Sukanya Samriddhi Yojana Account Calculator
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Reviewed by Calculator Editorial Team
The Sukanya Samriddhi Yojana (SSY) account 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 tax benefits of an SSY account.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a small deposit scheme launched by the Government of India in 2015. The scheme aims to provide financial assistance to parents for the education and marriage of their daughters. The account is opened in the name of a girl child and can be opened by parents, grandparents, or legal guardians.
Key Features
- Minimum deposit amount: ₹1,000
- Maximum deposit amount: ₹1,50,000 per financial year
- Interest rate: 7.6% per annum (as of 2023)
- Lock-in period: 21 years
- Partial withdrawal allowed after 18 months
- Maximum withdrawal limit: ₹50,000 per financial year
The scheme offers tax benefits under Section 80C of the Income Tax Act, 1961. The interest earned on the account is tax-free, and the deposits made are eligible for a tax deduction of up to ₹1,50,000 per financial year.
How to Use This Calculator
To use the Sukanya Samriddhi Yojana calculator, follow these steps:
- Enter the monthly deposit amount in the "Monthly Deposit" field.
- Select the tenure of the account in years from the dropdown menu.
- Click the "Calculate" button to see the results.
- Review the maturity amount, total interest earned, and tax benefits.
- Use the chart to visualize the growth of your investment over time.
The calculator uses the current interest rate of 7.6% per annum, compounded annually. The results are based on the assumption that you make regular monthly deposits for the selected tenure.
Formula Used
The maturity amount of an SSY account is calculated using the compound interest formula:
Compound Interest Formula
A = P × (1 + r/n)^(nt)
Where:
- A = Maturity amount
- P = Principal amount (monthly deposit)
- r = Annual interest rate (7.6% or 0.076)
- n = Number of times interest is compounded per year (12 for monthly)
- t = Time the money is invested for (in years)
For the total maturity amount, we calculate the future value of a series of monthly deposits using the formula for the future value of an annuity:
Future Value of Annuity
FV = P × [((1 + r/n)^(nt) - 1) / (r/n)] × (1 + r/n)
Where:
- FV = Future value of the annuity
- P = Monthly deposit amount
- r = Annual interest rate (7.6% or 0.076)
- n = Number of compounding periods per year (12)
- t = Number of years
The total interest earned is calculated by subtracting the total deposits from the maturity amount.
Worked Example
Let's calculate the maturity amount for an SSY account with the following details:
Example Calculation
Monthly Deposit: ₹1,000
Tenure: 10 years
Annual Interest Rate: 7.6%
The future value of the annuity is calculated as follows:
FV = ₹1,000 × [((1 + 0.076/12)^(12×10) - 1) / (0.076/12)] × (1 + 0.076/12)
FV ≈ ₹1,000 × [((1 + 0.00633)^120 - 1) / 0.00633] × 1.00633
FV ≈ ₹1,000 × [1.966 - 1] / 0.00633 × 1.00633
FV ≈ ₹1,000 × 0.966 / 0.00633 × 1.00633
FV ≈ ₹1,000 × 152.78 × 1.00633
FV ≈ ₹1,000 × 153.72
FV ≈ ₹153,720
Maturity Amount: ₹153,720
Total Interest Earned: ₹153,720 - (₹1,000 × 12 × 10) = ₹153,720 - ₹120,000 = ₹33,720
This example shows that with a monthly deposit of ₹1,000 for 10 years, you would have a maturity amount of approximately ₹153,720, with ₹33,720 in interest earned.
Frequently Asked Questions
What is the minimum and maximum deposit amount for an SSY account?
The minimum deposit amount is ₹1,000, and the maximum deposit amount per financial year is ₹1,50,000. You can make multiple deposits within the financial year, but the total should not exceed ₹1,50,000.
How long does the SSY account remain open?
The SSY account remains open for 21 years from the date of opening. After 21 years, the account matures, and the funds can be withdrawn.
Can I withdraw money from an SSY account before maturity?
Yes, partial withdrawals are allowed after 18 months from the date of opening. The maximum withdrawal limit per financial year is ₹50,000. Withdrawals are subject to tax deductions under Section 80C.
What are the tax benefits of an SSY account?
The deposits made in an SSY account are eligible for a tax deduction of up to ₹1,50,000 per financial year under Section 80C of the Income Tax Act, 1961. The interest earned on the account is also tax-free.
Can I open more than one SSY account for my daughter?
No, you can open only one SSY account per daughter. However, you can open multiple accounts if you have more than one daughter.