Sukanya Samriddhi Yojana Calculator

Sukanya Samriddhi Yojana Calculator 2023-24: Formula, Maturity Amount & New Update

Sukanya Samriddhi Yojana Calculator:- The online Sukanya Samriddhi Yojana Calculator assists legal guardians in figuring out the returns on their contributions made to their SSY account over a given time frame. Every quarter, the Indian government reviews the SSY interest rate and modifies it based on the country’s economic conditions as well as external factors. Any Indian who has a daughter under the age of ten can begin investing in the Sukanya Samriddhi Yojana. The current interest rate offered by the plan is 7.6 percent. An exemption is available for investments up to Rs 1.50 lakh (minimum of Rs 250) every year. This means that it will mature in 21 years. Your daughter will be able to access the maturity amount sooner if you start investing in her at an earlier age.

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Sukanya Samriddhi Yojana Calculator


How does the Sukanya Samriddhi Yojana (SSY) calculator work?

Sukanya Samriddhi Yojana Calculator:- It is necessary to make at least one contribution every year for 14 years in order to successfully finish the process.

  • The contributor is thought to make the same yearly contribution.
  • There is no fee for the fifteenth through twenty-first years.
  • The calculator determines the interest earned while displaying the total amount.

Benefits Sukanya Samriddhi Yojana Calculator

The following are the key benefits of SSY calculator: 

  • This free online SSY calculator provides results that are free from errors.
  • delivers outcomes in a matter of seconds.
  • may occur more than once.
  • Other than the ones listed in the form, no user information is needed.
  • The computations are made using the current SSY interest rates for more accuracy.
  • The SSY calculator is current and automatically updated in accordance with any modifications to the scheme.
  • The SSY calculator functions well across all platforms.

Advantages of Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi Yojana calculator has a lot of benefits, including:

  • It enables you to know precisely what the account’s maturity value will be when it matures.
  • You may enter the amount you plan to invest in the current and observe how it affects the maturity value if you have it set up in an excel sheet.
  • You can also use the calculator to find the maturity value based on monthly or yearly investments.
  • The Sukanya Samriddhi Yojana calculator may be quite precise if set up properly.
  • One can eliminate any mistakes by manually computing the maturity value.
  • You may always adjust how much you want to invest, and you’ll still receive the maturity value in a matter of seconds.
Sukanya Samriddhi Yojana Calculator

Sukanya Samriddhi Yojana Account Provider

The following banks are authorized by the Reserve Bank of India to provide SSY:

  • Axis Bank
  • State Bank of India (SBI)
  • Central Bank of India (CBI)
  • Bank of Maharashtra (BOM)
  • Bank of India (BOI)
  • Bank of Baroda (BOB)
  • Punjab National Bank (PNB)
  • Union Bank of India
  • Vijaya Bank
  • Indian Overseas Bank (IOB)
  • Indian Bank
  • IDBI Bank
  • ICICI Bank
  • UCO Bank
  • Punjab and Sindh Bank (PSB)
  • money bank
  • Canara Bank
  • SSY application forms can also be obtained from post offices

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salient points

These are a few items under “Calculator operation” that describe how to use the calculator.

  • The age and quantity of the female child’s present must be provided in order to calculate the gift amount.
  • This initiative requires a minimum donation of Rs 250.
  • The highest contribution amount is Rs 1,50,000. Is
  • Twenty-one years is the scheme’s maturity span.

Calculation of maturity amount

  • For the 21-year plan term, the interest rate is 8.00%.
  • A gift is given on the first of every month.
  • Every year on April 1st, donations are made.
  • The yearly and monthly contributions have a set sum.

Who Can Use This Calculator? 

To utilize the SSY calculator, you must first confirm that you meet the program’s qualifying requirements. In order to open an SSY account, legal guardians of a girl child must meet the following prerequisites.

  • It is possible to create up to two SSY accounts for a household with two female children.
  • Either the depositor or the little girl must be an Indian national.
  • The maximum age for a girl kid should be ten years old.

Documents Required to Submit to Start the Deposit Scheme 

  • The girl child’s birth certificate
  • properly completed account opening form with accountholder and female child’s pertinent information
  • When more than one child is born under a single birth order, a medical certificate must be provided.
  • A valid proof of address and the depositor’s identity document

Method to use Sukanya Samriddhi Yojana calculator

Once the individual has met the qualifying conditions for the Sukanya Samriddhi Yojana, they should use the calculator to enter the age of the female kid and the requisite investment amount. The initiative allows for minimum and maximum investments of Rs. 250 and Rs. 1.5 lakh, respectively.

The minimum donation was once set at Rs. 1,000. But in July 2018, the Indian government lowered the required minimum payment to Rs. 250.What information does the SSY calculator display?

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calculation formula

A = P (1 + r/n) ^ nt

  • A = compound interest
  • P = original investment amount
  • R = interest rate
  • N = interest compounded in one year
  • T = Number of years (period)

What information does the SSY calculator display?

