And with the help of a Sukanya Samriddhi Yojana calculator, it is easier to calculate the returns on the invested amount as per the tenure.

SSY Account Basic Information

Let’s delve in to the details of the SSY online calculator:

Key Features of SSY Calculator

Below are some of the features of Sukanya Samriddhi Yojana calculator including pre-requisites to perform the calculation and the ease it offers:

• Enter the age of the girl child  
• Provide the amount of contribution made ( the minimum contribution amount is Rs. 250) and the maximum amount of contribution is Rs. 1.5 lakh during a financial year  
• As of 1st July 2019, the rate of interest offered by Sukanya Samriddhi Yojana scheme is 8.5%
• With the help of the calculator, the parents can easily get an estimate of the returns for the entire investment duration. The maturity duration of the scheme is 21 years. 

Eligibility Criteria to use the Sukanya Samriddhi Yojana Calculator

All the individuals who want to invest in the Sukanya Samriddhi Yojana scheme can check the maturity amount that they will receive by using the Sukanya Samriddhi Yojana Calculator. There is a certain eligibility criterion that an individual needs to meet in order to use the SSY calculator or to open the Sukanya Samriddhi Yojana Account:

• A maximum of two girls can be insured from a single family
• The account holder girl should be a resident of India
• The age of the girl child should not be more than 10 years
• The partial withdrawal facility is only available after the insured girl attains 18 years of age
• The amount deposited should be for a minimum duration of 15 years from the date of opening
• The interest is decided by the Government of India and is subjected to changes

Benefits of using Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi calculator can be used to evaluate the total savings and maturity amount at the end of the policy term:

• It makes it convenient  to evaluate the amount that gets credited after maturity
• Eliminates the possible mistakes during manual calculations
• Helps to find out the maturity value according to both monthly and yearly contributions

How to Calculate Returns on Sukanya Samriddhi Yojana?

Currently, the interest rate of the Sukanya Samriddhi Yojana is 8.5% annually. The interest rate is governed by the Ministry of Finance. The scheme requires an individual to make a minimum of one contribution in a financial year until completion of 14 years. The calculation of the final amount is done on the basis of your net invested amount plus the interest earned.

The Sukanya Yojana calculator uses the following formula to generate results:

Compound interest = Principal amount (1 + Rate of interest / Number of times interest compounds in a year) * Number of years 

What Does the Sukanya Samriddhi Yojana Calculator Show Online?

The Sukanya Samriddhi Yojana Online Calculator assesses the information provided by an individual. Based on the information, the calculator showcases the maturity value, break-up of the amount that can be invested in monthly schemes, the interest rate as per the maturity value. 

Calculation of Maturity Value under Sukanya Samriddhi Yojana after 21 Years

It can be difficult to calculate the maturity amount manually with so many variables involved in the calculation. However, we have taken constant variable values like the interest rate and the invested amount to calculation the maturity value, they are:

• Yearly contributions here are assumed to be Rs. 6500 to be deposited on April 01 of every financial year
• The Interest rate is assumed to be 8.4% for a deposit period of 15 years and a maturity period of 21 years
• A fixed amount of yearly contributions ( no withdrawals) are made in the below table 

Sukanya Samriddhi Yojana Calculation Table 1

Here Rs. 6500 is invested one time in a year for 15 years.

*The able table is based on assumptions and is for reference purposes only. The amount is deposited one time annually

Sukanya Samriddhi Yojana Calculation Table 2

Here Rs. 10,500 is invested twice in a year for 15 years:

*The able table is based on assumptions and is for reference purposes only. The amount is deposited twice annually

The same way anyone can invest in a safe and secured future of their girl child. And with the help of the Sukanya Samriddhi Yojana Calculator (SSY Calculator), one can easily evaluate the returns and the maturity value.

Who can Use SSY Calculator?

Moreover, the legal guardian of the girl child will also have to submit the required documents to be able to make deposits. These documents are:

• Birth certificate of girl child.
• Thoroughly filled application form of the scheme which includes basic personal details of the applicant and girl child for which the account is being opened.
• Medical certificate in case of birth of two or more children under a single birth order.
• Identification document’s of depositor as well as valid identity proof.
• Any additional documents, if requested by the concerned  authority.

The subscribers who meet the above mentioned requirements and have the required documents are eligible for the scheme and can use the Sukanya Samriddhi Yojana Calculator.

How to Use Sukanya Samriddhi Calculator?

If the subscriber completes the eligibility criteria of the SSY scheme, he/she will have to mention the age of the girl child and the amount of investment that they want to make. Based on the amount entered by the subscriber the calculator will compute the estimated amount that they will receive upon maturity of the scheme. To use the SSY calculator, the subscriber will need to enter the following details:

• Investment per year- Under this option the investor will have to enter the amount of investment they want to deposit into the scheme.
• Age of Girl Child- Under this option the investor will have to enter the age of the girl child for which he/she wants to open the account.
• Start Year- starting year of investment.

Once you enter all these details the SSY calculator will show the following results:

• Maturity year- Year when the scheme will mature. The Sukanya Samriddhi Yojana matures in 21 years.
• Maturity Amount- the accumulated maturity value the girl child will receive at the time of maturity of the scheme.

The current interest rate fixed by the government for SSY scheme is 7.6% from April 2020 compounded annually.

Let’s see an example to understand how to use Sukanya Samriddhi Calculator.

