Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the girl child launched as a part of the ‘Beti Bachao Beti Padhao’ campaign. One of the reasons why this scheme has become popular is due to its tax benefit. It comes with a maximum tax benefit of Rs 1.5 lakh under section 80C of the Income-tax Act. Further, the interest accrued and maturity amount are exempt from tax.

If you are planning on investing in the scheme, you can use the Sukanya Samriddhi Yojana calculator to calculate the maturity amount at the end of the tenure. You can use the calculator to find out how much you can approximately save via this scheme for the daughter’s higher education and/or marriage.

Who can use SSY calculator?
To use this calculator, one must satisfy the eligibility conditions of the Sukanya Samriddhi scheme. According to the rules, the following people are eligible to open a Sukanya Samriddhi account:
a) Age of girl child should not exceed 10 years
b) She should be a resident citizen of India
c) Account cannot be opened for more than two girl children in a single family

How can an SSY calculator help you?  

The Sukanya Samriddhi Yojana is long-term investment scheme that can generate high ROI. You have to make a minimum contribution each year to keep the account active.

Hence, using a Sukanya Samriddhi Yojana calculator online is beneficial to have an overall assessment of your investments and returns.

Few benefits of SSY calculators include:

• Shows you the year of maturity for your SSY account.
• Displays the amount you receive upon maturity.
• Helps you plan your investment portfolio more effectively.

How to use Sukanya Samriddhi calculator
If you satisfy eligibility conditions, then the calculator will ask you to provide the age of your daughter/s and amount that you want to invest in the scheme. The minimum amount you can invest is Rs 1,000 and maximum is Rs 1.5 lakh in a single financial year. With effect from 5 July, 2018, the government has reduced the minimum investment amount to Rs 250.

How the calculator works
The calculator, based on the amount entered by you, calculates the approximate value that will be received by you at maturity. The scheme will mature after the completion of 21 years from the date of opening of the account.

According to the scheme rules, a depositor is required to make deposits every year till the completion of 15 years from the date of opening of account. Here, the calculator assumes that you have made all the deposits every year of the same amount as selected by you.

Between the 15th year and 21st year, no deposits are required to be made. However, you will be earning interest on the earlier deposits made. The calculator takes into account the interest that will be accrued to you during those years.

How to use Groww’s SSY Calculator Online? 

Just enter the investment amount per year, age of your girl child, and investment starting year.

The calculator will automatically display the maturity year and the amount you receive upon maturity after you enter the details.

Advantages of using Groww Sukanya Samriddhi Yojana Scheme Calculator

Using the Groww Sukanya Samriddhi Yojana online calculator provides you with the following benefits –

• Convenient and hassle-free process for calculation.
• Shows you accurate results without any delay.
• Helps you plan your investment as per needs.

The calculator of Sukanya Samriddhi Yojana assists you in determining the amount that you can comfortably invest each year. Opening an SSY account is one of the ways to secure your child’s future against expenses like higher education.

What does the calculator show?
Depending on the information provided by you, the calculator will show you the year in which the account matures, the maturity value, interest rate using which the maturity value is arrived at. It also shows the break-up of amount that you can invest monthly in the scheme.

While arriving at the maturity value, we have assumed interest rate of 8.1 per cent per annum throughout the next 21 years as it is currently offered in the Sukanya Samriddhi Yojana.

Sukanya Samriddhi Yojana Calculator

As they say, educate the girl and the whole family will be educated. Sukanya Samriddhi Yojana is a step towards realising this saying. The Indian Government back in 2015 started a savings scheme which enables parents to save in the name of their girl child primarily for her education and her wedding as well. SSY is a risk-free deposit scheme which is launched under the campaign “Beti Bachao Beti Padhao” of the Indian govt. Apart from being risk-free; another highlight of this scheme is that it comes with a tax-benefit as well. And to add to it, the maturity amount as well as the interest is tax exempted.

Eligibility for Sukanya Samriddhi Yojana Account

The following are the key eligibility criteria for opening a Sukanya Samriddhi Yojana Account:

• Only parents or legal guardians of the girl child can open a Sukanya Samriddhi account in the name of the girl.
• The girl child should be less than 10 years at the time of account opening. The account can be operational till the girl reaches the age of 21 years.
• The initial investment can start from Rs. 250 and a maximum of Rs. 1,50,000 annually with further deposits in the multiples of Rs. 100.
• A single girl child cannot have multiple Sukanya Samridhhi accounts.
• You can benefit from higher interest rates offered by company fixed deposit
• Only two Sukanya Samriddhi Yojana accounts are allowed per family i.e., one for each girl child.

The girl must be a resident of India.

The age of the girl should not exceed 10 years.

In a single family, the Sukanya Samriddhi Yojana account cannot be opened for more than two girls.

For more information, Check out related articles Sukanya Samriddhi Yojana Age Limit, Sukanya Samriddhi Account Balance & Sukanya Samriddhi Account Passbook.

Method To Use Sukanya Samriddhi Yojana Calculator

Once the individual has met the eligibility of Sukanya Samriddhi Yojana, the age of the girl child and the amount of investment that must be made should be provided in the calculator. The minimum and maximum amount that can be invested towards the scheme are Rs.250 and Rs.1.5 lakh, respectively. Earlier, the minimum contribution was Rs.1,000. However, the Indian Government reduced the minimum contribution to Rs.250 in July 2018.

