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Sukanya Samriddhi Yojana Calculator

SSY Calculator Online

Last Updated 30th Oct 2020

  • Sukanya samriddhi scheme calculator computes the SSY maturity amount on the basis of the amount entered by the individual.
  • Sukanya samriddhi yojana calculator is readily available, user friendly calculator. It computes the maturity amount in a matter of seconds.
  • Sukanya samriddhi scheme calculates the interest rates based on the current SSY interest rate; one is not required to enter interest rates manually.
  • Individuals have to pay towards Sukanya Samriddhi Yojana savings scheme for 15 years.
  • Current Sukanya Samriddhi Yojana interest rates are 7.60%, last updated on 1st October, 2020.
Calculate SSY Maturity Amount
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Sukanya Samriddhi Scheme

Sukanya Samriddhi Yojana or SSY is a small saving scheme for the girl child announced as a part of the 'Beti Bachao Beti Padhao' campaign. It strives for the welfare of women and the girl child in India and comes under Exempt-exempt-exempt status. Under section 80C of the Income-tax Act, you can get a maximum tax benefit of ₹ 1.50 Lakh under SSY. In addition to this, the interest accrued and maturity amount under the scheme are exempt from tax. You can use an online sukanya samriddhi calculator to calculate the interest earned on the deposited amount at the time of maturity.

Features of Sukanya Yojana Calculator

  • The sukanya samriddhi yojana calculator is readily available, and anyone with basic internet services can use it without incurring any cost.
  • The Sukanya Yojana Calculator is user-friendly and is easy to use. It is simple, well organized, intuitive, reliable and provides an excellent user experience.
  • It computes the maturity amount in a matter of seconds and saves time and energy.
  • Unlike in the case of manual calculation, the Sukanya calculator is free from human error. Thus it computes the actual maturity amount without fail.
  • The calculations of the sukanya samriddhi calculator are made based on the current SSY interest rate; individuals are not required to enter interest rates manually.

Who can use SSY Calculator?

Individuals willing to use the sukanya samriddhi scheme calculator must meet the eligibility criteria of the scheme. According to the scheme, the individuals who can open an SSY account are:

  • The girl must be the resident of India.
  • The age of the girl should not be more than ten years.
  • The Sukanya Samriddhi Yojana account cannot be opened for more than two girls in a single-family.

How does Sukanya Samriddhi Yojana (SSY) Calculator work?

The sukanya samriddhi scheme calculator computes the SSY maturity amount on the basis of the amount entered by the individual. The SSY scheme will mature after the completion of 21 years from the date of opening of the particular account.

According to the SSY rules, a depositor is required to make deposits every year till the completion of 15 years from the date of opening of the SSY account. The calculator assumes that the deposits every year are of the same amount. Further, between the 15th year and 21st year, no deposits are required to be made. However, one will earn interest on the deposits made earlier.

Sukanya Samriddhi Yojana Closure on Maturity

Rules related to SSY maturity are;

  • The total maturity amount and the interest earned can be withdrawn on maturity. The account matures on the completion of 21 years from the date of creation of the account.
  • The girl for whom the account is opened is the only person who can withdraw the maturity amount. She is required to furnish the passbook and the Sukanya Samriddhi Yojana withdrawal slip to ask for the withdrawal.
  • The girl can partially withdraw the balance amount if she gets married before the maturity period, provided she is 18 years old at the time of the withdrawal. The girl is required to provide relevant documents to prove that she is 18 years of age at the time of withdrawal.
  • If the girl gets married after 18 years and withdraws half of the amount for the marriage, she has the option to not to close the account. Though cannot make further deposits, the balance amount will earn interest until the completion of the 21 years tenure.

SSY Maturity Calculation of Yearly Contribution

There are various factors involved in the maturity interest payment calculation, and it is almost impossible to calculate the amount accurately without accounting for those factors like rate of interest, withdrawals and others. However, to give you a fair idea of how SSY account's maturity amount is computed, let's observe a table. There are a few assumptions made :

  • The rate of interest for the SSY scheme is 7.60%.
  • The amount deposited in the SSY account is constant.
  • There are no withdrawals.
  • A fixed yearly amount is made.
  • Yearly contributions are made on the 1st of April every year.
S. No. Amount Deposited (Annually) Investment Amount (15 Years) Maturity Amount ( After 21 Years)
1 ₹ 1,000 ₹ 15,000 ₹ 43,949
2 ₹ 2,000 ₹ 30,000 ₹ 87,911
3 ₹ 5,000 ₹ 75,000 ₹ 2,19,769
4 ₹ 10,000 ₹ 1,50,000 ₹ 4,39,537
5 ₹ 50,000 ₹ 7,50,000 ₹ 21,97,689
6 ₹ 1,00,000 ₹ 15,00,000 ₹ 43,95,387

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FAQs

What calculations are made by the SSY Calculator?

SSY calculator takes into account the rate of interest, deposits and computes the amount at the time of maturity.

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. After the account reaches its maturity, it stops earning any interest.

Is it possible to close the SSY account before the completion of the maturity period?

SSY accounts can be closed before the completion of the maturity period for reasons such as marriage, change of status such as change of citizenship and country of residence provided the account is maintained for 5 years.

Can an individual avail a loan on an SSY account?

Currently, there is no such provision of loans under the SSY account. The investment in an SSY account cannot be used against any type of loan.

How many years need to pay for Sukanya samriddhi Yojana?

The account holder has to pay towards Sukanya Samriddhi Yojana savings scheme for 14 years.

Is Sukanya samriddhi maturity tax free?

The interest earned against this account is exempt from tax. Further, the proceeds received upon maturity/withdrawal are also exempt from income tax.


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