Post Office Sukanya Samriddhi Yojana Calculator

Post Office Sukanya Samriddhi Yojana Calculator is an online tool designed to simplify financial planning for parents investing in their daughters' future. This calculator facilitates easy estimation of potential returns and helps in making informed decisions regarding savings under the Sukanya Samriddhi Yojana in the Post Office.

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Post Office Sukanya Samriddhi Yojana Calculator

Latest SSY Interest Rate = 8.2%

Yearly Investment

You can invest maximum upto ₹1,50,000

Girl's Age

Maximum age should be 10 years
Yrs

Start Year

Investment term is 21 years
Total Investment
Total Interest
Total Investment

Total Interest

Maturity Year

Maturity Value

Amount you will get
Explore Tax Saving Funds

What is the Post Office Sukanya Samriddhi Yojana Calculator?

The Post Office Sukanya Samriddhi Yojana (SSY) Calculator is a simple and easy-to-use financial tool that allows you to calculate the maturity amount you will receive by investing in the scheme. 

Sukanya Samriddhi Yojana is a small savings scheme launched by the Government of India in 2015 as part of the Beti Bachao Beti Padhao campaign. The scheme is aimed at encouraging parents to save for the future education and marriage of their girl child.

Key Features for Using Sukanya Samriddhi Yojana Post Office Calculator

The government fixes certain eligibility criteria to invest in the Sukanya Samriddhi scheme. These criteria include:

Particulars Details 
Who can Apply Only parents or the legal guardians of the girl child
Interest Rates 8.2% per annum for the financial year Q4 2023-24
Age Criteria Girl child of less than 10 years of age
Citizenship  The girl child must be a citizen of India
No. of SSA Accounts Maximum of 2 SSA accounts per family (Except in case of second girl child as twins or triplets). 
Number of Accounts Family Composition Maximum Number of Accounts Allowed
Single girl child 1
Two girl child 2
Single girl child + Twins 3
Single girl child + Triplets 4
Contribution Period Maximum 15 years
Maturity Period Earlier of: 21 years or till the girl child's marriage after she attains the age of 18.
Minimum Deposit Amount ₹ 250
Maximum Deposit Amount ₹ 1.5 lakhs
Taxability  Tax deductions available under Section 80C of the Income Tax Act of 1961. 
Online Account Opening Not available; standing instructions can be set after account opening.

People also read: Child Education Plan

Working of Sukanya Samriddhi Yojana Calculator – Post Office

The Sukanya Samriddhi Yojana (SSY) Calculator is an online tool that helps you estimate the maturity amount of your investment in the SSY scheme. The calculator takes into account the following factors:

  • Investment amount

  • Interest rate

  • Tenure

The Post Office SSY Calculator works based on the following formula
A = P(1+r/n)^nt
Terms used in Post Office SSY Calculator
A
Is the final amount to be received by the girl child after the maturity of the scheme
P
Amount to be invested every year
R
The rate of interest
T
The number of years for which the amount is being invested. In the case of the SSY scheme, it is for 21 years.

Steps to Use Sukanya Samriddhi Yojana Calculator Post Office - 2024

Step 1: Go to the Post Office SSY Calculator available on this page.

Step 2: Enter the following information:

  • Investment amount

  • Interest rate

  • Tenure

Step 3: Click on the "Calculate" button. 

Step 4: The calculator will display the maturity amount.

NOTE: Vary the values in the Post Office Sukanya Calculator to compare the maturity amount, make informed decisions about your investments, and reach your financial goals.

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Illustration:

If you invest as per the following conditions:

  • Annual Investment Amount = Rs. 1,50,000

  • You pay for = 15 years

  • SSY current interest rate = 8.2%

  • Maturity period = 21 years

The maturity amount after 21 years of investment = Rs. 69.28 lakhs.

Key Advantages of Using Post Office Sukanya Samriddhi Yojana Calculator

There are many advantages attached to using the Post Office Sukanya Samriddhi Yojana Calculator; some of them are listed below:

  • Easy to use: The SSY calculator is easy to use and can be accessed by anyone.
  • Accuracy: It ensures precise calculations based on current interest rates and rules.

  • Planning: The calculator helps in effective financial planning by exploring various investment scenarios.

  • Free: The Post Office Sukanya Samriddhi Yojana Calculator is free to use.

  • Accurate: The SSY calculator is accurate and provides reliable results.

  • Time-saving: The calculator can save you time and effort.

  • Decision-making: The Post Office Sukanya Samriddhi Yojana Calculator empowers informed decisions regarding SSY investments.

  • Comparison: Allows comparison with other investment options for better decision-making.

  • Adjustments: Enables assessment of the impact of changing investment parameters.

  • Understanding Benefits: Enhances comprehension of SSY scheme benefits, especially compounding interest.

All these features make this calculator very useful and convenient for people who are thinking of investing in the scheme to secure the future of their girl child.