The calculator uses the data that the user enters to display the maturity value, interest rate, and year the scheme matures.

An example of the information shown by the Sukanya Samriddhi Yojana calculator is shown below:


  • Yearly deposit: Rs.1,00,000
  • Rate of Interest: 8.0%
YearFinancial YearRate of Interest (%)Deposit made during the year (Rs.)Interest generated during the year (Rs.)Balance at the end of the year (Rs.)

22020-20217.601,00,000 7,6001,07,600
32021-20227.601,00,000 15,777.602,23,378
7.601,00,000 24,576.723,47,955
7.601,00,000 34,044.604,82,000
62024-20257.601,00,000 44,232.006,26,232
82026-20277.601,00,000 66,988.32
92027-20287.601,00,000 79,679.52
102028-20297.601,00,000 93,335.1613,21,429
112029-20307.601,00,000 1,08,028.5615,29,458
122030-20317.601,00,000 1,23,838.8017,53,297

142032-20337.601,00,000 1,59,155.28




Closure of the Sukanya Samriddhi Yojana on Maturity

Here are certain rules that apply when it comes to terminating accounts at maturity:

  • After 21 years have passed since the account’s establishment date, the account matures. At maturity, the whole principal amount plus accumulated interest may be withdrawn.
  • The girl for whom the account was formed may withdraw the remaining balance if she marries before the maturity period ends, provided that she is at least eighteen years old at the time of the withdrawal. The girl must present an affidavit attesting to her age of eighteen at the time of withdrawal.
  • The account cannot be used if the girl reaches the age of 18 and marries before the full 14-year period is over. Even after the required deposit, additional deposits to the account are not permitted.
Sukanya Samriddhi Yojana Calculator

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How Can Use the Corpus Accumulated from SSY Contributions?

with maturity, the accumulated corpus may be taken from the SSY account with presentation of a valid ID, evidence of residence, a withdrawal application, and citizenship documents. The corpus gathered following SSY contributions might be utilized in the following ways:

  • After the girl child reaches the age of 18 and passes the tenth grade, the corpus can be utilized for further education or withdrawn.
  • Only entrance fees may be paid with this sum.
  • To utilize the corpus, you must present your fee receipt and proof of university acceptance.
  • If the girl reaches the age of 18, the corpus may also be utilized ahead of schedule for marriage.

Maturity Value Calculation under SSY After 21 Years

Because it depends on so many factors, it is challenging to calculate the maturity value in this scheme with accuracy. Nonetheless, the maturity value may be computed as a table by holding the variable constant and using the monthly and annual contributions as the sole variables.

Some presumptions have been made for the computation that follows. These are:

  • It is projected that the interest rate would remain at 8.0% over the whole 21-year program.
  • On the first of each month, donations must be made.
  • Annual payments are required on April 1st of each year.
  • The allotted cash for the annual or monthly payment has been used up.
  • Additionally, it has been believed that no withdrawals have been made in the previous 21 years.

Yearly Contribution Table:

YearInvestment Amount (Yearly)Investment Amount (14 Years)Maturity Amount (21 Years)

Monthly Contribution Table

Instalment Amount (Monthly)Maturity Amount (21 Years)

Limitations of SSY Calculator

The Sukanya Samriddhi Yojana calculator is highly helpful and handy, however there are a few problems that make it less effective:

  • It can give false values if it is not set properly.
  • The calculators do not impose an annual investment ceiling, even if the government has set one of Rs. 1.5 lakh. Therefore, if you enter an amount greater than Rs. 1.5 lakh, the calculator will still determine the maturity value.
  • You will need to input the Sukanya Samriddhi Yojana interest rate each time it changes in the future because the calculator is manually programmed.

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Q:- For whom is a Sukanya Samriddhi Yojana Account eligible?

Ans:- Girls are only allowed to have one SSY account. Guardians are only allowed to set up two accounts for each of their female offspring. Only in the event of twins or triplets are there exceptions.

Q:- How much money is needed as a minimum to start an SSY account?

Ans:- The minimum amount needed to start an account is Rs. 250. In order to maintain the account active, they must additionally invest a minimum of Rs. 250.

Q:- What occurs if I don’t deposit any money?

Ans:- Inactive accounts on SSY are those that have no deposits made. On the other hand, you can reinstate your account by paying a 50 rupee penalty.

Q:- What is the annual maximum that I may deposit?

Ans:- A Sukanya Samriddhi Yojana account can only have a maximum annual deposit of Rs. 1.5 lakh.

Q:- What is the maturity period of an SSY account?

Ans:- A 21-year maturity term applies to an SSY account. But you simply need to deposit money for a period of 14 years. Between the 14th and the 21st year, the corpus that was placed will accrue interest.

Please take note that an SSY account will be closed when a female becomes 21 or marries, whichever comes first.

Q:- Does a Sukanya Samriddhi Yojana account provide income tax benefits?

Ans:- Indeed. Under Section 80C, SSY accounts offer an income tax credit of up to Rs. 1.5 lakh.

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