Sukanya Samriddhi Yojana Calculator
Latest SSY Rate = 8.2%
The Sukanya Samriddhi Yojana (SSY) is a great government-backed savings plan that started in 2015 to help parents save for their daughter's college education and wedding.
Girls under 10 can open it at post offices or banks that have permission.
You need to put in at least ₹250 a year and up to ₹1.5 lakh for up to 15 years.
The account earns tax-free compound interest (currently 8.2% per year, revised every three months), matures after 21 years, and the girl can take out half of the balance for school after she turns 18.Under the SSY scheme, deposits can be deducted from income tax in India under Section 80C (up to ₹1.5 lakh). But the amount that comes due is completely tax-free (EEE status). It's a safe, low-risk choice with guaranteed returns, but each family can only have two accounts (with the exception of twins).
What is the Sukanya Samriddhi Yojana Calculator
A Sukanya Samriddhi Yojana (SSY) calculator is a computer program that figures out how much money you will have when your SSY account matures. It shows the final value based on your yearly deposit amount, the current interest rate, and the length of time the account has been open (up to 21 years).
You don't need to do any complicated math; just enter some basic information to clearly plan your daughter's wedding or education savings.
How does the Sukanya Samriddhi Yojana Calculator Work?
The SSY calculator uses compound interest on your yearly deposits throughout the life of the account. It uses a fixed interest rate (currently about 8.2%) and figures out how much the investment will grow each year until it matures or you take some money out.
It uses this formula for compound interest for each deposit:
A=P(1+r/n)^nt
where
A : is the maturity value of each deposit,
P : is the annual deposit,
r : is the annual interest rate (e.g., 0.082),
n : is compounding frequency (usually 365 for daily), and
t : is time in years until maturity.
You enter your details, and it shows the total maturity amount, total interest earned, and year-wise growth if needed.
Example Calculation Table
Here's how a ₹1.5 lakh yearly deposit for 15 years grows at 8.2% p.a., maturing at year 21.
Year | Annual Deposit | Maturity Value (at Yr 21) | Total Interest |
1 | ₹1,50,000 | ₹5,68,000 | ₹2,68,000 |
10 | ₹1,50,000 | ₹2,45,000 | ₹95,000 |
15 | ₹1,50,000 | ₹1,72,000 | ₹22,000 |
Total | ₹22.5 lakh | ₹62.5 lakh | ₹40 lakh |
How do I calculate the maturity amount using the Stockify Sukanya Samriddhi Yojana Calculator?
Here are some simple steps to use the Stockify SSY Calculator:
Type in the amount of money you want to deposit each year (at least ₹250 and at most ₹1.5 lakh).
Put in the year the investment starts and the number of years it will last (up to 15 for deposits).
Choose the interest rate or let it fill in the most recent one.
Click "Calculate" to see your maturity amount right away.
The tool shows how much money was invested, how much interest was earned, and how much money the person will have at age 21.
Advantages of the Sukanya Samriddhi Yojana Calculator
With an SSY calculator, parents can easily and quickly plan for long-term savings. Here are the main benefits in more detail:
Parents can see the final corpus value right away by entering the amount of the deposit and the number of years. They don't need to use spreadsheets or complex math formulas.
You can easily compare different amounts of money you want to put down. For instance, you could try out scenarios like making yearly deposits of ₹50,000 and ₹1.5 lakh to see how much you should invest. It lets you see what works for your budget and your child's future needs.
Helps you understand tax-free growth under Section 80C. Shows how deductions on deposits and a fully tax-exempt maturity (EEE status) can boost your effective returns over 21 years.
Shows partial withdrawals for education like you can take out 50% of your money after you turn 18. This helps you plan for college costs without any surprises.
Year-by-year growth breakdown can be easily seen. This makes it easier to keep track of your financial growth and change your savings plan as needed.
FAQ
A parent or guardian can open an SSY account for a girl child who is less than 10 years old. The girl has to be an Indian citizen; NRIs can't open or keep these accounts.
You put money in for the first 15 years, and the account keeps growing with interest until it reaches maturity at 21 years from the date it was opened. You won't need to make any more deposits after 15 years; just enjoy the interest.
One account for each girl child. Families with twins can open two accounts, one for each twin girl.
You'll have to pay a small fine of ₹50 for every year you don't make a deposit. Your account stays open, but it might become inactive if you miss too many years.
You can put in as much as ₹1.5 lakh in one financial year. You can add it at any time during the year and in any number of deposits.
Yes, you can take out up to 50% of the balance for the girl to go to college or get married after she turns 18. There are no other early withdrawals allowed.
Early closure is only possible in certain situations, such as if the girl gets married after 18, dies, or has a life-threatening illness (with proof). If not, wait until you're older or use partial withdrawal.
You only need ₹250 to open the account. You can make later deposits in amounts of ₹50 or more.
Yes, deposits of up to ₹1.5 lakh can be deducted from taxes under Section 80C. Also, the interest and the amount due are both tax-free.
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