Sukanya Account Calculator

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, returns, and tax benefits of a Sukanya Samriddhi Scheme.

What is a Sukanya Account?

The Sukanya Samriddhi Account Scheme was launched by the Government of India in 2015. It's a small deposit scheme that provides a safe and tax-free way for parents to save for their daughter's future needs, particularly education and marriage.

Key Features:

Minimum deposit: ₹1,000
Maximum deposit: ₹1,50,000 per financial year
Interest rate: 7.6% per annum (as of 2023)
Lock-in period: 21 years from account opening date
Maximum limit: ₹1,50,000 per account

The scheme is managed by the Post Office and offers a guaranteed return on investment. The interest is compounded annually, and the account matures after 21 years from the date of opening.

How a Sukanya Account Works

To open a Sukanya Samriddhi Account, you need to be a parent of a girl child who is less than 10 years old. The account can be opened at any post office branch in India.

Eligibility Criteria

The account can be opened only for a girl child who is less than 10 years old
The account can be opened by either parent or guardian
Only one account can be opened per girl child
The account can be opened in the name of the minor girl child

Deposit and Withdrawal Rules

You can deposit money in the account in multiples of ₹100. The maximum deposit limit per financial year is ₹1,50,000. You can deposit up to ₹1,50,000 in a financial year, but the total amount in the account cannot exceed ₹1,50,000.

Partial withdrawals are allowed after 5 years from the date of opening, but the total amount withdrawn in a financial year cannot exceed ₹1,50,000. The account can be closed only after 21 years from the date of opening.

Using the Calculator

Our Sukanya Account Calculator helps you estimate the maturity amount, returns, and tax benefits of a Sukanya Samriddhi Scheme. Simply enter the required details in the calculator on the right and click "Calculate" to get your results.

Maturity Amount = P × (1 + r)^n
Where:
P = Principal amount
r = Annual interest rate (7.6%)
n = Number of years (21)

The calculator uses the compound interest formula to calculate the maturity amount. The interest is compounded annually, and the account matures after 21 years from the date of opening.

Tax Benefits

The Sukanya Samriddhi Account offers several tax benefits. The interest earned on the account is exempt from tax under Section 10(32) of the Income Tax Act, 1961. The deposits made in the account are also eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

Tax Benefits:

Interest earned is tax-free
Deposits are eligible for tax deduction under Section 80C
Maximum deduction limit: ₹1,50,000 per financial year

These tax benefits make the Sukanya Samriddhi Account an attractive option for parents looking to save for their daughter's future needs.

Frequently Asked Questions

What is the minimum deposit required to open a Sukanya Samriddhi Account?

The minimum deposit required to open a Sukanya Samriddhi Account is ₹1,000. You can deposit in multiples of ₹100.

What is the maximum deposit limit per financial year?

The maximum deposit limit per financial year is ₹1,50,000. The total amount in the account cannot exceed ₹1,50,000.

What is the lock-in period for a Sukanya Samriddhi Account?

The lock-in period for a Sukanya Samriddhi Account is 21 years from the date of opening. The account can be closed only after 21 years.

Are the deposits and interest earned on the account tax-free?

Yes, the interest earned on the account is exempt from tax under Section 10(32) of the Income Tax Act, 1961. The deposits made in the account are also eligible for tax deductions under Section 80C of the Income Tax Act, 1961.