Sukanya Samriddhi Yojana Calculator: Calculate Interest & Returns
Sukanya Samriddhi Yojana is a small savings scheme introduced by the Government of India under the 'Beti Bachao Beti Padhao Campaign.' It is exclusively for the girl child and meant for covering her education and marriage expenses. The added advantage is the guaranteed returns and EEE tax exemption, interest, and maturity amount. One can use the Sukanya Samriddhi Yojana calculator to calculate the maturity amount and know exactly how much you will be able to save for your girl's education and marriage.
| Sukanya Samriddhi Yojana | Calculation |
| Yearly Investment | Rs. 10,000/- |
| Investment Duration | 15 Year |
| Interest Rate | 8.00% p.a. |
| Total Investment | Rs. 1,50,000/- |
| Interest Earned | Rs. 3,15,337/- |
| Maturity Amount | Rs. 4,65,340/- |
What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana (SSY) is a small savings scheme introduced by the Government of India in 2015 under the ‘Beti Bachao Beti Padhao Campaign.’ A Sukanya Samriddhi Account can be opened in a post office or designated private and public sector banks. The interest rate for this scheme is decided by the Government and declared every quarter. Current SSY interest rate is 8.00% p.a., compounded annually. Since the government backs the scheme, the returns are supposed to be guaranteed. Use the Sukanya Samriddhi Yojana Calculator to estimate the potential returns from the investment.
How Does the Sukanya Samriddhi Yojana (SSY) Calculator Work?
Scripbox’s Sukanya Samriddhi Yojana Calculator is quite simple to use. By entering the correct details in the fields, one can calculate the maturity amount of their investment in Sukanya Yojana.
All one has to do is enter the following details:
- Investment per year: This field is the value of the investment the depositor wants to invest for his/her girlchild.
- Girl’s age: This field is for the age of the girl for whom the SSY account is to be opened.
- Start year: This field is the starting year of the investment.
The Sukanya Samriddhi Yojana calculator returns the following values:
- Maturity year: This field shows the year in which the scheme matures. It matures in 21 years.
- Maturity amount: This field gives the final value of the investment in Sukanya Samriddhi Yojana.
The interest rate is fixed by the government, and hence investors need not worry about entering this value.
How to Use Scripbox Sukanya Samriddhi Yojana Calculator?
By filling all the required fields in the Sukanya Samriddhi Yojana Calculator, such as Investment per year, Girl’s Age, and Start Year. The calculator will help in determining the Maturity Year and calculate the Maturity Amount. The calculator automatically uses the latest SSY Interest Rate announced by the RBI and does the calculation for you.
The Sukanya Yojana has a lock-in period of 21 years (tenure to maturity). The current rate of interest is 7.60%. In order to keep the account active, the investor must make at least one investment per year for 14 years.
From the 15th year, the investor can choose not to make any contributions to the account until the 21st year. However, the SSY account will continue to earn returns at the prevailing interest rate on the previous investments. Therefore, the final maturity amount is the sum total of the net investments and interest earned.
Assumptions made by the calculator online
- The same amount is invested each year
- No investment made from the 15th year to the 21st year. Interest is calculated on the previous contributions.
- Rate of interest throughout the scheme duration of 21 years is same at 7.60% (current rate announced by RBI)
- Yearly contributions are made on the 1st of April every year
- Monthly contributions are made on the 1st of every month
- No withdrawals are made during 21 years
For example, Mr & Mrs. Srinath invest in Sukanya Samriddhi Yojana when their daughter Nitya is born. They contribute a yearly amount of INR 50,000 for 14 years. They do not make any withdrawals during the scheme tenure.
The total investment of INR 7,00,000 would earn a total interest of INR 14,14,196 by the end of 21 years at the current rate of 7.60%. The maturity value of the investment by the time Nitya is 21 years old would be INR 21,14,196.
Investment – INR 50,000; Tenure -14 years; Rate of Interest (fixed) – 7.60%; Investment Frequency – Annual
Total Deposit Amount – INR 7,00,00; Interest Earned – INR 14,14,196 and Maturity Amount – INR 21,14,196
Who Can Use Sukanya Samriddhi Yojana Calculator?
While anyone can use the SSY calculator online, one must be able to satisfy the following conditions to actually invest in the scheme.
- The girl child should be an Indian resident
- The girl child should have attained the age of ten years or below
- The family can only open two SSY accounts, and in case of twins or triplets, another account can be opened.
- The SSY account scheme allows the parents of the child or by her legal guardian to open hold the account
- The family should be able to provide the following documents to be able to open an SSY account.
