SSY Calculator
Calculate Sukanya Samriddhi Yojana returns.
Yearly Investment
Interest Rate
Total Value
₹23,94,040
SSY Calculator – Sukanya Samriddhi Yojana helper
Sukanya Samriddhi Yojana (SSY) is a government savings scheme launched for the benefit of the girl child. It offers a high interest rate and tax benefits.
This calculator helps parents plan for their daughter's education and marriage expenses by estimating the maturity value.
What is a SSY Calculator?
It computes the maturity value of the SSY account after 21 years.
The scheme requires deposits for only the first 15 years, but the account continues to earn interest until maturity at 21 years.
How does this SSY Calculator work?
The calculator uses the following formula:
A = P * (1 + r)^n
- For the first 15 years, it adds your yearly deposit (P) and calculates interest.
- The formula A = P * (1 + r)^n is applied annually, where A is the amount, P is the principal, r is the rate of interest, and n is the time in years.
- For the remaining 6 years (16th to 21st), no deposits are made, but the balance continues to compound.
- The interest is calculated on an annual basis and compounded yearly.
How to use this SSY Calculator effectively
- Enter the yearly amount you plan to deposit.
- Enter the current interest rate.
- If the girl child's age is required, assume the account is opened today.
- See the total amount available when the account matures.
Commonly asked questions
What is SSY?
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched as part of the "Beti Bachao, Beti Padhao" campaign for the benefit of the girl child.
Who can open an SSY account?
Parents or legal guardians can open an SSY account in the name of a girl child below the age of 10 years.
What is the age limit for SSY?
The account can be opened any time before the girl child attains the age of 10 years.
What is the minimum deposit?
The minimum deposit required to open and maintain the account is ₹250 per financial year.
What is the maximum deposit?
The maximum deposit allowed in an SSY account is ₹1.5 Lakh per financial year.
What is the interest rate of SSY?
The interest rate is notified by the government quarterly. It is currently around 8.2% p.a.
Is SSY interest tax-free?
Yes, SSY falls under the EEE (Exempt-Exempt-Exempt) category. Investment, interest earned, and maturity amount are all tax-free.
What is the maturity period?
The account matures after 21 years from the date of opening or at the time of marriage of the girl child after she turns 18.
Can I make a partial withdrawal?
Yes, up to 50% of the balance can be withdrawn for the girl child's higher education after she turns 18 or passes 10th standard.
Is premature closure allowed?
Premature closure is allowed only in specific cases like the death of the account holder or medical treatment for life-threatening diseases.
How many accounts can be opened?
Only one account per girl child. A family can open accounts for a maximum of two girl children (exception for twins/triplets).
Where can I open an SSY account?
You can open an SSY account at any Post Office or authorized branches of commercial banks.
What documents are required?
Birth certificate of the girl child, identity and address proof of the parent/guardian.
Can I transfer the SSY account?
Yes, the account can be transferred anywhere in India from one Post Office/Bank to another.
What is the penalty for missed deposit?
A penalty of ₹50 is levied per year of default, along with the minimum deposit amount of ₹250.
Can I take a loan against SSY?
No, the loan facility is not available against an SSY account.
Is SSY better than PPF?
SSY generally offers a higher interest rate than PPF but is restricted to the girl child. PPF is open to all.
Are NRIs eligible for SSY?
No, NRIs cannot open an SSY account. If the girl child becomes an NRI after opening the account, it must be closed.
What are the rules for marriage withdrawal?
The account can be closed for marriage purposes if the girl is at least 18 years old.
How accurate is the SSY calculator?
It provides an estimate based on the current interest rate remaining constant. Actual rates may vary quarterly.