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Points to Consider Before Using Sukanya Samriddhi Calculator

When using the SSY Calculator to determine the final maturity amount, please consider the following:

  • Consistent Investment: The calculator assumes that the same amount will be invested yearly throughout the scheme.

  • Investment Period: Investments are made for the initial 15 years, with the remaining six years dedicated to interest gains only.

  • Constant Interest Rate: The rate of interest remains constant throughout the scheme, as it was at the time of investment.

  • Yearly Contributions: Contributions are made on a yearly basis.

  • No Withdrawals: There are no withdrawals during the scheme's entire duration.

Summing It Up

The Post Office Sukanya Samriddhi Yojana Calculator serves as a valuable tool for you if you seek to plan and manage your investments under the scheme efficiently. With its user-friendly interface and accurate calculations, it empowers you to make informed decisions and secure a bright future for your daughters.

Frequently Asked Questions

  • How to calculate Sukanya Samriddhi Yojana in the post office?

    Use Policybazaar Post Office Sukanya Samriddhi Yojana to estimate your returns from the SSY scheme. You need to enter the investment amount, the girl's age, and the current year in the Sukanya Calculator.
  • Why should I use an SSY calculator?

    The calculator helps you plan your finances better by showing the potential returns on your investment for your daughter's future.
  • What information do I need to use the SSY calculator?

    Typically, you'll need to enter the following:
    • Annual investment amount you plan to contribute

    • Age of your daughter

    • Year you plan to start investing

  • Can I make multiple calculations with the SSY calculator?

    Yes, most calculators allow you to enter different investment amounts and ages to see how they impact the maturity value.
  • Which scheme is best for girl child in the post office?

    Sukanya Samriddhi Yojana (SSY) is the best scheme to create a financial corpus for your girl child due to the following reasons:
    • Attractive interest rate (8.2% in Q4 of 2023-24)

    • Tax benefits (under Section 80C of the IT Act, 1961)

    • Long-term savings for girl's future

    • Maturity benefit

    • Flexible deposits (min. Rs. 250)

  • Will my account be permanently closed if I failed to make the payment?

    No, your account will not be closed but will be considered as a 'default account.' If you want to reactivate your account, you can do so by paying the penalty of rupees 50 for one year of payment lapse.
  • Can I withdraw money before the maturity of the SSY scheme?

    Yes, in certain cases like terminal illness, death of the policyholder or the legal guardian of the girl child, for education and marriage of the girl. In these cases, premature withdrawal is allowed.
  • Where can I open an SSY account?

    The facility to open the Sukanya Samriddhi account is available at every post office across India. One can visit the post office and complete all the required formalities with the concerned official and can start investing in the scheme. The facility is also provided by banks such as HDFC, PNB, SBI, etc.
  • Who will have the authority to manage the SSY account?

    The parents or the legal guardian of the girl child have the authority to manage the account until the maturity period. Still, if the girl wants, she can also operate her account once she attained the age of 10 years.
  • Can Non-Residential Indian avail the facility of the SSY account?

    No, as of now, the facility to open the SSY account lies only with Indian residents. The girl whose name the account is being opened must be an Indian citizen and should be less than the age of 10 years.
  • How many SSY accounts can be opened in a family?

    One girl is allowed to have only one SSY account in her name. Parents or legal guardians can open a maximum of two accounts for each of their two-girl children. But there can be exceptions in the case of twins and triplets.
  • Do the interest rates on the SSY scheme change?

    Yes, the interest rates on the SSY scheme keep changing. One needs to check the latest interest rate before making the investment to avoid any confusion. As of April 2021, the interest rate is 7.6% per annum.
  • Where Can I find the latest interest rate on the SSY scheme?

    To find the prevailing interest rate on the SSY scheme, one can use the Post Office Sukanya Samriddhi Yojana calculator, which will help you calculate the accurate maturity amount on the basis of current interest rates.
  • What is the purpose of the SSY scheme?

    Sukanya Samriddhi scheme was launched under Beti Bachao, Beti Padhao to secure the future of the girl child by allowing their parents or legal guardians to invest money annually on the name of their girl child and once the maturity of the scheme is completed, she can receive enough funds to manage her expenses.
  • What is the procedure to withdraw money after maturity?

    One can directly withdraw the money from the SSY account after providing the required documents to the concerned authority. The documents such as identity proof of the parents or legal guardian, identity proof of the girl child, resident proof, etc.
  • Does it is allowed to transfer the SSY account from one place to another?

    Yes, it is allowed to transfer the SSY account from one bank to another and from one post office to another, keeping in mind, that girl may move from place to place for her education or other reasons.
  • Can I take a loan against the SSY account?

    No, there is no such facility available as of now to take a loan against the SSY account. SSY scheme is specifically designed to secure the future of the girl child by providing her financial upliftment.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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