- Birth certificate of the girl child
- Identity proof of the depositor (parent/legal guardian). They can give either a passport, PAN card, driving license, or ration card.
- Address proof of the depositor (parent/legal guardian). They can give either a passport, driving license, ration card, electricity bill, or telephone bill.
- Any additional documents requested by the concerned authority.
The family who meets the above criteria and all eligible documents can use the Sukanya Samriddhi Yojana calculator. The calculator helps in calculation of maturity value and estimate how much they can save for education and marriage expenses.
How Can SSY Calculator Help You?
Investing for your daughter is the best gift that you can give her. Sukanya Samriddhi Yojana is one such gift. The Sukanya Samriddhi Yojana calculator helps in determining the amount that you can comfortably invest every year towards your child’s education or marriage.
Hence, investing in SSY is one strategy that you can adopt to secure your girl child’s future. The calculator helps in your investment planning by computing accrued savings from SSY investments
Following are the advantages of Scripbox’s SSY Calculator:
- Free calculator online that helps in the easy computation of the maturity value
- Calculations are made based on the current SSY interest rate
- Investors can quickly generate the maturity value for multiple investment amounts, compare the returns, and finalize their investment value.
- The calculator gives accurate values, and the investor doesn’t need to calculate the returns manually.
The SSY calculator is simple and doesn’t require any special skills to use. The investor just needs to enter the variables in the fields, and the calculator helps calculate the maturity amount
How is Interest Calculated on Sukanya Samriddhi Yojana (SSY)?
The Sukanya Samriddhi Yojana (SSY) Calculator uses the compound interest formula to calculate the interest.
A = P(1+r/n)^nt
Where,
Compound Interest,
P – Principal Amount,
r – Rate of Interest,
n – Number of times interest compounds in a year,
t – Number of years
Below are the two scenarios that’ll help in understanding the SSY account better. Mr. and Mrs. Kumar decide to invest INR 25,000 per annum in the account scheme for their newborn girl child Pallavi. The current rate of interest offered by the scheme is 8.00% p.a..
Scenario 1: Yearly deposit and amount are withdrawn during the investment period.
SSY scheme allows withdrawal maximum up to 50% of the total savings. This can only happen when the girl child completes 18 years of age. The withdrawal can be done only for the purpose of the child’s higher education or marriage.
Though further deposits cannot be made, the account’s balance amount will earn interest until the completion of the 21-year term.
| Year | Opening Balance | Deposit | Interest | Withdrawal | Closing Balance |
| 1 | Rs. 0 | Rs. 25,000 | Rs. 1,900 | Rs. 0 | Rs. 26,900 |
| 2 | Rs. 26,900 | Rs. 25,000 | Rs. 3,944 | Rs. 0 | Rs. 55,844 |
| 3 | Rs. 55,844 | Rs. 25,000 | Rs. 6,144 | Rs. 0 | Rs. 86,989 |
| 4 | Rs. 86,989 | Rs. 25,000 | Rs. 8,511 | Rs. 0 | Rs. 120,500 |
| 5 | Rs. 120,500 | Rs. 25,000 | Rs. 11,058 | Rs. 0 | Rs. 156,558 |
| 6 | Rs. 156,558 | Rs. 25,000 | Rs. 13,798 | Rs. 0 | Rs. 195,356 |
| 7 | Rs. 195,356 | Rs. 25,000 | Rs. 16,747 | Rs. 0 | Rs. 237,103 |
| 8 | Rs. 237,103 | Rs. 25,000 | Rs. 19,920 | Rs. 0 | Rs. 282,023 |
| 9 | Rs. 282,023 | Rs. 25,000 | Rs. 23,334 | Rs. 0 | Rs. 330,357 |
| 10 | Rs. 330,357 | Rs. 25,000 | Rs. 27,077 | Rs. 0 | Rs. 382,364 |
| 11 | Rs. 382,364 | Rs. 25,000 | Rs. 30,960 | Rs. 0 | Rs. 438,323 |
| 12 | Rs. 438,323 | Rs. 25,000 | Rs. 35,213 | Rs. 0 | Rs. 498,536 |
| 13 | Rs. 498,536 | Rs. 25,000 | Rs. 39,789 | Rs. 0 | Rs. 563,325 |
| 14 | Rs. 563,325 | Rs. 25,000 | Rs. 44,713 | Rs. 0 | Rs. 633,037 |
| 15 | Rs. 633,037 | Rs. 0 | Rs. 48,111 | Rs. 0 | Rs. 681,148 |
| 16 | Rs. 681,148 | Rs. 0 | Rs. 51,767 | Rs. 0 | Rs. 732,916 |
| 17 | Rs. 732,916 | Rs. 0 | Rs. 55,702 | Rs. 0 | Rs. 788,617 |
| 18 | Rs. 788,617 | Rs. 0 | Rs. 59,935 | Rs. 0 | Rs. 848,552 |
| 19 | Rs. 848,552 | Rs. 0 | Rs. 32,245 | Rs. 424,276 | Rs. 456,521 |
| 20 | Rs. 456,521 | Rs. 0 | Rs. 34,696 | Rs. 0 | Rs. 491,217 |
| 21 | Rs. 491,217 | Rs. 0 | Rs. 37,332 | Rs. 0 | Rs. 528,549 |
From the above table, the parents withdraw 50% of the savings when Pallavi attains the age of 18 years for her education. In the year 19, they withdrew a sum of INR 4,24,276, and the interest was earned only on the remaining. At the end of the tenure, Pallavi is entitled to INR 5,28,549. Therefore, the total interest earned is INR 5,35,885, and the total amount Pallavi earns from the scheme is INR 9,52,825.
