Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched for girls’ education and future financial security. The objective of this scheme is to enable people to save long-term for their daughters so that a significant fund is available for their higher education or marriage. However, many people find it difficult to understand how this scheme works and how much return they can get. Therefore, by using the Sukanya Samriddhi Yojana Calculator, you can easily estimate how your investment will grow in the future.
In this article, we will explain the SSY calculator in detail, how to use it, and how to maximize its benefits. Additionally, we have provided an easy-to-understand table that gives a clear idea of investment and returns.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a special savings scheme launched under the Beti Bachao, Beti Padhao initiative. Its primary goal is to help parents plan their daughter’s future financially. It offers a high interest rate, which is even better than post office or bank fixed deposits. Depositing money is not compulsory, but there are defined minimum and maximum deposit limits.
- Minimum deposit: ₹250 per year
- Maximum deposit: ₹1.5 lakh per year
- Interest rate: Revised by the government (Currently ~7.6% annually)
- Maturity period: 21 years
- Partial withdrawal: Allowed after 18 years (Up to 50%)
What is Sukanya Samriddhi Yojana Calculator?
The Sukanya Samriddhi Yojana Calculator is a financial tool that helps you determine the expected maturity amount and interest earned. This calculator automatically calculates based on your entered amount and the applicable interest rate. The benefit of this tool is that you don’t have to do complex manual calculations and can instantly know how much your investment can grow in the future.
How Does the SSY Calculator Work?
- Enter the Deposit Amount: Any amount you wish to invest (minimum ₹250 to ₹1.5 lakh).
- Choose the Annual Interest Rate: Enter the current rate declared by the government.
- Select Investment Period: Generally, this scheme lasts for 21 years, but deposits are allowed only for 15 years.
- Initiate Calculation: Once you fill in the details, the calculator will show the expected maturity amount, interest earned, and total corpus.
Sukanya Samriddhi Yojana Interest Rate and Returns Table
If you invest ₹1,50,000 per year, your SSY returns could look like this (assuming a 7.6% annual interest rate):
| Year | Annual Deposit (₹) | Interest Earned (₹) | Total Balance (₹) |
|---|---|---|---|
| 1 | 1,50,000 | 11,400 | 1,61,400 |
| 2 | 1,50,000 | 23,328 | 3,34,728 |
| 3 | 1,50,000 | 36,161 | 5,20,889 |
| 5 | 1,50,000 | 64,965 | 8,84,582 |
| 10 | 1,50,000 | 1,63,976 | 20,63,971 |
| 15 | 1,50,000 | 3,24,609 | 36,26,609 |
| 21 | – | 14,48,000 | 63,00,000 |
Table Explanation:
- Here, we have assumed a 7.6% interest rate, which may fluctuate.
- Deposits are allowed for only the first 15 years, after which only the interest grows.
- After 21 years, you will receive a maturity amount of approximately ₹63 lakh, which will be highly beneficial for your daughter’s future.
Benefits of Using SSY Calculator
1. Accurate Financial Planning
By using the Sukanya Samriddhi Yojana Calculator, you can easily estimate how much you should invest and how much fund you will receive at maturity.
2. Time-Saving & Hassle-Free
Manual calculations can be time-consuming, but the SSY calculator provides instant results, allowing you to make better financial decisions.
3. Investment Comparison
If you want to compare SSY with Fixed Deposits or Mutual Funds, this calculator gives you a clear picture of whether this option is best for you or not.
4. Tax Benefits
Investments in the Sukanya Samriddhi Yojana are tax-free under Section 80C of the Income Tax Act. You can get a tax exemption of up to ₹1.5 lakh.
How to Use the SSY Calculator?
You can use multiple online SSY calculators, which are available for free. Generally, you just need to enter the investment amount, tenure, and interest rate, and the calculator will automatically show the result.
Who Can Open an SSY Account?
To be eligible for an SSY account, the following conditions must be met:
- The girl child must be below 10 years of age at the time of account opening.
- The account can be opened by parents or legal guardians.
- Only one SSY account per girl child is allowed.
- A family can open a maximum of two SSY accounts (for two daughters). However, exceptions are made in the case of twins.
How to Open an SSY Account?
- Visit a Bank or Post Office: You can open the account at any authorized bank or post office.
- Fill out the SSY Account Form: Provide necessary details like name, age, and guardian information.
- Submit KYC Documents: You will need to submit the birth certificate of the girl child, identity proof, and address proof of the guardian.
- Make the Initial Deposit: Deposit at least ₹250 to activate the account.
- Get the Passbook: A passbook will be issued, which will help track deposits and interest earned.
Important Rules and Guidelines
- The SSY account can be transferred from one bank or post office to another if needed.
- If the minimum deposit (₹250) is not made in a year, the account will become inactive, but it can be reactivated by paying a penalty of ₹50.
- Premature closure of the account is only allowed under special circumstances, like the unfortunate demise of the child or medical emergencies.
Conclusion
Sukanya Samriddhi Yojana is an excellent long-term savings plan that provides financial security for your daughter’s future education and marriage. The Sukanya Samriddhi Yojana Calculator is a useful tool that helps estimate how your money will grow. To get the maximum benefit from this scheme, you should start investing as early as possible, ensuring higher returns. If you want to make the best use of SSY, invest a fixed amount every year and keep an eye on interest rate updates.
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