What Is Sukanya Samriddhi Yojana Calculator?

Mar 22nd 2024
What is Sukanya Samriddhi Yojana Calculator and How it Works?

What is Sukanya Samriddhi Yojana Calculator? Are you looking to save money for your daughter for her future? Though several investment schemes are available in the market these days, there is no match for Sukanya Samriddhi Yojana. It is a government-backed scheme that has become immensely popular since its launch. In this post, you will get to know everything about Sukanya Samriddhi Yojana and Sukanya Samriddhi Yojana Calculator.

What is Sukanya Samriddhi Yojana Account (SSYA)?

Sukanya Samriddhi Yojana, often known as an SSY account, is a female child modest deposit programme supported by the Government of India. The female child's SSY account can be created as soon as she is born up to the time, she becomes 10 years old. The SSY account may be opened at any branch of a commercial bank or at the post office. The Sukanya Samriddhi Yojana account may be opened with just a Rs 250 initial investment. The most you may deposit into an SSY account in a given fiscal year is Rs. 1.5 lakh. A girl's name is added to the SSY account in order to secure her future. The funds may be used to pay for a female child's wedding or further schooling.

The SSY account remains operational for 21 years after it is opened, or until the female child marries after becoming 18 years old. For the female child's higher education costs, you may take a portion of the balance of up to 50%. For the quarter from July to September of the year 2021, the SSY account is now offering an interest rate of 7.6% per year. Under Section 80C of the Income Tax Act, the cash placed into the SSY account is eligible for a tax deduction of up to Rs 1.5 lakh each year. Both the amount withdrawn at maturity and the interest accrued on the deposit are tax-free.

What is Sukanya Samriddhi Yojana Calculator?

Called Sukanya Samriddhi Yojana is a modest savings programme by the Indian government as part of the "Beti Bachao Beti Padhao Campaign." It is only intended for female children and will be used to pay for their wedding and educational costs. The assured returns, EEE tax exemption, interest rate, and maturity amount are further benefits. To determine the maturity amount and how much you will be able to save for your girl's education and marriage, use the Sukanya Samriddhi Yojana Calculator.

How Does The Sukanya Samriddhi Yojana Calculator Function?

You must input the invested amount, the child's age, and the year that you start investing. The maturity amount and interest received on the investment will be displayed by the SSY calculator. Let's apply the following calculus formula: A = P(1 + r / n) nt Initial Deposit = P r = Interest rate n = The number of interest-compounding years t = The number of years. A is the maturity amount. For instance, you put Rs 1,50,000 annually into the SSY account for 15 years.

The interest rate on the SSY account is 7.6% p.a. The maturity amount after 21 years should be calculated. (Note: The contribution term for the SSY account is 15 years, whereas the maturity period is 21 years). The calculations are shown in the table below. You would receive Rs 42.48 lakh after 15 years if you put Rs 1,50,000 every year into an SSY account. You won't make any further deposits into the SSY account until the maturity term (21 years) has passed. At maturity, you would receive Rs 65.93 lakh.

One just need to enter a few details defined below:

  • Investment per year: The amount that the depositor intends to put aside each year for his or her female child is indicated in this area.
  • Age of the girl for whom the SSY account is to be established is indicated in this area.
  • Start year: The investment's beginning year is indicated in this section.
  • The following values are returned by the Sukanya Samriddhi Yojana calculator:
  • Maturity year: The scheme's maturity year is indicated in this section. In 21 years, it becomes mature.
  • Maturity amount: The ultimate investment value in the Sukanya Samriddhi Yojana is provided in this section.

Benefits of using Sukanya Samriddhi Yojana Calculator

  • The SSY Calculator instantly displays the interest you have accrued as well as the account's maturity amount.
  • The SSY account is a great investment for tax reduction. Among fixed-income investments, it also offers one of the highest interest rates.
  • The Sukanya Samriddhi Yojana Calculator demonstrates how using the SSY account might assist you in meeting financial objectives like funding a daughter's wedding and higher education.
  • To calculate the amount, you must set aside for a female child's education and marriage, use the SSY Calculator.
  • A user-friendly calculator is the SSY Calculator. It may be utilised anywhere, including from the comfort of your home.

How To Use Sukanya Samriddhi Yojana Calculator?


You just need to enter all the required details in the Sukanya Samriddhi Yojana Calculator, including the sections for Investment per Year, Girl's Age, and Start Year. The calculator will assist in calculating the maturity amount and maturity year. The calculator performs the computation for you automatically using the most recent SSY Interest Rate made public by the RBI.

The lock-in duration for the Sukanya Yojana is 21 years (from tenure to maturity). 7.60% is the current interest rate. The investor must make at least one investment per year for 14 years to keep the account open.

The investor has the option to stop making contributions to the account after the 15th year and continue doing so until the 21st year. The SSY account will still get returns on its prior investments at the current interest rate, though. The total of the net investments plus the interest generated is the final maturity amount.

  • Every year, the same sum is invested.
  • From the fifteenth to the twenty-first year, no investment was made. The preceding donations are used to compute interest.
  • The interest rate will remain at 7.60% over the 21-year term of the plan (current rate published by RBI).
  • Annual payments are made on April 1st of each year.
  • On the first of each month, donations are made.
  • In the first 21 years, there are no withdrawals.

Sukan Samriddhi Yojana – Interest Rates

Period                                                           SSY Interest Rates  

April 2023 – October 2023

   8.00% p.a. p.a.

1st January 2023 – March 31st 2023

   7.60% p.a.

1st April 2020 – 31st December 2022

   7.60% p.a.

1st July 2019 – 31st March 2020

   8.40% p.a.

1st October 2018 to 30th June 2019

   8.50% p.a.

1st January 2018 to 30th September 2018

   8.10% p.a.

1st July 2017 to 31st December 2017

   8.30% p.a.

1st April 2017 to 30th June 2017

   8.40% p.a.


1. Can You Terminate An SSY Account Before It Mature?

Yes, it is possible to close an SSY account before to maturity. After 21 years have passed since the account's opening, the SSY account will mature. However, they may be shut down even before the required 21 years have passed. A guardian may request the closing of an account due to the female child's marriage. The guardian will need to submit a declaration to support this goal. The declaration would be properly completed on paper bearing a non-judicial stamp and notarized. It must be provided together with documentation attesting that the female kid will be 18 years old on the wedding day.

2. What Is The Maximum Amount I Can Deposit In a Calendar Year?

A maximum of Rs 1.5 lakhs may be deposited in a fiscal year.

3. In The Sukanya Samriddhi Yojana, May Both Parents Make Deposits?

No, neither parent may contribute to the Sukanya Samriddhi Yojana. Both parents are eligible to petition for SSY as the girl's guardian. The money must be deposited into the SSY account by the applicant's guardian. Additionally, under section 80C of the Income Tax Act of 1961, the depositor will be qualified for a tax deduction.

4. Can I Open The Sukanya Samriddhi Account After 10 Years?

No, the Sukanya Samriddhi Account can’t be opened after 10 years of age of girl’s child. It is the most elementary eligibility criteria with no exceptions.

The Conclusion

The Sukanya Samriddhi Yojana Calculator allows a person who wants to invest in the SSY programme to determine how much they would earn when the investment matures. Individuals must fulfil the requirements of the scheme in order to utilize the SSY calculator.


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