Sukanya Samriddhi Yojana Calculator
Accurate SSY Calculator based on latest government compounding rules.
Disclaimer: This calculator is provided for educational and estimation purposes only. Calculations are based on the assumption of a constant interest rate throughout the tenure. In reality, the Government of India revises SSY interest rates quarterly. Actual maturity values will vary based on exact deposit dates and rate fluctuations. This does not constitute financial or tax advice.
Note: This calculation assumes a constant interest rate of 8.2% throughout the 21-year tenure. In reality, the Government of India revises SSY interest rates every quarter. Your actual maturity value will vary based on future rate changes and the exact date of your deposits.
Sukanya Samriddhi Yojana (SSY) Calculator
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched in 2015 under the Beti Bachao, Beti Padhao initiative. It allows legal guardians to open a dedicated savings account for their girl child at authorized commercial banks or India Post branches.
Because SSY interest rates are subject to quarterly government revisions and interest is calculated based on monthly balances, manually predicting the exact maturity value is highly complex. An SSY Calculator automates this math, helping you project your returns based on current interest rates and your contribution schedule.
Who is Eligible for an SSY Account?
Before calculating your potential returns, ensure you meet the government's eligibility criteria. The account can be opened by the biological parents or legal guardians of a girl child under the following conditions:
- The girl child must be a resident Indian.
- The girl child must not be more than 10 years of age at the time of account opening.
- A maximum of two SSY accounts can be opened per family (one for each girl child). Exceptions are only made in the case of twins or triplets.
Required Documents for Account Opening:
- Duly filled SSY account opening form.
- Birth certificate of the girl child.
- Depositor's (guardian's) valid ID proof and address proof.
- Medical certificate (only required in the case of the birth of multiple children under a single birth order).
How the SSY Calculator Works
The SSY scheme has a total maturity tenure of 21 years, but it operates in two distinct phases.
- The Deposit Phase (Years 1 to 15): You are required to make deposits for exactly 15 years from the date the account is opened. You must deposit a minimum of ₹250 and a maximum of ₹1.5 Lakh per financial year to keep the account active.
- The Lock-in Phase (Years 16 to 21): You cannot make any further deposits during this period. However, the accumulated balance continues to earn compound interest at the prevailing rate until maturity.
The Math Behind the Calculation:
Unlike standard fixed deposits, SSY interest is calculated monthly on the lowest balance in the account between the close of the 5th day and the end of the month. This interest is then credited to the account at the end of the financial year. Our calculator simulates this exact government logic to provide the most accurate estimate possible.
Tax Benefits of the SSY Scheme (EEE Status)
SSY is one of the few investment avenues in India that falls under the "Exempt-Exempt-Exempt" (EEE) tax classification, making it incredibly efficient for long-term wealth building.
- Investments: Contributions up to ₹1.5 Lakh per financial year are tax-deductible under Section 80C of the Income Tax Act, 1961.
- Interest: The interest earned every year is completely tax-free.
- Maturity: The final corpus withdrawn at the end of the 21-year tenure is 100% tax-exempt.
Withdrawal Rules
The accumulated corpus is meant strictly for the financial security of the girl child.
- Full Maturity: The entire amount can be withdrawn after 21 years from the date of account opening.
- Higher Education: Up to 50% of the balance (at the end of the preceding financial year) can be withdrawn for the girl's higher education once she reaches 18 years of age or clears her 10th standard. Valid proof of admission and fee receipts are required.
- Marriage: Premature closure of the account is permitted if the girl child gets married, provided she is 18 years of age or older.
FAQs
What is the minimum amount required to open an SSY account?
You can open an account with an initial deposit of just ₹250. To keep the account active, a minimum deposit of ₹250 must be made every financial year.
What is the maximum amount I can deposit in a year?
The maximum allowable deposit in a single Sukanya Samriddhi Yojana account is ₹1.5 Lakh per financial year. Any amount deposited above this limit will not earn interest and will not be eligible for tax deductions.
What happens if I forget to make a deposit in a financial year?
If the minimum deposit of ₹250 is not made in a financial year, the account becomes "defaulted" or inactive. It can be revived by paying a penalty of ₹50 per defaulted year, along with the minimum deposit amount of ₹250 for each missed year.
What is the deposit tenure vs. maturity period?
The maturity period of the account is 21 years. However, you are only required to make deposits for the first 15 years. The corpus will continue to earn interest between the 16th and 21st year without any further contributions.
Can an SSY account be closed before maturity?
Yes, premature closure is allowed under specific circumstances, such as the unfortunate death of the account holder or in cases of extreme compassionate grounds (like life-threatening diseases affecting the account holder), subject to authorization by the competent authority.