Post Office Sukanya Samriddhi Account Calculator
'/%3E%3Ccircle cx='48' cy='39' r='19' fill='%23f2c9a5'/%3E%3Cpath d='M27 35c3-16 39-17 42 2-8-8-27-9-42-2z' fill='%23374151'/%3E%3Cpath d='M21 86c5-24 49-28 56 0z' fill='%232563eb'/%3E%3Ccircle cx='41' cy='41' r='2' fill='%23111827'/%3E%3Ccircle cx='55' cy='41' r='2' fill='%23111827'/%3E%3Cpath d='M42 52c4 3 9 3 13 0' stroke='%2392400e' stroke-width='3' fill='none' stroke-linecap='round'/%3E%3C/svg%3E)
Reviewed by Calculator Editorial Team
The 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 estimate the maturity amount, interest earned, and growth of your SSA over time.
What is a Sukanya Samriddhi Account?
The Sukanya Samriddhi Account is a small savings scheme launched by the Government of India in 2015. It's specifically designed for the girl child and offers tax benefits under Section 80C of the Income Tax Act. The account is managed by post offices across India.
Key Features
- Minimum deposit: ₹1,000 per year
- Maximum deposit: ₹1,50,000 per financial year
- Maximum deposit limit for the account: ₹1,50,000
- Interest rate: Currently 7.6% per annum (as of 2023)
- Lock-in period: 21 years from the date of opening
- Partial withdrawals allowed after 18 months
- Tax benefits under Section 80C
Eligibility
To open an SSA, you must be the parent or legal guardian of a girl child who is less than 10 years old. The account can be opened in the name of one or two girls.
Note: The interest rate is subject to change by the government. This calculator uses the current rate of 7.6% per annum.
How to Use This Calculator
Using our Sukanya Samriddhi Account calculator is simple. Just enter the following details:
- Initial deposit amount (minimum ₹1,000)
- Annual deposit amount (if you plan to deposit regularly)
- Number of years you plan to keep the account open
- Interest rate (default is 7.6%)
Click "Calculate" to see your estimated maturity amount, total interest earned, and a growth chart.
Formula Used
The Sukanya Samriddhi Account uses simple interest calculation. The formula for the maturity amount is:
Maturity Amount = Initial Deposit + (Initial Deposit × Interest Rate × Time) + (Annual Deposit × Interest Rate × Time)
Where:
- Initial Deposit = The amount you deposit when opening the account
- Annual Deposit = The amount you deposit each year
- Interest Rate = Current interest rate (7.6% per annum)
- Time = Number of years the account is open
The total interest earned is simply the maturity amount minus the total deposits made.
Worked Example
Let's say you open an SSA with an initial deposit of ₹10,000 and plan to deposit ₹5,000 each year for 10 years. The current interest rate is 7.6%.
Maturity Amount = ₹10,000 + (₹10,000 × 0.076 × 10) + (₹5,000 × 0.076 × 10)
= ₹10,000 + ₹7,600 + ₹3,800
= ₹21,400
Total interest earned = ₹21,400 - (₹10,000 + ₹5,000 × 10) = ₹21,400 - ₹60,000 = ₹38,600
This example shows how the account grows over time with regular deposits and compound interest.
Frequently Asked Questions
What is the minimum deposit required to open an SSA?
The minimum initial deposit is ₹1,000. You can deposit up to ₹1,50,000 per financial year.
How long does the account remain open?
The account remains open for 21 years from the date of opening. After this period, the account matures and the amount can be withdrawn.
Can I withdraw money from the account before maturity?
Yes, partial withdrawals are allowed after 18 months from the date of opening. However, the account must remain open for at least 21 years.
Are there any tax benefits on SSA?
Yes, deposits to the SSA are eligible for tax benefits under Section 80C of the Income Tax Act, up to ₹1,50,000 per financial year.
Can I open more than one SSA for my daughter?
Yes, you can open multiple SSAs for different daughters, but the total deposits across all accounts must not exceed ₹1,50,000 per financial year.