Sukanya Samriddhi Account Scheme Calculator

What is Sukanya Samriddhi Account Scheme?

The Sukanya Samriddhi Account Scheme was launched by the Government of India in 2015. It's a small savings 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 scheme include:

• Minimum deposit of ₹1,000 and maximum of ₹1.5 lakh per financial year
• Interest rate of 7.6% per annum (as of 2023)
• No tax on interest earned
• No withdrawal penalty
• Maturity period of 21 years from the date of opening

The scheme is managed by the Post Office and is available to residents of India. It's a popular choice for parents looking to secure their daughter's financial future.

How the Scheme Works

Opening an Account

To open a Sukanya Samriddhi Account, you need to be a parent or legal guardian of a girl child. The account can be opened at any post office branch in India. You'll need to provide:

• Proof of identity (Aadhaar card, PAN card, passport, etc.)
• Proof of address
• Proof of relationship with the girl child
• Passport-sized photograph of the girl child

Depositing Money

You can deposit money in the account in multiples of ₹100. The minimum deposit is ₹1,000 and the maximum is ₹1.5 lakh per financial year (April to March).

Deposits can be made through:

• Cash at post office
• Cheque (payable to the account holder)
• Demand draft (payable to the account holder)

Interest Calculation

The interest is calculated on a quarterly basis (every 3 months) and credited to the account. The interest rate is compounded quarterly.

The formula for calculating the maturity amount is:

Withdrawal and Maturity

You can withdraw money from the account at any time, but there's no penalty for early withdrawal. The account matures after 21 years from the date of opening.

At maturity, you can either:

• Withdraw the entire amount
• Take a loan against the account (up to 75% of the balance)

Using the Calculator

Our Sukanya Samriddhi Account Scheme Calculator helps you estimate the maturity amount, annual interest, and total investment growth. Simply enter the required details and click "Calculate" to see the results.

The calculator uses the following formula:

Assumptions:

• Interest is compounded quarterly
• No additional deposits are made after the initial deposit
• The interest rate remains constant throughout the period

Formula and Assumptions

The calculator uses the compound interest formula for quarterly compounding:

The assumptions made in this calculation are:

1. The interest rate remains constant throughout the investment period
2. No additional deposits are made after the initial deposit
3. The account is not closed before maturity
4. All interest is reinvested quarterly

Worked Example

Let's calculate the maturity amount for a Sukanya Samriddhi Account with the following details:

• Initial deposit: ₹10,000
• Annual interest rate: 7.6%
• Investment period: 21 years

Using the formula:

So, after 21 years, the maturity amount would be approximately ₹11,826.

This example shows how the initial deposit grows over time with compound interest. The actual amount may vary slightly depending on the exact quarterly compounding dates and any changes in the interest rate.