 8.2% per annum (as of 2024). The interest rate is reviewed and announced by the government quarterly.
❓How long does SSY take to mature?
SSY account matures after 21 years from the date of account opening. However, you can make deposits only for the first 15 years. Interest continues to compound for the remaining 6 years.
❓What is the minimum and maximum deposit in SSY?
The minimum deposit is ₹250 per year, and the maximum deposit is ₹1.5 lakh per year. You can deposit in multiples of ₹100.
❓Is SSY tax-free?
Yes, SSY offers triple tax benefits: (1) Contributions up to ₹1.5 lakh are deductible under Section 80C, (2) Interest earned is tax-free, and (3) Maturity amount is completely tax-free.
❓Can I open multiple SSY accounts?
You can open only one SSY account per girl child. However, a family can have a maximum of two SSY accounts (for two daughters).
❓What happens if I miss a year's deposit?
You can skip deposits in any year without penalty. However, to keep the account active, you need to deposit the minimum amount (₹250) at least once in a financial year. Interest continues to compound on the existing balance.
❓Can I withdraw money from SSY before maturity?
Yes, you can withdraw up to 50% of the balance after the girl child turns 18, for higher education or marriage expenses. The withdrawal is allowed once per year.
❓Where can I open an SSY account?
SSY accounts can be opened at any post office or authorized banks in India, including State Bank of India, HDFC Bank, ICICI Bank, and other public and private sector banks.
❓Is this SSY calculator accurate?
Yes, our SSY calculator uses the standard compound interest formula with monthly compounding, matching the calculation method used by banks and post offices. However, actual returns may vary slightly based on the exact deposit dates and interest rate changes.
Results
Enter contribution details to see results
Est. Results
Enter contribution details to see results