Sukanya Samriddhi Yojana (SSY) is a popular government-backed savings scheme introduced under the “Beti Bachao, Beti Padhao” campaign. It aims to empower parents and guardians to secure the financial future of their girl child by encouraging regular savings with attractive interest rates and tax benefits. This article explores how the SSY calculator works, key benefits, and important details to help you make informed investment decisions.
What is Sukanya Samriddhi Yojana?
SSY is a small deposit scheme where parents or guardians can open an account in the name of a girl child below the age of 10 years. The account can be opened at authorized commercial banks or India Post offices. It offers guaranteed returns, tax exemptions, and a safe investment option for long-term savings dedicated to the girl child’s education and marriage expenses.
How Does the SSY Calculator Work?
The SSY calculator is an efficient tool designed to estimate the maturity amount and total interest earned on the investments made under the scheme. It uses the annual investment amount, the age of the girl child, the starting year of the investment, and the current interest rate to provide a projection of the returns.
The formula used is:
$$ A = P \times \left(1 + \frac{r}{n}\right)^{nt} $$
Where:
- $$ A $$ = Maturity amount including compound interest
- $$ P $$ = Principal amount (annual investment)
- $$ r $$ = Annual interest rate (decimal)
- $$ n $$ = Number of times interest is compounded per year (annually)
- $$ t $$ = Number of years investment is held
- official website: https://groww.in
The calculator helps you plan yearly contributions and understand the amount you will receive upon maturity, making investment planning easier.
Key Benefits of Sukanya Samriddhi Yojana
- Attractive Interest Rate: SSY offers an interest rate of 8.2% per annum for the financial year 2025-26, compounded annually, which is higher than typical fixed deposits and savings accounts.
- Tax Benefits: Investments qualify for tax deductions under Section 80C up to ₹1.5 lakh per financial year. Additionally, the interest earned and the maturity amount are fully exempt from tax, offering triple tax exemption (EEE status).
- Flexible Investment: Minimum deposit is ₹250 per year and the maximum is ₹1.5 lakh. Deposits can be made in lumpsum or multiple instalments throughout the financial year.
- Long-Term Savings: The account matures after 21 years from the date of opening or upon the girl child’s marriage after 18 years, whichever is later, encouraging disciplined long-term savings.
- Loan and Withdrawal Facility: Partial withdrawal of up to 50% of the account balance is allowed after the girl turns 18 for higher education expenses with proof of admission.
- Convenient Transfers: SSY accounts can be transferred anywhere within India from one post office or bank branch to another, making it convenient for families who relocate.
Eligibility and Account Opening
- Account can be opened in the name of a girl child until she reaches 10 years of age.
- Only two accounts are allowed per family for two girl children.
- The account can be opened at any authorized bank or post office.
How to Use the SSY Calculator
To use an SSY calculator, simply input:
- The annual deposit amount you plan to invest
- The current age of your girl child
- The start year of your investment
- The prevailing interest rate (currently 8.2%)
The calculator will provide you with:
- Estimated maturity year
- Total principal invested
- Total interest accrued
- Estimated maturity value
This helps you tailor your savings plan to meet future financial needs, especially for education and marriage.
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Why Invest in Sukanya Samriddhi Yojana?
SSY is one of the safest and most rewarding investment options available for securing a girl child’s future. It combines the safety of government backing with high returns and significant tax benefits. Its unique feature of compounding interest annually maximizes your savings growth over time.
Conclusion
Sukanya Samriddhi Yojana is a smart, secure, and tax-efficient way to save for a girl child’s future needs. Using the SSY calculator allows parents to plan their investments better and visualize the financial benefits. If you’re looking for a reliable financial product that supports your girl’s education and marriage fund, SSY is definitely worth considering.