Mr. Kailash plans to invest for his daughter in Sukanya Samriddhi Yojana an amount of Rs.5000 per annum. when he started the investment the child was few months old.  Keeping the current interest rate of 7.6.% in mind, Mr. Kailash wants to compute the maturity amount his girl child will receive at the time of maturity of policy. The maturity amount for him would be Rs. 21,14,196 and the year of maturity will be 2041. For an investment of Rs.7,00,000 the interest earned will be Rs.14,14, 196.

How the Calculator Works?

Pradhan Mantri Sukanya Samriddhi Yojana Calculator uses the following formula to generate the result:-

A= P(1+r/n)^nt

Here-

A= Compound Interest

P= Principal Amount

r= Rate of Interest

n= Number of interest compounded in a year

t= number of years

The subscriber just needs to enter the investment amount they want to invest in a year, the age of the girl child, and the investment initiation year. The calculator will automatically display the approximate maturity amount and year.

How Sukanya Samriddhi Yojana Calculator is Helpful?

Sukanya Samriddhi Yojana is a great investment option for parents who want to secure the financial future of their girl child. Moreover, the benefits offered by this scheme can be used to fulfill the major milestones of the girl child life like for her higher education, marriage, etc. As mentioned above there are many perks of investing in SSY as it not only offers a high-interest rate but also offers tax benefits to the investors in EEE format i.e. exempt, exempt, exempt.

Sukanya Samriddhi Yojana calculator is a great tool to estimate the maturity amount you will receive at the end of the tenure of the scheme. As manual computation can difficult and prone to error, the SSY calculator comes in handy. Based on the estimated maturity amount, the investors can decide how much regular contribution they should make to reach the desired amount. The calculator can be used online without any applicable charges and it generates an error-free result for multiple repetitions. As a long-term option of investment, the Sukanya Samriddhi Yojana offers a higher return on investment to the investors. The subscribers just need to make a minimum yearly contribution towards the scheme to keep the account active.

Thus, the Sukanya Samriddhi Yojana calculator is a very helpful tool, which helps the investors to have an overall assessment of their investments and return. It shows the year of maturity for the account and also the amount the investor will receive on the maturity of the scheme. Moreover, with the Sukanya Samriddhi Yojana Calculator, an individual can plan their investment portfolio more efficiently.

Withdrawal Rules Of Sukanya Samriddhi Yojana Account

• At the time of maturity: The insured girl can withdraw the entire amount available in the SSY account at the time of maturity. The amount will include the interest. To withdraw the entire amount, she is required to submit an application form, ID proof, address proof, citizenship documents.
• When the girl child is 18 years old: In case the girl wishes to go for higher education, she either has to be 18 years old or she should have completed 10th grade to be able to withdraw money from the SSY account. She is supposed to submit the necessary documents such as admission to the university or college, fee receipt, etc. as proof of her admission to withdraw the money for educational purposes.
• Maximum limit during the tenure: She can withdraw a maximum of up to 50% of the amount available in the previous year. SSY account scheme offers 2 withdrawal options - First option, Lump-sum amount. Second option, 5 instalments.

Rules For Premature Withdrawal From SSY Account

• If the insured girl turns 18 years old she is allowed to make SSY premature withdrawal. She can use the amount to get married. However, to withdraw the amount from the SSY account she is required to submit an application at least 3 months before the marriage. Also, she must submit the document to prove she has turned 18.  
• Any change in status of the citizenship of the girl must be informed to the bank or the post office branch within 1 month of the change in status. Either she becomes a non-citizen or non-resident, the account will be deemed as closed because the scheme is only for the Indian citizen.
• In the case of the sudden demise of the girl child, the legal guardian is allowed to withdraw the available balance from the SSY account. For this, they are required to submit the death certificate of the girl child.
• If the post office or the bank feels that the continuous operation of the SSY account is leading to some difficulties towards the girl child, the legal guardian or the girl child can choose the premature closure of the account. In this case, the account must be open for at least 5 years.
• The premature closure of the account is allowed for several other legit reasons; however, the interest earned will be calculated as per the same rate offered by post offices.

Benefits of Sukanaya Samriddhi Yojana Account

• Affordable Deposits:To save up for the future of your girl child you don't have to make a hole in your pocket or cut down on necessity. The SSY account requires only ₹250 p.a. as a minimum deposit and the maximum deposit limit can be up to ₹1.5 lakh p.a. The affordable deposits rule makes the SSY a preferable savings scheme for individuals.
• Coverage of Educational Expenses:You can use the 50% amount from the available balance of the SSY account (During the SSY account tenure) to meet the educational expenses of the girl child. 
• Tax Benefits:According to section 80C of the Income Tax Act 1961, you can avail tax benefit on the deposit of up to ₹1.5 lakh per year. Also, the interest earned and the maturity amount are exempt from tax.
• Interest Rates:The government is offering attractive interest rate on the SSY savings scheme which can give you good returns at maturity. The current interest rate on the SSY account is 7.6%.

What Documents Are Required For Opening An SSY Account?

• You are required to fill up the opening form for the SSY account at either any Indian post office branch or any authorized commercial bank.
• The Birth certificate of the girl child is required.
• The Identity proof of the depositor, as well as the girl child, is required.
• The address proof of the depositor is required.
• In the case of twins or triplets, a medical certificate is required.
• In case the bank or post office asks for any other documents you shall submit those as well.

How To Check The SSY Accounts' Balance?

• Request your post office branch or bank to provide you with your SSY account's login credentials. 
• Use your log-in credentials and log in to the bank's net banking portal. 
• Visit the homepage and navigate to view balance.
• Once you have opened the dashboard you can view the balance.
• You cannot make any transactions from this portal, you can only check your SSY accounts' balance as and when you require.

FAQs