Sukanya Samriddhi Yojana (SSY) Interest Rate & Returns Calculator

The Government of India rolled out Sukanya Samriddhi Yojana to elevate the welfare of the girl child. Set up in 2015, it is a small savings scheme under the Beti Bachao Beti Padhao campaign. 

Alongside covering a range of expenses for a girl child, this scheme also guarantees sizable returns and tax exemptions on the accrued interest and maturity amount. This is where the Sukanya Samriddhi Yojana calculator proves resourceful.

Therefore, this article offers insights into the SSY calculator so you can use this tool as best as possible.

SSY stands for Sukanya Samriddhi Yojana. It's a government-backed savings scheme in India to benefit the girl child.

The Sukanya Samriddhi calculator determines the returns on the amount invested in the scheme. As a result, you can calculate the maturity amount per tenure and plan your child’s future accordingly. 

This tool requires you to provide relevant information, such as the child’s age, annual contribution amount, and investing starting year. The calculator then evaluates these details to determine the interest earned on this investment, maturity year and maturity amount. 

Furthermore, this calculator considers the latest interest rate on SSY to ascertain these figures.

To perform this calculation, the Sukanya Samriddhi Yojana calculator makes several assumptions, such as the following: 

• An investor deposits the same amount each year.

• There were no deposits from the 16th to the 21st year of investment. Therefore, the Sukanya Samriddhi calculator evaluates interest based on the previous deposits. 

• The interest rate throughout the SSY scheme’s 21 years remains constant, at 7.6%, which was recently updated to 8.2% for the first quarter of 2024 (as per the current rate announced by RBI).

• Yearly deposits are made on 1st April every year.

• Monthly deposits are made on the 1st of each month.

• There will be no withdrawals for 21 years. 

Now that you know the inner workings of an SSY calculator, let’s delve into the formula it uses to perform such calculations. 

The Sukanya Samriddhi Scheme aims to ease parents’ worries and secure financial stability for their daughters. Despite government efforts, India still struggles with its gender ratio, reflecting backwardness. It is commendable that the Indian government is working to change attitudes toward girls.

Step 1: To use the Digit SSY calculator, you must enter the yearly investment amount and the investment starting year. This SSY scheme calculator will automatically add interest rates. 

Step 2: After entering the necessary information, the calculator will show you the total investment amount, total interest earned, the maturity year of your investment, and the maturity value.

The Sukanya Yojana calculator is an incredible tool for anyone investing in the scheme. It helps you ascertain the maturity amount your girl child is entitled to receive at the end of the scheme’s tenure. 

Moreover, manual computation can often be burdensome and prone to errors. Therefore, an SSY calculator is handy as it generates error-free results for multiple repetitions. This calculator eliminates extensive calculations by prospective investors. 

Additionally, based on the calculator’s estimated maturity amount, you can decide how much regular contribution is required to reach your desired maturity amount. This calculator is available online without applicable charges, making it easily accessible to investors.

Therefore, if you wish to effectively assess your investment and returns and plan your investment portfolio more efficiently, the Sukanya Samriddhi calculator is an excellent tool.

The Sukanya Yojana calculator extends numerous advantages to an investor, some of which are as follows:

• The calculator computes the interest earned by an investor and the maturity amount in mere seconds.

• SSY calculator helps you determine accurate figures by eliminating errors during manual calculations.

• It helps you determine your investment's maturity value according to yearly and monthly contributions.

• Using this calculator, you can plan your finances and achieve the financial goals of your girl child, such as investing in her higher education, healthcare, career avenues, and marriage.

• This is an easy-to-use online calculator that can be used from your home.

To invest in Sukanya Samriddhi Yojana (SSY), the following are the eligibility criteria:

• Any parent or legal guardian of the girl child can open an account at any post office.

• The girl child must be under 10 years old when opening the account and remain active until she turns 21.

• You can start with a 250 initial investment ₹, a yearly limit of ₹1,50,000, and subsequent deposit multiples of ₹100.

• Each girl child can only have one Sukanya Samriddhi account.

• Families are limited to two Sukanya Samriddhi Yojana accounts, one for each girl child.

You can invest in SSY in two ways, which are as follows:

1. Through Bank

Here are the steps you need to follow to open an SSY account via bank:

Step 1: Visit your nearest bank branch.

Step 2: Fill out FORM SSA-1, the application form for Sukanya Samriddhi Yojana.

Step 3: Provide necessary documents like the girl child's birth certificate, parent/guardian's ID proof, and address proof.

Step 4: Make your first deposit, with a minimum of ₹250 and a maximum of ₹1,50,000.

Now, you must wait for your bank to process the SSY application. Once verified, your SSY account will be opened, and you will receive a passbook.

2. Through Post Office

Here are the steps you need to follow to open an SSY account via the post office:

Step 1: Head to your nearest post office.

Step 2: Fill out the account opening form the Post Office Savings Bank provided.

Step 3: Attach your ID proof, address proof, and other required documents.

Step 4: Deposit an amount exceeding ₹250.

Step 5: Wait for your application to be processed.

Once processed, your account will be opened and you will receive a passbook.

Your Sukanya Samriddhi Yojana account matures 21 years after you open it. As per the scheme rules, you must make deposits annually until 15 years from the account opening date.

Yes, it is possible to close your Sukanya Samriddhi Yojana (SSY) account before maturity under certain conditions as mentioned below:

• If your daughter intends to marry after turning 18, you can apply for premature closure with proof of her age between one month before the wedding and three months after.

• In case of your daughter's unfortunate demise, upon presenting the death certificate, the remaining balance, along with interest, will be paid to you as the guardian.

• If your daughter faces life-threatening medical conditions or in the event of your demise as her guardian.

• If your daughter's residency status changes, either becoming a non-resident or a non-citizen of India, you must inform within one month for deemed closure.

• Five years after opening the SSY, premature closure is permitted if the post office or bank deems the account's operation causes undue hardship to your daughter (such as the guardian's death or medical reasons).

• Premature closure is allowed for any other reason, but the entire deposit will earn interest at the rate applicable to the post office savings bank.

The following highlights the benefits of SSY:

• High-Interest Rates

The Sukanya Samriddhi Account offers a higher interest rate than other savings plans, ensuring financial security for girls. The government announces the interest rate annually, and your investments earn compounded interest yearly, resulting in substantial growth by maturity.

• Guaranteed Maturity Benefits

Upon maturity, the account balance and accumulated interest are directly paid to the girl child, fostering financial independence. Furthermore, the scheme allows continued compounding interest even after maturity until the account holder closes it.

• Significant Tax Benefits

Contributions to Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act, up to ₹1.5 lakh. Tax-saving benefits extend to the interest earned and the maturity amount or withdrawals. This scheme enjoys exempt-exempt (EEE) status and is overseen by the Department of Revenue.