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Sukanya Samriddhi Yojana

₹
Yr
Total investment₹ 3,75,000
Total interest₹ 7,23,845
Maturity value₹ 10,98,845
Invested amountReturns

Sukanya Samriddhi Yojana is a small deposit scheme backed by the Government of India for a girl child. The SSY account is opened anytime after the birth of the girl child until she turns 10 years old. The Koshex SSY Calculator will estimate the amount you will receive on the maturity of the SSY scheme (i.e.) 21 years.

How Does Our Sukanya Samriddhi Yojana Calculator Work?

Our calculator works on the below formula.

M = (P * [(((1 + i)^n) - 1) / i] * (1 + i)) * ((1 + i)^(21 - n))

Where,

M is the amount you receive upon maturity
P is the principal amount
i is the rate of interest
n is the number of years of investment since birth

Example:

Mr. Yuvan invests ₹50,000 every year in Sukanya Samriddhi Yojana. He continues to depost this amount for 14 years. On top of that, he doesn't make any withdrawals during the scheme's tenure, which is 21 years (The interest rate throughout the scheme's duration of 21 years remains constant and that is 7.6%). Hence, he will earn an interest of ₹14,14,196 and a maturity amount of ₹21,14,196.

The calculation would look like below:

M = (50,000 * ((((1 + 7.6%) ^ 14) - 1) / 7.6%) * (1 + 7.6%)) * ((1 + 7.6%) ^ (21 - 14))
M = ₹21,14,196

Total Investment = ₹7,00,000
Interest Gained = ₹14,14,196

How Should You Use Koshex Sukanya Samriddhi Yojana Calculator?

Here is a step-by-step guide on how to use the Koshex Sukanya Samriddhi Yojana Calculator.
Step 1: Enter the amount you wish to invest in the scheme
Step 2: Enter the age of the girl child

The calculator will calculate the maturity amount and the amount you will earn as the interest.

Benefits Of Using Koshex Sukanya Samriddhi Yojana Calculator

Some of the advantages of Koshex's Sukanya Samriddhi Yojana calculator are as below:

  • The Sukanya Samriddhi Yojana calculator uses minimal effort
  • This calculator saves time, as you can calculate the maturity amount in a couple of seconds
  • The calculator is accurate, so you will get error-free results
  • You will be able to plan your finances better with our calculator

Sukanya Samriddhi Yojana Calculator - FAQs

What are the eligibility criteria for SSY?
The SSY scheme is applicable for girl children. The parent or legal guardian can open an SSY account on behalf of a girl child until she reaches the age of 10. The girl child must be an Indian resident. In a family, up to two SSY accounts can be opened for girls. A third SSY account can be opened in the case of twin girls.
What is the minimum amount required to open an SSY account?
You can open an account for as low as ₹250. You also have to invest a minimum of ₹250 to keep the account active.
What will happen to my SSY account if I do not make any deposits?
Your account will be rendered inactive if you don't make any deposits. If you wish to revive your account, you need to pay a penalty of ₹50.
What is the maximum amount I can invest in my SSY account in a year?
The maximum amount you can deposit in your SSY account in a year is ₹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 and the deposited amount will earn interest between the 14th and 21st years.
Will I get any tax benefit from my Sukanya Samriddhi Yojana Account?
Yes. You can get income tax benefits of up to ₹1.5 lakh under Section 80C.
Can I withdraw from my SSY account prematurely?
Yes. An account holder (the girl) will be able to withdraw from her account once she reaches the age of 18. The account holder can withdraw only 50% of the accumulated amount once after she reaches this specified amount and only for higher education.
Can an SSY account be closed before maturity?
Yes. An SSY account can be closed in the event of the account holder's death or for the treatment of life-threatening diseases, for which the sanction needs to be authorized by the Central Government.