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Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi Yojana (SSY) is a program intended to support the government’s idea to facilitate the welfare and education of the girl child. This program was first introduced in the year 2015 which is also called as ‘Beti Bachao, Beti Padhao’ campaign. Using this program, parents or guardians can make regular savings in any recognized bank or India Post Office for their girl child.


- (A minimum of ₹250 and a maximum of ₹150000 can be deposited every year)

- (Age must be less than or equal to 10 years before investment)

Understanding About Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana (SSY) scheme is a special government initiative designed to encourage savings for the future of girl children. One of the standout SSY features is its attractive interest rates, which are typically higher than those of many other savings schemes. This means the money you put in grows faster over time. Another key point about SSY is its deposit limits. You can start with as little as Rs. 250 and go up to Rs. 1.5 lakh in a financial year. When it comes to maturity benefits, the account matures after 21 years from the date of opening, or upon the marriage of the girl after she turns 18, providing a substantial amount for her future needs.

Eligibility Criteria for SSY

To open an SSY account, there are specific rules about who can do this. The SSY eligibility focuses mainly on the age limit of the girl child and the relationship of the person opening the account. The age of the girl must be less than 10 years at the time of opening the account. The parents or guardians of the girl child can open this account. The SSY account facilitates securing the future of the girl child and providing a helping hand for the future expenses.

The maturity amount of the SSY account can be determined using the following formula: A = P(1 + r/n)^(nt), where:

  • P = Initial Deposit,

  • r = Rate of Interest,

  • n = Frequency of compounding per year,

  • t = Number of Years,

  • A = Amount at maturity.


  • Example Calculation:

    • Mr. A started contributing Rs 1,50,000 annually to the SSY account.

    • The duration of making such a contribution is 15 years.

    • The compounded interest rate is 8% p.a.

    • The intent is to determine the final value after 21 years, even after the contribution stops at 15 years.


  • Outcome:

    • So, the value of deposits after 15 years comes out to approximately Rs. 43.98 lakh.

    • The maturity amount increases to Rs. 69.80 lakh without additional deposits, at the end of the maturity period, that is, 21 years.


  • Simplified Calculation:

    • Determining returns using the formula is challenging and accuracy cannot be guaranteed.

    • TaxBuddy's Sukanya Samriddhi Yojana Calculator can be used to make the calculation simple and easy.

How to Use the Sukanya Samriddhi Yojana Calculator

When it comes to planning for the future of a girl child, the Sukanya Samriddhi Yojana (SSY) is a popular choice among many. This scheme not only helps in securing a bright future for them but also offers a good return on investment. To make investment planning easier and more effective, the SSY Calculator comes into play. This handy tool is designed to help parents and guardians figure out how much they will need to invest now to achieve their financial goals for their girl child's education and marriage.

The SSY Calculator simplifies the process of investment planning. By inputting a few basic details such as the amount you wish to invest annually and the age of your girl child, the calculator will instantly show you the maturity amount you can expect. This makes it incredibly useful for anyone looking to invest in the Sukanya Samriddhi Yojana. It takes away the guesswork and provides a clear picture of the future, helping you make informed decisions regarding your investment. Whether you're just starting out or looking to reassess your current investment plan, the SSY Calculator is a valuable resource to ensure the financial security of your girl child's future.

Steps to Access The SSY Calculator

Step 1: Access the Calculator:

Navigate to > Resources > Calculators > Select Sukanya Samriddhi Yojana Calculator.


Step 2: Provide details such as:

Email ID, Date of Birth, Date of Deposit, and Yearly Deposit Amount. Input the initial deposit amount, the annual deposit amount, the duration of the investment, and the applicable interest rate into the designated fields.


Step 3: Click on the ‘Calculate’ button.


Step 4: The calculator will compute the maturity value of your Sukanya Samriddhi Yojana investment.


By following the above steps, you can quickly and accurately calculate the maturity value of your Sukanya Samriddhi Yojana investment.

Benefits of Using an SSY Calculator

Accurate Maturity Estimates

When it comes to financial planning, knowing how much money you'll have in the future is crucial. This is where an SSY Calculator becomes a valuable tool. It helps by providing accurate maturity estimates. What this means is, you can enter your current investments or the amount you plan to invest in the Sukanya Samriddhi Yojana (SSY), and the calculator will show you how much money will be available at maturity. This makes planning for your child's education or marriage needs much easier, ensuring you're on the right track with your savings goals.

Tax Benefits

One of the great advantages of making SSY contributions is the tax benefits they offer. The government has made provisions for tax deductions on the amount you invest in the Sukanya Samriddhi Yojana, which can significantly reduce your taxable income. Using an SSY Calculator can help you understand how much you can save on taxes with your contributions. It's a straightforward way to see how maximizing your investments in SSY can lead to substantial tax savings, making it an informative guide in your financial planning toolkit.

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Frequently asked questions


What is Sukanya Samriddhi Yojana?


Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme aimed at the parents of girl children to encourage them to save for their daughter's future education and marriage expenses. It offers an attractive interest rate and tax benefits, making it a popular choice for long-term savings.


Who is eligible to open an SSY account?


An SSY account can be opened by the parents or legal guardians of a girl child who is less than 10 years old. It's important to note that a family can open up to two SSY accounts for their daughters, provided each child has their own account.


How does the Sukanya Samriddhi Yojana Calculator work?


The Sukanya Samriddhi Yojana Calculator is an online tool that helps you estimate the maturity amount of your SSY investment. You just need to input details like the yearly investment amount, the age of your daughter, and the current interest rate. The calculator then uses this information to show you how much money you will receive when the account matures.


What are the tax benefits of investing in SSY?


Investing in SSY comes with several tax benefits. The amount you invest (up to a certain limit) can be deducted from your taxable income under Section 80C of the Income Tax Act. Additionally, the interest earned and the maturity amount are both tax-free.


Can I use the SSY Calculator for multiple investment scenarios?


Yes, you can use the SSY Calculator for multiple investment scenarios. This tool allows you to change the investment amount, interest rate, and other variables to see how different strategies could affect the final maturity amount. It's a great way to plan and maximize your savings.


What documents are required to open an SSY account for my daughter?


To open an SSY account for your daughter, you'll need to provide a few essential documents. These include the birth certificate of your daughter, the identity proof and address proof of the parent or legal guardian, and any other documents the bank or post office might require.


Can I make partial withdrawals from an SSY account for my daughter's education or marriage expenses?


Yes, partial withdrawals from an SSY account are allowed for your daughter's education once she turns 18 or for her marriage expenses once she turns 21. However, there are certain conditions and limits on how much can be withdrawn, ensuring the account's primary purpose is not compromised.


Is there any penalty for premature closure of an SSY account?


Premature closure of an SSY account is allowed only under specific circumstances, such as the account holder's death or extreme financial hardship. If the account is closed for any other reason, a penalty may be applied, and the interest rate may be adjusted to a lower rate.


How often should I update my investment details in the SSY Calculator for accurate maturity estimates?


It's a good idea to update your investment details in the SSY Calculator at least once a year. This ensures that the maturity estimates reflect the latest interest rates and any changes in your investment amount, giving you a clear picture of your savings growth.


Can grandparents or legal guardians open an SSY account for the girl child?


Yes, grandparents or legal guardians can open an SSY account for the girl child if the parents are not capable of doing so. However, the same eligibility criteria apply, and the necessary documentation proving the relationship and custody of the girl child must be provided.

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