Scenario 2: Yearly deposit and no amount is withdrawn
| Year | Opening Balance | Deposit | Interest | Closing Balance |
| 1 | Rs. 0 | Rs. 25,000 | Rs. 1,900 | Rs. 26,900 |
| 2 | Rs. 26,900 | Rs. 25,000 | Rs. 3,944 | Rs. 55,844 |
| 3 | Rs. 55,844 | Rs. 25,000 | Rs. 6,144 | Rs. 86,989 |
| 4 | Rs. 86,989 | Rs. 25,000 | Rs. 8,511 | Rs. 120,500 |
| 5 | Rs. 120,500 | Rs. 25,000 | Rs. 11,058 | Rs. 156,558 |
| 6 | Rs. 156,558 | Rs. 25,000 | Rs. 13,798 | Rs. 195,356 |
| 7 | Rs. 195,356 | Rs. 25,000 | Rs. 16,747 | Rs. 237,103 |
| 8 | Rs. 237,103 | Rs. 25,000 | Rs. 19,920 | Rs. 282,023 |
| 9 | Rs. 282,023 | Rs. 25,000 | Rs. 23,334 | Rs. 330,357 |
| 10 | Rs. 330,357 | Rs. 25,000 | Rs. 27,007 | Rs. 382,364 |
| 11 | Rs. 382,364 | Rs. 25,000 | Rs. 30,960 | Rs. 438,323 |
| 12 | Rs. 438,323 | Rs. 25,000 | Rs. 35,213 | Rs. 498,536 |
| 13 | Rs. 498,536 | Rs. 25,000 | Rs. 39,789 | Rs. 563,325 |
| 14 | Rs. 563,325 | Rs. 25,000 | Rs. 44,713 | Rs. 633,037 |
| 15 | Rs. 633,037 | Rs. 0 | Rs. 48,111 | Rs. 681,148 |
| 16 | Rs. 681,148 | Rs. 0 | Rs. 51,767 | Rs. 732,916 |
| 17 | Rs. 732,916 | Rs. 0 | Rs. 55,702 | Rs. 788,617 |
| 18 | Rs. 788,617 | Rs. 0 | Rs. 59,935 | Rs. 848,552 |
| 19 | Rs. 848,552 | Rs. 0 | Rs. 64,490 | Rs. 913,042 |
| 20 | Rs. 913,042 | Rs. 0 | Rs. 69,391 | Rs. 982,433 |
| 21 | Rs. 982,433 | Rs. 0 | Rs. 74,665 | Rs. 1,057,098 |
From the above table, Pallavi is entitled to a total of INR 10,57,098, and the total interest earned is INR 7,07,098.
While comparing both the scenarios in Scenario 2, where the family doesn’t make any premature withdrawals. Pallavi is entitled to an additional INR 1,04,273.
Though scenario 2 seems to be earning more returns, at the same time, it is also necessary for the family to meet the needs of the child’s education. Therefore, both options are profitable, and the right decision depends on the situation.
