Sukanya Samriddhi Yojana Calculator – SSY Calculator Online
Sukanya Samriddhi Yojana (SSY) is a savings scheme launched back in 2015 as part of the Government initiative Beti Bachao, Beti Padhao campaign. This scheme enables guardians to open a savings account for their girl child with an authorised commercial bank or India Post branch.
As of 1st July 2019, SSY accounts offer 8.4% rate of interest. A Sukanya Samriddhi Yojana calculator can help you determine the returns you receive as per the invested amount and tenure.
How can an SSY calculator help you?
The Sukanya Samriddhi Yojana is long-term investment scheme that can generate high ROI. You have to make a minimum contribution each year to keep the account active.
Hence, using a Sukanya Samriddhi Yojana calculator online is beneficial to have an overall assessment of your investments and returns.
Few benefits of SSY calculators include:
- Shows you the year of maturity for your SSY account.
- Displays the amount you receive upon maturity.
- Helps you plan your investment portfolio more effectively.
Formula used for calculating SSY calculator
The Sukanya Samriddhi Yojana offers an interest rate of 8.5% per annum. As a long-term investment, it also allows the benefit of compounding. The formula as such is –
A = P (1 + r/n) ^ nt
|r||Rate of interest|
|n||Number of times interest compounds in a year|
|t||Number of years|
How to use Groww’s SSY Calculator Online?
Just enter the investment amount per year, age of your girl child, and investment starting year.
The calculator will automatically display the maturity year and the amount you receive upon maturity after you enter the details.
Advantages of using Groww Sukanya Samriddhi Yojana Scheme Calculator
Using the Groww Sukanya Samriddhi Yojana online calculator provides you with the following benefits –
- Convenient and hassle-free process for calculation.
- Shows you accurate results without any delay.
- Helps you plan your investment as per needs.
The calculator of Sukanya Samriddhi Yojana assists you in determining the amount that you can comfortably invest each year. Opening an SSY account is one of the ways to secure your child’s future against expenses like higher education.
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- Who is eligible for a Sukanya Samriddhi Yojana account?
Guardians can open an account on behalf of their girl child anytime between when she is born and before she reaches the age of 10.
- How many accounts can be created under SSY?
Only one SSY account is permitted for a girl child. The number of accounts guardians can create is restricted to two for each of their girl child. Exceptions are only in case of twins or triplets.
- What is the minimum amount required to open an SSY account?
Individuals can open an account with as low as Rs. 250. They also have to invest a minimum of Rs. 250 to keep the account active.
- What happens when I do not make any deposits?
An SSY account is rendered inactive if you don’t make any deposits. However, you can revive your account by paying a penalty charge of Rs. 50.
- What is the maximum amount that I can deposit in a year?
The maximum amount that you can deposit per year in a Sukanya Samriddhi Yojana account is Rs. 1.5 Lakh.
- What is the maturity period of an SSY account?
The maturity period of an SSY account is 21 years. However, you only have to make deposits for 14 years. The deposited corpus will earn interest between the 14th and 21st year.
Note that an SSY account will be terminated once a girl reaches 21 years of age or gets married, whichever is earlier.
- Does a Sukanya Samriddhi Yojana account provide income tax benefits?
Yes. SSY accounts provide income tax benefit of up to Rs. 1.5 Lakh under Section 80C.
- Can an accountholder prematurely withdraw from an SSY account?
Yes. An accountholder (the girl) will be able to withdraw from her account once she reaches 18 years of age. The accountholder can only withdraw 50% of the accumulated amount once after she reaches this specified age only for the purpose of higher education.
- Can an SSY account be closed before maturity?
Yes. A Sukanya Samriddhi Yojana account can be closed in the event of the accountholder’s death or for the treatment of life-threatening diseases, the sanction of which needs to be authorised by the Central Government.