Sukanya Samriddhi Yojana Calculator

Latest SSY Rate = 8%

Yearly investment ₹ 100000

Girl's age 8 Yr

Start period 2024

Total investment ₹15,00,000

Total interest ₹29,89,690

Maturity year 2045

Maturity value ₹44,89,690

Principal interest Total interest

Sukanya Samriddhi Yojana (SSY) is a savings scheme launched

back in 2015 as part of the Government initiative Beti Bachao,

Beti Padhao campaign. This scheme enables guardians to open a

savings account for their girl child with an authorised commercial

bank or India Post branch.

SSY accounts offer an 8% rate of interest. A Sukanya Samriddhi

Yojana calculator can help you determine the returns you receive

as per the invested amount and tenure.

Who Can Use This Calculator?

The first step to take benefit of the SSY calculator is to check

whether the eligibility criteria of the scheme is fulfilled. SSY

account can be opened by legal guardians of the girl child

provided the following conditions are met:-

The girl must be an Indian resident

The girl shouldn’t be more than 10 years of age

Upto two accounts can be opened in a family with two girl

children.

Additionally, the legal guardians will also need to submit the

following documents to be able to start the deposits in the

scheme:-

Duly filled scheme opening document which covers the basic

personal details of the account holder and the girl child for

whom the account is being opened.

Birth certificate of the girl child.

Depositor’s identification documents as well as a valid address

proof.

Medical certificate in the case of the birth of multiple children

under a single birth order.

Additional documents requested by the concerned authority.

Individuals who meet the aforementioned pre-requisites as well

as have the supporting documents for the same are eligible for

the scheme and hence can go ahead and use the SSY calculator

online.

How can an SSY calculator help you?

Often parents of the girl child, look to do investments in the name

of their child that can help meet the expenses of their daughter’s

education and marriage expenses.

While there are many investment avenues that can help parents

achieve this, Sukanya Samriddhi Yojana has emerged as one of

the most popular ones owing to the high-interest rate as well as

the tax benefits it offers. Under Section 80 C of the Income Tax

Act, 1961, individuals can claim tax exemption up to Rs 1.5 Lakh

from the amount contributed to SSY account.

Moreover, the interest income generated from investing is tax-

exempt as well. Tax benefits are extended to the maturity amount

too. That being said, parents who have zeroed in on using

Sukanya Samriddhi as the preferred investment option, now need

a tool to calculate the total amount on maturity that they would

receive. The manual calculation is cumbersome and prone to

error. This is where the Sukanya Samriddhi Calculator comes in

handy.

According to the maturity amount, investors can make

adjustments to regular contributions to reach the desired corpus.

The calculator is free to use and can generate error-free output

for multiple iterations.

The Sukanya Samriddhi Yojana is a long-term investment scheme

that can generate high ROI. You have to make a minimum

contribution each year to keep the account active.

Hence, using a Sukanya Samriddhi Yojana calculator online is

beneficial to have an overall assessment of your investments and

returns.

Few benefits of SSY calculators include-

Shows you the year of maturity for your SSY account.

Displays the amount you receive upon maturity.

Helps you plan your investment portfolio more effectively.

How Does The SSY Calculator Work?

The tenure for maturity for the amount is 21 years. It is important

to note that it is important for individuals to make minimum one

contribution a year to keep the scheme alive till 14 years are

completed.

The individual may choose to not make contributions in the SSY

account between a year and year 21 if they so wish. However, the

previous investments made into the account will continue

earning on the prevailing interest rate. The final amount is hence

calculated based on your net contribution plus interest earned.

The Sukanya Yojana calculator uses the following formula to

generate results:-

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

Where –

A Compound interest

P Principal amount

r Rate of interest

n Number of times interest compounds in a year

t Number of years

How to use Groww’s SSY Calculator Online?

Just enter the investment amount per year, age of your girl child,

and investment starting year.

The calculator will automatically display the maturity year and the

amount you receive upon maturity after you enter the details.

Advantages of using Groww Sukanya Samridhi Scheme

Calculator

Using the Groww Sukanya Samriddhi Yojana online calculator

provides you with the following benefits –

The Groww Sukanya Yojana calculator is free to use and can

generate error-free output for multiple iterations.

The calculator generates output within seconds.

The tool is available online on Groww ‘s website and does not

require downloading a utility.

You don’t have to sign up or login to use the calculator, it does

not ask any user information except the input fields.

There is no limit to the number of times you can use the SSY

calculator.

The calculations are made based on the prevailing SSY interest

rates for higher accuracy; individuals don’t have to manually

enter interest rates.

The SSY Calculator is up to date and any change implemented

in the scheme itself, that affects the calculation of the corpus,

will get auto reflected in the workings of the Sukanya

Samriddhi calculator.

The tool works equally efficiently on all devices.

The calculator of Sukanya Samriddhi Yojana assists you in

determining the amount that you can comfortably invest each

year. Opening an SSY account is one of the ways to secure your

child’s future against expenses like higher education.

How Can I Use The Corpus Accumulated From SSY

Contributions?

Upon reaching maturity, the entire corpus accumulated can be

withdrawn by the girl child. This can be done after the following

documents are produced:-

Withdrawal application form

ID Proof and valid address proof

Citizenship documents

The corpus withdrawn can be used to meet the expenses of

higher education of the girl child, provided she has cleared 10th

Standard and reached 18 years of age. The amount can only be

used to meet fee and admission charges. To prove that the

amount is being utilised for educational purposes, the depositors

are required to submit University admission documents as well as

fee receipts.

Premature withdrawal to meet marriage expenses is allowed,

provided the girl is 18 and above. The girl will be required to

produce an affidavit that states that she is a major.

“Looking to invest? Open an account with Groww and start

investing in direct Mutual Funds for free”

Related Saving Scheme Pages

Sukanya Samriddhi Yojana NPS Interest Rate

National Savings Scheme SSY Interest Rate

NSC Interest Rate List of Banks Offering SSY

Post Office Saving Atal Pension Yojana

Schemes

Senior Citizen Savings Post Office Monthly Income

Scheme Scheme

FAQs

Who is eligible for a Sukanya Samriddhi Yojana Account?

How many accounts can be created under SSY?

What is the minimum amount required to open an SSY

account?

What happens when I do not make any deposits?

What is the maximum amount that I can deposit in a year?

What is the maturity period of an SSY account?

Does a Sukanya Samriddhi Yojana account provide income tax

benefits?

Can an accountholder prematurely withdraw from an SSY

account?

Can an SSY account be closed before maturity?

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