SSY Interest Rates December 2024
| Period | SSY Interest Rates |
| April 2023 – December 2024 | 8.00% p.a. p.a. |
| 1st January 2023 – March 31st 2023 | 7.60% p.a. |
| 1st April 2020 – 31st December 2022 | 7.60% p.a. |
| 1st July 2019 – 31st March 2020 | 8.40% p.a. |
| 1st October 2018 to 30th June 2019 | 8.50% p.a. |
| 1st January 2018 to 30th September 2018 | 8.10% p.a. |
| 1st July 2017 to 31st December 2017 | 8.30% p.a. |
| 1st April 2017 to 30th June 2017 | 8.40% p.a. |
Frequently Asked Questions
The minimum contribution per annum in the SSY account is INR 250, and the maximum amount is INR 1.5 lakhs. The tax benefit up to Rs 1.5 lakh is allowed under section 80C on the Income Tax Act 1961
Yes, the SSY accounts provide an option to withdraw subject to a condition. The withdrawal is allowed when the girl child reaches 18 years of age, a partial withdrawal of up to 50% is allowed for the child’s higher education.
An SSY account matures when the girl child reaches the age of 21.
Sukanya Samriddhi Yojana falls under the EEE (Exempt Exempt Exempt) tax exemption category. The investment amount, the interest earned, and the maturity amount all are eligible for tax exemption. You can use Scripbox’s income tax calculator to calculate the total taxable income after claiming tax exemption against SSY scheme
The Sukanya Samriddhi Yojana interest rate is 8.00% p.a. p.a.
Upon the expiry of the maturity period, the money can be withdrawn directly from the SSY account. But the investor has to present a few documents. Namely, application for account closure, proof of identity, residence, and citizenship.
Public provident fund and Sukanya Samriddhi Yojana, both are government investment schemes meant for long-term investments. Both the investment options no doubt have few similarities w.r.t interest rates, long term plans, government-backed and regulated plans. But the very objective behind the investment is different. SSY scheme is introduced with the sole objective of Beti Bachao Beto Padhao to secure a girl child’s future. While the provident fund is meant to build a retirement corpus to secure a fixed income post-retirement. The provident fund investments are made self while SSY is initiated by parents or a guardian. Hence both the investment plans are separate from each other despite few similarities
No, the maturity amount isn’t taxable for Sukanya Samriddhi Yojana.
A guardian of a girl child is eligible to open the Sukanya Samriddhi Account. The girl child must be below the age of 10 years. A family is eligible for only 2 Sukanya Samriddhi Accounts. However, if the family has twins or triplets then they can open more than 2 accounts. In such a case the guardians will have to submit an affidavit. The affidavit must be submitted with the birth certificates These certificates prove the birth of the twins/triplets of such multiple girl children in the first two orders of birth in a family.
No, both parents cannot deposit in Sukanya Samriddhi Yojana. Either of the parents can apply for SSY as a guardian of the girl child. The applicant’s guardian will have to deposit the funds in the SSY account. Moreover, the depositor will be eligible for a tax deduction under section 80C of the Income Tax Act, 1961.
No, the Sukanya Samriddhi Account can be opened after 10 years of age of the girl child. It is the basic eligibility criteria with no exceptions.
The maximum age limit of a girl child for Sukanya Samriddhi Yojana is below 10 years of age.
Yes, an SSY account can be closed before maturity. The SSY account will mature on the completion of 21 years from the date of account opening. However, they can be closed even before the expiry of 21 years. A guardian can apply for an account closure on account of the marriage of the girl child. To prove this purpose the guardian will have to submit a declaration. The declaration would be duly signed on non-judicial stamp paper attested by the notary. It must be submitted with proof of age confirming that the girl child will be of 18 years of age on the date of marriage.
Yes, the Sukanya Samriddhi Yojana charges a penalty on default in depositing the minimum deposit amount. If you fail to deposit the minimum deposit amount of Rs 250 in a financial year then a default fee of Rs 50 is applicable.
You can deposit a maximum amount of Rs 1.5 lakhs in a financial year.
No, an individual cannot avail of a loan on an SSY account. However, you can make a withdrawal of up to 50% of the balance available at the end of the preceding financial year. The withdrawal is permissible if the girl child attains the age of 18 years or passes the 10th standard of education. You can withdraw a lump sum amount at any time or make multiple withdrawals in instalments. You can withdraw in instalments for a period of 5 years.
Yes, the SSY account allows premature withdrawals. A premature withdrawal is allowed in specific considerations. The SSY account can be closed after 5 years from the date of account opening. The closure is allowed on account of the death of the account holder, life-threatening disease of the account holder, or death of the guardian who operated the account.
You can make a withdrawal of up to 50% of the balance available at the end of the preceding financial year. The withdrawal is permissible if the girl child attains the age of 18 years or passes 10th standard of education. You can withdraw a lump sum amount at any time or make multiple withdrawals in instalments. You can withdraw in instalments for a period of 5 years.
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