The Sukanya Samriddhi Yojana (SSY) Calculator is a practical online tool designed to help you estimate the maturity amount and interest earned on investments made under the Sukanya Samriddhi Yojana. This government-backed savings scheme is aimed at securing the financial future of girl children in India. The calculator uses specific inputs like the investment amount, interest rate, and investment duration to provide you with accurate projections.
Who Can Use This SSY Calculator?
The SSY Calculator is designed for parents or guardians of girl children who wish to invest in the Sukanya Samriddhi Yojana. It is an ideal tool for anyone planning to secure their daughter’s financial future by investing in this beneficial scheme. Financial advisors and planners can also use the calculator to provide their clients with precise investment projections.
How Does the SSY Calculator Work?
The SSY Calculator functions by taking into account several parameters:
- Initial Deposit Amount: The amount you plan to invest initially.
- Annual Contribution: The yearly amount you plan to invest until maturity.
- Interest Rate: The prevailing Sukanya Samriddhi Yojana interest rate.
- Investment Period: The duration for which the investment is made (typically up to 21 years).
Using these inputs, the calculator computes the total maturity value and the interest earned over the investment period. The formula used by the SSY Calculator is:
A = P (1 + r/n) ^ nt
Where:
- A: Maturity amount
- P: Principal amount (initial deposit + annual contributions)
- r: Annual interest rate
- n: Number of times the interest is compounded per year
- t: Number of years
How to Use INDmoney's Sukanya Samriddhi Yojana Calculator?
Using INDMONEY’s SSY Calculator is straightforward and user-friendly. Follow these simple steps:
1. Enter Initial Deposit Amount: Input the amount you plan to deposit initially.
2. Enter Annual Contribution: Specify the yearly contribution you will make.
3. Select Interest Rate: Enter the prevailing interest rate for Sukanya Samriddhi Yojana.
4. Select Investment Period: Choose the duration for which you plan to invest.
5. Calculate: Click on the ‘Calculate’ button to see the results.
How Can Sukanya Samriddhi Yojana Calculator Help You?
The SSY Calculator provides several benefits:
- Accurate Projections: Offers precise calculations of the maturity amount and interest earned.
- Financial Planning: Helps in planning your finances better by understanding the future value of your investments.
- Time-Saving: Saves time by eliminating the need for manual calculations.
Advantages of Using INDmoney's Sukanya Samriddhi Yojana Calculator
INDMONEY’s SSY Calculator offers multiple advantages:
- Ease of Use: Simple interface for easy input and quick calculations.
- Flexibility: Allows you to adjust the variables to see different investment scenarios.
- Real-Time Results: Provides instant results to help you make informed decisions.
Example of Using the Sukanya Samriddhi Yojana Calculator
Let’s consider an example to understand how the calculator works. Suppose you plan to make an initial deposit of Rs 50,000 and contribute Rs 20,000 annually for 15 years. The prevailing interest rate for SSY is 8.2% per annum, compounded annually.
| Year | Opening Balance (Rs) | Annual Contribution (Rs) | Interest Earned (Rs) | Closing Balance (Rs) |
| 1 | 50,000 | 20,000 | 5,740 | 75,740 |
| 2 | 75,740 | 20,000 | 7,835 | 1,03,575 |
| 3 | 1,03,575 | 20,000 | 10,091 | 1,33,666 |
| 4 | 1,33,666 | 20,000 | 12,517 | 1,66,183 |
| 5 | 1,66,183 | 20,000 | 15,123 | 2,01,306 |
| 6 | 2,01,306 | 20,000 | 17,918 | 2,39,224 |
| 7 | 2,39,224 | 20,000 | 20,913 | 2,80,137 |
| 8 | 2,80,137 | 20,000 | 24,119 | 3,24,256 |
| 9 | 3,24,256 | 20,000 | 27,548 | 3,71,804 |
| 10 | 3,71,804 | 20,000 | 31,211 | 4,22,974 |
| 11 | 4,22,974 | 20,000 | 35,122 | 4,77,998 |
| 12 | 4,77,998 | 20,000 | 39,294 | 5,37,292 |
| 13 | 5,37,292 | 20,000 | 43,742 | 6,01,034 |
| 14 | 6,01,034 | 20,000 | 48,483 | 6,69,517 |
| 15 | 6,69,517 | 20,000 | 53,534 | 7,43,051 |
Summary:
Maturity Amount: Rs 7,43,051
Total Interest Earned: Rs 2,43,051
This example shows how using the SSY Calculator can provide a clear and accurate picture of your investment’s future value.
Frequently Asked Questions
Who can open a Sukanya Samriddhi Yojana Account?
Parents or legal guardians can open a Sukanya Samriddhi Yojana account for a girl child who is under 10 years old. Each girl child can have only one SSY account in her name.
How many SSY accounts are permitted per family?
A family can open up to two SSY accounts for two girl children. If a family has twins or triplets, more than two accounts are allowed if all the children are girls.
What is the minimum deposit required to start an SSY account?
To open an SSY account, a minimum deposit of Rs 250 is required. Additional contributions can be made in multiples of Rs 50.
What happens if no deposits are made in an SSY account for a year?
If deposits are not made in any given financial year, the SSY account will become inactive. It can be reactivated by paying a penalty of Rs 50 per year along with the minimum required deposit for that year.
What is the maximum yearly deposit allowed in a Sukanya Samriddhi Yojana account?
The maximum amount that can be deposited in an SSY account is Rs 1.5 lakh per financial year.
When does a Sukanya Samriddhi Yojana account mature?
An SSY account matures 21 years from the date of opening or upon the marriage of the girl child after she turns 18, whichever comes first.
Are there any tax benefits for Sukanya Samriddhi Yojana account holders?
Yes, contributions to an SSY account qualify for tax benefits under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-exempt.
Is premature withdrawal allowed from a Sukanya Samriddhi Yojana account?
Yes, premature withdrawal of up to 50% of the account balance is allowed once the girl child reaches 18 years of age, provided the money is used for her higher education or marriage.
Can an SSY account be closed before its maturity date?
Yes, an SSY account can be closed before maturity in certain circumstances such as the death of the account holder, serious illness, or other exceptional situations specified by the government.