SSY Calculator - Sukanya Samriddhi Yojana (SSY) Returns Calculator

Sukanya Samriddhi Yojana or SSY is a government-backed savings scheme for a girl child. The scheme was launched as the part of the government’s flagship Beti Bachao, Beti Padhao campaign, aimed for the betterment of the girl child’s future. The Sukanya Samriddhi Yojana interest rate 2022 is high as compared to standard savings schemes and brings very lucrative tax benefits as well. Individuals looking to plan their girl child’s future by opening and contributing to an SSY account can use Sukanya Samriddhi Yojana calculator or SSY calculator to determine the return from their investment. In this article you will learn SSY in brief and know how you can use Sukanya Yojana calculator to plan better for the financial future of your girl child.

Sukanya Samriddhi Yojana (SSY): An Overview

Sukanya Samriddhi Yojana or SSY is a girl child saving’s plan launched by the government of India in 2015. It allows parents or guardians of the girl child to invest and earn higher interest to build a healthy corpus that they can use to fund the child’s higher education and marriage. A part of Beti Bachao, Beti Padhao campaign, the current SSY interest rate (as of March 2022) is 7.6%, which is substantially higher than the standard saving schemes. Parents or legal guardians of a girl child below 10 years of age can open a SSY account at a local post office or with any government/private bank. Before applying for SSY, it is important to know the eligibility criteria of the scheme. Here are the key Sukanya Samriddhi Yojana scheme details that will help you to confirm the eligibility.

Sukanya Samriddhi Yojana Eligibility

• The age of the girl child should not be more than 10 years
• The girl should be an Indian resident
• The individual applying for the scheme should be the legal guardian of the girl child
• Up to two SSY accounts can be opened in a family with two girl children
• Minimum investment amount required for SSY is Rs 250, whereas the maximum contribution can be Rs 1.5 lakh
• SSY has a maturity period of 21 years
• The first 14 years require at least one deposit/contribution every year
• No compulsion to make any deposit from 15th year until 21st year or maturity

After confirming your eligibility and all the details of the scheme, you can approach a post office or any bank and enjoy Sukanya Samriddhi Yojana benefits by opening an account. However, before making any investment in SSY it is important to have an idea of how the investment instrument works, i.e; how it will help you to grow your savings and secure your girl child a bright future ahead. For this, you need to calculate the return from your investment based on the sukanya interest rate. Now since such calculation requires dealing with several variables and a complex formula, the math becomes cumbersome and time consuming. There comes the need of a Sukanya Samriddhi calculator that helps you to calculate the returns that you can expect from your contributions in the SSY scheme. 

Sukanya Samriddhi Yojana Calculator 2024

The Sukanya Samridhi calculator is an easy-to-use online tool that enables you to calculate returns from investing in SSY. The calculator requires a few inputs and shows you the results instantly. While using sukanya calculator, you have to enter the following details:

• Yearly Investment: The amount that you are going to contribute every year in the SSY account
• Girl child’ age: The age of girl child when you start the SSY plan
• Start year: The year when you start the SSY scheme

Based on the above inputs, the SSY calculator will calculate and show you the following:

• Total Investment Amount: The total amount of contributions you would have made in the SSY account
• Interest Earned: The total amount of interest or capital gains earned on your investment in the SSY scheme
• Maturity Year: The year when the SSY is going to mature
• Maturity Value: The final value of your investment including the interest earned

The SSY calculator uses the following formula: A = P(1 + r/n) ^ nt

Where, 

A = Interest earned

P = Principal investment amount

r = rate of interest (7.6% as of now)

n = number of times the compounding happens in a year

t = time period of investment, i.e; number of years

With an SSY calculator, you do not have to do any manual calculations. Just enter the details and the results will be shown in no time.

Let us understand how SSY calculator works with an example:

Suppose you start SSY for your girl child when she is 5 years old. You plan to make yearly contributions of Rs 1,00,000 in the scheme from 2021. Considering the current Sukanya samriddhi interest rate of 7.6%, after 21 years, i.e; in 2043, the policy will get matured and you will have the following:

• Total Investment: Rs 15,00,000
• Total Interest Earned: Rs 27,43,000
• Total Maturity Value: Rs 42,43,000

Benefits of Using SSY Calculator

The Sukanya Samriddhi Yojana interest rate and the tax benefits that come along with it make SSY the most popular savings scheme for a girl child. Using a SSY calculator, the parents can make efficient financial planning for their gir child’s future. Here are the main perks of using a SSY calculator:

• Based on yearly contributions that you plan to make in the scheme, you can get an accurate figure of returns using the SSY calculator. Since the Sukanya Samriddhi Yojana rate of interest is fixed, the maturity amount shown by the calculator is the exact amount that you will be able to withdraw upon maturity.
• With proper return figures in mind, you can plan your girl child’s higher education accordingly. Every parent wishes to secure a bright future for their children. The SSY calculator helps them to gauge the maturity amount based on their ability to invest which allows them to plan beforehand for their gir child’s future.
• It saves you from doing manual calculations which apart from being extremely time consuming, is also prone to multiple errors. 
• You can easily adjust the investment amount and starting year of the investment in the SSY calculator. This enables you to compare different combinations of how different customizations will offer you returns in the future.

Sukanya Samriddhi Yojana or SSY is the most popular savings plan for a girl child. It motivates parents to start early financial planning for their child’s future and invest accordingly. With high interest rate and tax saving benefits, the net return becomes generously higher at the end. The same can be calculated using a SSY calculator. With proper and exact figures of the maturity amount at disposal, you can customize or plan your SSY investments accordingly and secure a financially strong future for your girl.