Sukanya Samriddhi Yojana (SSY) Calculator
About Sukanya Samriddhi Yojana (SSY)
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched under the “Beti Bachao Beti Padhao” initiative. Introduced in January 2015 by Prime Minister Narendra Modi, the scheme aims to promote the welfare of girl children by encouraging parents to build a secure financial future for their daughters.
This small deposit scheme is exclusively designed for the girl child and offers one of the highest interest rates among small savings schemes. Investments made under SSY are eligible for tax deduction under Section 80C of the Income Tax Act.
How to Use the SSY Calculator
Using this Sukanya Samriddhi Yojana Calculator is simple and straightforward:
- Enter the girl child’s age (must be between 0 and 10 years).
- Enter the start year of the account.
- Select the deposit frequency – monthly, quarterly, half-yearly, or annually.
- Input the annual deposit amount (minimum ₹250 and maximum ₹1.5 lakh).
- Optionally adjust the interest rate if you want to test different rates.
- Get a detailed summary including total investment, interest earned, maturity value, and year-wise breakdown instantly as you type the details.
Features of This SSY Calculator
- Supports all valid deposit frequencies.
- Shows maturity year and maturity amount.
- Displays a year-wise breakdown of deposits, interest earned, and balance.
- An optional checkbox to view or hide the annual deposit column.
- PDF download option for offline reference.
- Mobile-responsive and easy-to-use interface.
Conditions for Opening an SSY Account
- The girl child must be aged 10 years or younger at the time of opening the account.
- Only one account per girl child is allowed.
- A maximum of two accounts per family are permitted (exceptions apply for twins/triplets).
- The minimum annual deposit is ₹250; the maximum is ₹1.5 lakh per financial year.
- Deposits are allowed for 15 years from the date of account opening.
- The account matures after 21 years or upon marriage of the girl after 18 years of age.
Historical SSY Interest Rates
Below is a list of interest rates offered under the SSY scheme since its inception:
- 2014-15: 9.1%
- 2015-16: 9.2%
- 2016-17: 8.6%
- 2017-18: 8.3%
- 2018-19: 8.1%
- 2019-20: 8.4%
- 2020-21: 7.6%
- 2021-22: 7.6%
- 2022-23: 7.6%
- 2023-24: 8.0%
- 2024-25 (Q1): 8.2%
Formula Used for Calculation
The calculator uses the compound interest formula for monthly compounding, adjusted to the SSY rules:
Balance = Previous Balance + Deposit + (Balance × Annual Interest Rate ÷ 12)
Interest is calculated monthly (based on the lowest balance in the account between the fifth day and the end of each month) but credited and compounded yearly, and calculations respect the 15-year deposit rule with a maturity after 21 years.
Advantages of SSY
- High interest rate compared to other savings schemes.
- Tax benefits under Section 80C.
- Long-term financial planning for a girl child’s education or marriage.
- Government-backed and secure.
- Flexible deposit options (monthly to annually).
Limitations to Keep in Mind
- No partial withdrawals are allowed before the girl turns 18 (or passes 10th class, whichever comes first), except in special cases.
- The account must be opened before the girl turns 10.
- Only 15 years of deposits allowed; the rest of the time, interest accrues passively.
- Cannot exceed ₹1.5 lakh per year in contributions.
Practical Examples
Example 1: A parent invests ₹50,000 annually for 15 years. With an interest rate of 8.2%, the maturity amount will exceed ₹20 lakh by the 21st year.
Example 2: A monthly deposit of ₹5,000 started when the child was 2 years old, results in a sizable corpus of over ₹21 lakh at maturity.
Frequently Asked Questions (FAQs)
1. Can I open an SSY account online?
Yes, most major banks and India Post now allow online account opening and deposit options.
2. What happens if I miss a year’s deposit?
You can reactivate the account by paying a penalty of ₹50 along with the minimum required deposit of ₹250.
3. Is the SSY maturity amount taxable?
No, both interest and maturity proceeds are tax-free under the EEE (Exempt-Exempt-Exempt) tax structure.
4. Can I continue to deposit after 15 years?
No, deposits are allowed only for the first 15 years. However, interest continues to accrue until maturity at 21 years.
5. What is the minimum and maximum deposit allowed?
The minimum is ₹250 per year, and the maximum is ₹1,50,000 per year.