Sukanya Samriddhi Yojana (SSY) Calculator – Secure Your Daughter’s Future
The Sukanya Samriddhi Yojana Calculator helps you estimate the maturity amount of your SSY investment. Simply enter the yearly deposit amount and tenure to plan for your daughter's higher education and marriage.
🌸 What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme launched as part of the "Beti Bachao, Beti Padhao" initiative. It encourages parents to build a corpus for their girl child's future expenses by offering high returns and tax benefits under Section 80C of the Income Tax Act.
🎯 Benefits of Using the SSY Calculator
- Estimate the maturity value of your SSY investment
- Understand the power of compounding over 21 years
- Plan early for your daughter’s higher education or wedding
- Visualize the impact of different annual deposits
- Stay tax-compliant with accurate savings planning
📐 SSY Interest & Maturity Formula
A = P × (1 + r)n- A: Maturity Amount
- P: Annual Deposit
- r: Annual Interest Rate (currently ~8.2%)
- n: Total Investment Duration (up to 21 years)
📊 Example SSY Calculation
| Year | Opening Balance | Annual Deposit | Interest Earned | Closing Balance |
|---|
| 1 | ₹0 | ₹1,50,000 | ₹12,300 | ₹1,62,300 |
| 2 | ₹1,62,300 | ₹1,50,000 | ₹26,040 | ₹3,38,340 |
| 3 | ₹3,38,340 | ₹1,50,000 | ₹41,733 | ₹5,30,073 |
💡 Tips for Effective SSY Investment
- Start Early: Begin the SSY account soon after your daughter’s birth to maximize returns.
- Deposit Annually: Keep contributing every year for at least 15 years to keep the account active.
- Use Auto-Debit: Avoid missing yearly payments by setting up auto-pay from your bank.
- Tax-Free Growth: Both interest earned and maturity amount are fully tax-exempt.
- Plan with a Goal: Link your SSY investment to a specific milestone like college or marriage.
📎 SSY Eligibility & Key Rules
- Girl child must be below 10 years at the time of account opening
- Maximum two accounts per family (exceptions for twins/triplets)
- Minimum deposit: ₹250/year, Maximum: ₹1.5 lakh/year
- Partial withdrawal allowed after girl turns 18 (up to 50%)
- Account matures after 21 years from the date of opening
❓ Frequently Asked Questions
What is the interest rate for a PPF account?
The interest rate for a PPF account is currently set at approximately 7.1% per annum (as of the financial year 2023-24). It is compounded annually.
Can I withdraw my PPF balance before maturity?
PPF accounts have a 15-year lock-in period, but partial withdrawals are allowed after the 6th year. However, premature closure of the account is not permitted.
What is the maximum amount I can invest in PPF annually?
The maximum annual contribution to a PPF account is ₹1.5 lakh. Contributions above this limit will not be eligible for tax benefits under Section 80C.
Can I nominate someone for my PPF account?
Yes, you can nominate a person for your PPF account to ensure that the funds are transferred smoothly in case of unforeseen events.
Can I transfer my PPF account to another bank or post office?
Yes, you can transfer your PPF account to another branch of the same bank or a different post office. However, the transfer process might take time, and there may be some paperwork involved.
Is PPF a tax-saving investment?
Yes, PPF offers tax-saving benefits under Section 80C of the Income Tax Act. Investments made in PPF are eligible for tax deductions up to ₹1.5 lakh per annum.