Calculate Amount in Sukanya Samriddhi Account
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Reviewed by Calculator Editorial Team
A Sukanya Samriddhi Account (SSA) is a government-backed savings scheme in India designed to help parents save for their daughter's education and marriage. This calculator helps you determine the maturity amount based on your investment and the current interest rates.
What is Sukanya Samriddhi Account?
The Sukanya Samriddhi Account Scheme was launched by the Government of India in 2015. It is a small deposit scheme that provides a safe and tax-free way for parents to save for their daughter's future education and marriage expenses.
Key features of the SSA include:
- Minimum deposit of ₹1,000 and maximum of ₹1,50,000 per financial year
- Interest is compounded annually
- No tax on interest earned
- No withdrawal penalty before maturity
- Maturity period of 21 years from the date of account opening
How to Calculate Maturity Amount
The maturity amount in a Sukanya Samriddhi Account is calculated using the compound interest formula:
Maturity Amount = P × (1 + r)^n
Where:
- P = Principal amount (initial deposit)
- r = Annual interest rate (in decimal)
- n = Number of years
The interest rate is currently set by the government and may change annually. The account matures after 21 years from the date of opening.
Interest Rates and Tax Benefits
The current interest rate for Sukanya Samriddhi Accounts is typically around 7.6% per annum, compounded annually. This rate is subject to change based on government notifications.
Key tax benefits:
- No tax on the interest earned in the account
- No tax on the maturity amount
- Contributions are eligible for tax deductions under Section 80C of the Income Tax Act
Note: The interest rate is subject to change by the government. Always check the latest rate before making deposits.
Example Calculation
Let's say you open a Sukanya Samriddhi Account with an initial deposit of ₹1,000 and the current interest rate is 7.6% per annum. Here's how the amount grows over 21 years:
| Year | Amount |
|---|---|
| 0 | ₹1,000.00 |
| 5 | ₹1,402.56 |
| 10 | ₹1,938.14 |
| 15 | ₹2,704.81 |
| 21 | ₹4,207.46 |
After 21 years, the maturity amount would be approximately ₹4,207.46, assuming no additional deposits are made.
FAQ
What is the minimum and maximum deposit amount for a Sukanya Samriddhi Account?
The minimum deposit amount is ₹1,000, and the maximum is ₹1,50,000 per financial year.
How long does it take for a Sukanya Samriddhi Account to mature?
The account matures after 21 years from the date of opening.
Is there any tax on the interest earned in a Sukanya Samriddhi Account?
No, the interest earned in a Sukanya Samriddhi Account is tax-free.
Can I withdraw money from a Sukanya Samriddhi Account before maturity?
Yes, you can withdraw money before maturity, but there may be penalties or restrictions depending on the specific terms and conditions.
What happens if I don't make deposits for a year?
If you don't make any deposits for a financial year, the account will not earn interest for that year.