The Sukanya Samriddhi Yojana (SSY) is a savings scheme launched by the Government of India in 2015 to promote financial security for the girl child. It encourages parents to save for their daughter's future education and marriage expenses. An SSY account can be opened at any post office or bank between the birth of a girl child and her 10th birthday. The account requires a minimum deposit of ₹250, with a maximum deposit limit of ₹1.5 lakh per financial year. The scheme currently offers an interest rate of 8.2% per annum.
The SSY account matures 21 years after it is opened, or earlier if the girl child marries after turning 18. Deposits can be made for the first 15 years, after which the account enters a six-year lock-in period where no further deposits are required, but interest continues to accrue. Partial withdrawals of up to 50% of the account balance are permitted after the girl child turns 18, typically for higher education expenses.
The SSY Calculator is an online tool designed to help account holders estimate the maturity amount based on their contributions. By inputting the deposit amount, the girl child’s age, and the starting year of investment, the calculator provides a detailed breakdown of the total interest earned and the final maturity amount.
To calculate the maturity amount manually, the formula used is A = P(1+r/n)^(nt). Here:
This formula helps estimate the total amount that will be available at the end of the investment period.
A1: A parent or guardian can open an SSY account in the name of a girl child up to the age of 10 years.
Only one account can be opened per girl child, either at a post office or a bank.
A family can open SSY accounts for up to two daughters. However, exceptions to this rule exist, and further details can be obtained from the SSY website.
A2: A minimum deposit of ₹250 is required every financial year to keep the SSY account active. If this amount is not deposited in any financial year, the account will be considered defaulted.
A3: The maximum amount that can be invested in an SSY account is ₹1.5 lakh per financial year. This contribution can be made in one lump sum or in multiple installments.
A4: Yes, investments in SSY qualify for tax exemption under Section 80C of the Income Tax Act.
A5: The SSY calculator can be used by anyone who meets the eligibility criteria for the scheme. To open an SSY account, the girl child must be under 10 years old and a citizen of India. Additionally, a family can open SSY accounts for no more than two daughters.
A6: If you meet the eligibility criteria, you can use the calculator by entering the age of your daughter and the intended investment amount. The tool allows you to calculate returns based on a minimum deposit of ₹250 and a maximum of ₹1.5 lakh per financial year.
A7: The calculator estimates the maturity amount based on your deposits and the girl child’s age. The SSY scheme matures 21 years after the account is opened or when the girl marries after turning 18. Contributions are required for the first 15 years, and the calculator assumes a consistent annual investment during this period. No further contributions are needed from the 15th to the 21st year, but the account continues to earn interest.