How Does SSY Calculator Work?

Based on the details entered by the individual, the SSY calculator determines the amount of money the individual will receive on maturity. The maturity period of the scheme is 21 years.

It is mandatory for individuals to make at least one contribution in a year until the completion of 14 years. The calculator will assume that the same amount of deposit is made on a yearly basis. No deposits are required to be made between year 15 and year 21. However, individuals will earn interest on the previous contributions during this period. The calculator also considers the interest that is generated when providing the final amount.

What Details Are Shown By SSY Calculator?

Depending on the details that are provided by the individual, the calculator shows the year the scheme matures, the interest rate that was used, and the maturity value.

An example of the details shown by the Sukanya Samriddhi Yojana calculator is shown below:

Assumptions:

Yearly deposit: Rs.1,00,000

Rate of Interest: 8.50%

Calculation Of Maturity Value Under SSY After 21 Years

As it is difficult to make an accurate calculation of maturity value in this scheme as it depends on many variables. However, by keeping the variable constant with the monthly and the yearly contribution as the only variable, the maturity value can be calculated in the form of a table.

Monthly Contribution Table

How Can An SSY Calculator Help You? 

The Sukanya Samriddhi Yojana is long-term investment scheme that can generate high ROI. You have to make a minimum contribution each year to keep the account active.

Hence, using a Sukanya Samriddhi Yojana calculator online is beneficial to have an overall assessment of your investments and returns.

Formula Used For Calculating SSY Calculator

The Sukanya Samriddhi Yojana offers an interest rate of 8.5% per annum. As a long-term investment, it also allows the benefit of compounding. The formula as such is –

A Compound interest

P Principal amount

r Rate of interest

n Number of times interest compounds in a year

t Number of years

There are numerous advantages to the Sukanya Samriddhi Yojana calculator and they are:

It allows you to know exactly what you will get as the maturity value when the account matures.

If you have set it up in an excel sheet then you can put in what you intend to invest in the current and see how it will affect the maturity value.

You can even set up the calculator to calculate the maturity value based on monthly or yearly investments.

If configured correctly, the Sukanya Samriddhi Yojana calculator can be extremely accurate.

It can eliminate the mistakes that can creep in if you calculate the maturity value manually.

You can change the amount you plan on investing at any time and still get the maturity value in seconds.

Limitations Of SSY Calculator

Even though the Sukanya Samriddhi Yojana calculator is very convenient and useful, there are some things that work against this calculator.

If it is not configured correctly it can provide incorrect values.

Even though the government has provided a cap of Rs. 1.5 lakh the calculators don’t limit the annual investments so if you enter an investment of more than Rs. 1.5 lakh, it will still calculate a maturity value.

Since the calculator is configured manually, you will have to enter the Sukanya Samriddhi Yojana interest rate every time that it changes in the future.

Sukanya Samrudhdhi Yojana Pdf In Gujarati, All Details In Gujarati

FAQs On Sukanya Samriddhi Yojana Calculator

What Is The Account Limit Under The Sukanya Samriddhi Account Yojana?

Maximum of one SSY account can be opened in the name of a girl child and a guardian can open up to two accounts. In case, the guardian has triplet daughters from first birth or twin daughters from the second birth, maximum of 3 accounts can be opened by the parent, where one account is opened in the name of a single girl child.

I already have a PPF account, should I also invest in the SSY?

Having a PPF is a good idea from an investment perspective. Although SSY is similar in nature to PPF in terms of investment, however, some of the reasons that make SSY a better option are:

When you exhaust your limit in PPF, you can opt for SSY to save more for your girl child.

PPF is mostly used for savings for yourself, while SSY is exclusively designed for your daughters.

By investing in both PPF and SSY, you can save up to Rs.3,00,000 p.a. for your daughter.

SSY offers a higher interest rate than PPF.

What are the minimum and maximum deposit required to be made under the Sukanya Samriddhi Yojana scheme?

A minimum of Rs.250 and a maximum of Rs.1,50,000 should be deposited every year for 15 years from the date of opening of the SSY account

What Is The Maturity Or Termination Period Of The SSY?

The SSY account terminates or matures after 21 years from the date of opening of the account. Once the account reaches its maturity, it stops earning interest.

When Can We Withdraw From The SSY Account And What Is The Maximum That Can Be Withdrawn?

When the girl child for whom the SSY account has been opened either pass 10th standard or turns 18, you can withdraw from the account. A maximum of 50% of the deposit made towards the account can be withdrawn to be used for higher education of the girl child.

Are There Any Risks Of Investing In SSY?

Since SSY was launched by the Indian Government, there are no risks.

Are there any tax benefits in case an individual invests in an SSY account?

Under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are exempted.

What Is The Rate Of Interest That Is Earned In An SSY Account?

Currently, the rate of interest is 8.5% for the financial year 2018-2019.

Can the same girl child have more than one SSY account?

No, a girl child can have only one SSY account under her name.

Can An Individual Avail A Loan On SSY Account?

No, loan facilities are not provided under SSY.

Is there any minimum and maximum amount that can be deposited in an SSY account?

The minimum amount is Rs.1,000 and the maximum amount is Rs.1.5

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