Sukanya Samriddhi Account Calculator

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 of your SSA investment based on your inputs.

What is a Sukanya Samriddhi Account?

The Sukanya Samriddhi Account Scheme was launched by the Government of India in 2015. It's a savings account specifically for the girl child, offering tax benefits and a guaranteed return on investment. The account is managed by Post Office Departments across India.

Key Features:

Minimum deposit: ₹1,000 per year
Maximum deposit: ₹1,50,000 per financial year
Interest rate: 7.6% per annum (as of 2023)
Lock-in period: 21 years from the date of opening
Partial withdrawal allowed after 5 years
Maturity amount can be withdrawn after 21 years

The scheme is part of the government's efforts to promote gender equality and provide financial security for girls. The interest earned on the account is tax-exempt under Section 80C of the Income Tax Act.

How the Sukanya Samriddhi Account Works

Opening the Account

To open an SSA, you need to be a parent or legal guardian of a girl child who is less than 10 years old. The account can be opened at any post office branch in India. You'll need to provide the girl's birth certificate and other required documents.

Making Deposits

You can deposit money in the account on a monthly, quarterly, or annual basis. The minimum deposit is ₹1,000 per year, and the maximum is ₹1,50,000 per financial year (April-March).

Interest Calculation

The account earns interest at a fixed rate of 7.6% per annum, compounded annually. The interest is calculated on the balance in the account at the end of each financial year.

Withdrawals

You can withdraw money from the account after 5 years, but only for the daughter's education or marriage expenses. The account must remain open until the daughter turns 21 years old. The entire amount can be withdrawn after 21 years.

Tax Benefits

The interest earned on the SSA is tax-exempt under Section 80C of the Income Tax Act. The deposits made to the account are also eligible for tax deductions under Section 80C.

Using the Calculator

Our Sukanya Samriddhi Account Calculator helps you estimate the maturity amount of your investment. Simply enter the required details in the calculator on the right side of this page and click "Calculate".

The calculator requires the following inputs:

Monthly deposit amount
Annual interest rate (default is 7.6%)
Number of years (default is 21)

The calculator will then display the estimated maturity amount, the total interest earned, and a growth chart showing how your investment grows over time.

Formula Used

The maturity amount of a Sukanya Samriddhi Account can be calculated using the future value of an annuity formula:

Maturity Amount = P × [(1 + r)^n - 1] / r

Where:

P = Monthly deposit amount
r = Annual interest rate (in decimal)
n = Number of years

This formula calculates the future value of a series of regular payments (monthly deposits) with compound interest.

Worked Example

Let's say you deposit ₹1,000 every month in a Sukanya Samriddhi Account with an annual interest rate of 7.6% for 21 years.

Given:

Monthly deposit (P) = ₹1,000
Annual interest rate (r) = 7.6% or 0.076
Number of years (n) = 21

Calculation:

Maturity Amount = ₹1,000 × [(1 + 0.076)^21 - 1] / 0.076

= ₹1,000 × [(1.076)^21 - 1] / 0.076

= ₹1,000 × [2.67 - 1] / 0.076

= ₹1,000 × 1.67 / 0.076

= ₹1,000 × 21.97

= ₹21,970

Result: The estimated maturity amount after 21 years would be approximately ₹21,970.

This example shows how a regular monthly deposit of ₹1,000 can grow to a significant amount over 21 years with compound interest.

FAQ

What is the minimum and maximum deposit amount for a Sukanya Samriddhi Account?

The minimum deposit is ₹1,000 per year, and the maximum is ₹1,50,000 per financial year (April-March).

How long does it take to mature a Sukanya Samriddhi Account?

The account matures after 21 years from the date of opening. The entire amount can be withdrawn after this period.

Can I withdraw money from the account before maturity?

Yes, you can withdraw money after 5 years, but only for the daughter's education or marriage expenses. The account must remain open until the daughter turns 21 years old.

Is the interest earned on the Sukanya Samriddhi Account taxable?

No, the interest earned on the SSA is tax-exempt under Section 80C of the Income Tax Act.

Can I open more than one Sukanya Samriddhi Account for my daughter?

No, you can open only one SSA per daughter. However, you can open multiple accounts for different daughters.