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What is Sukanya Samriddhi Yojana Calculator
The Sukanya Samriddgi Yojana calculator or SSY calculator is a valuable online tool that can help you estimate the interest and maturity amount that you can expect depending on your annual contributions and the prevailing interest rate. It is free, convenient and generates error-free results.
The SSY calculator lets you enter the amount of deposit, age of the girl child up to 10 years and the starting year of investment. Thus, it lets you plan the amount of investment that you need to make to reach your desired maturity value and return on investment.
How does Sukanya Samriddhi Yojana Calculator Work
After the provision of all the required details, the calculator determines the value which will be sanctioned on maturity. In order to perform the process effectively, at least 1 contribution in a year for 14 years is mandated.
- It is assumed that the individual is contributing the same amount every year
- From 15th to 21st year, no contributions are required to be made. And, Interests are calculated on the basis of previous contributions made during the scheme period
- The interest generated while providing the final amount is considered by the calculator
Key Aspects of SSY Calculator
Here are some points covered under the working of the calculator which defines a method to use the calculator and how it works:
- To perform the calculation, one must provide the age of the girl child and the amount of contribution made
- Minimum amount of contribution towards the scheme is Rs. 250
- Maximum amount of contribution is Rs. 1,50,000
- 21 years is the maturity period of the scheme
Calculation of Maturity Value
Here is a calculation of maturity value keeping the monthly and yearly contribution constant. Assumptions made for the calculation are-
- Rate of Interest throughout the 21 years of scheme period is 8.2%
- Monthly contributions are made on the 1st of every month
- Yearly contributions are made every year on the 1st of April
- The amount for monthly and yearly contribution is fixed
- No withdrawals are made throughout the 21 years of scheme period
SSY Maturity Amount Calculator (Excel sheet)
Here is a downloadable Calculator Excel sheet using which, you can easily perform the calculation offline by adjusting the deposit amount according to your contribution.
Click to download the Sukanya Samriddhi Yojana Calculator in Excel Format
*The calculator can show incorrect values if it is not configured properly
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Calculation Formula
Since Sukanya Samriddhi Yojana is a long-term investment, there are certain compounding benefits which are available for the applicants. The formula used to calculate the related amount is-
|
A=P(1+r/n)^nt |
In this formula,
- A= Compound Interest
- P=Principal Amount
- r=Rate of Interest
- n=The number of times interest is compounded in a year
- t=number of years
Overview of SSY Account Calculation
Please note: The calculation below is on the basis of previous Sukanya Samriddhi Yojana interest rates of 8.4%. Current calculations may vary.
Here is a tabular representation of the amount which the applicant receives after completion of the 21 year scheme tenure-
| Amount (Yearly) | Amount (14 Years) | Maturity Amount (21 Years) |
| 1000 | 14000 | 46,821 |
| 2000 | 28000 | 93,643 |
| 5000 | 70000 | 2,34,107 |
| 10000 | 140000 | 4,68,215 |
| 20000 | 280000 | 9,36,429 |
| 50000 | 700000 | 23,41,073 |
| 100000 | 1400000 | 46,82,146 |
| 125000 | 1750000 | 58,52,683 |
| 150000 | 2100000 | 70,23,219 |
Calculation with Rs. 1,000 Contribution (Yearly)
Please note: The calculation below is on the basis of previous SSY interest rates of 8.4%. Current calculations may vary.
- Fixed Interest- 8.4 %
- Tenure- 14 years
- Payment Frequency- Annually
| Year | Opening Balance (Rs.) | Deposit (Rs.) | Interest (Rs.) | Closing Balance (Rs.) |
| 1 | 0 | 1000 | 84 | 1084 |
| 2 | 1084 | 1000 | 175 | 2259 |
| 3 | 2259 | 1000 | 274 | 3533 |
| 4 | 3533 | 1000 | 381 | 4914 |
| 5 | 4914 | 1000 | 497 | 6410 |
| 6 | 6410 | 1000 | 622 | 8033 |
| 7 | 8033 | 1000 | 759 | 9792 |
| 8 | 9792 | 1000 | 906 | 11698 |
| 9 | 11698 | 1000 | 1067 | 13765 |
| 10 | 13765 | 1000 | 1240 | 16005 |
| 11 | 16005 | 1000 | 1428 | 18433 |
| 12 | 18433 | 1000 | 1632 | 21066 |
| 13 | 21066 | 1000 | 1854 | 23919 |
| 14 | 23919 | 1000 | 2093 | 27012 |
| 15 | 27012 | 0 | 2269 | 29281 |
| 16 | 29281 | 0 | 2460 | 31741 |
| 17 | 31741 | 0 | 2666 | 34407 |
| 18 | 34407 | 0 | 2890 | 37298 |
| 19 | 37298 | 0 | 3133 | 40431 |
| 20 | 40431 | 0 | 3396 | 43827 |
| 21 | 43827 | 0 | 3681 | 47508 |
Result:
- Total Amount Deposited- Rs. 14,000
- Amount after maturity- Rs. 47,508
- Interest Earned- Rs. 33,508
Calculation with Rs. 5000 Contribution (Yearly)
Please note: The calculation below is on the basis of previous SSY interest rates of 8.4%. Current calculations may vary.
- Fixed Interest- 8.4%
- Tenure- 14 years
- Payment Frequency- Annually
| Year | Opening Balance (Rs.) | Deposit (Rs.) | Interest (Rs.) | Closing Balance (Rs.) |
| 1 | 0 | 5000 | 420 | 5420 |
| 2 | 5420 | 5000 | 875 | 11295 |
| 3 | 11295 | 5000 | 1369 | 17664 |
| 4 | 17664 | 5000 | 1904 | 24568 |
| 5 | 24568 | 5000 | 2484 | 32052 |
| 6 | 32052 | 5000 | 3112 | 40164 |
| 7 | 40164 | 5000 | 3794 | 48958 |
| 8 | 48958 | 5000 | 4532 | 58490 |
| 9 | 58490 | 5000 | 5333 | 68823 |
| 10 | 68823 | 5000 | 6201 | 80024 |
| 11 | 80024 | 5000 | 7142 | 92166 |
| 12 | 92166 | 5000 | 8162 | 105328 |
| 13 | 105328 | 5000 | 9268 | 119596 |
| 14 | 119596 | 5000 | 10466 | 135062 |
| 15 | 135062 | 0 | 11345 | 146407 |
| 16 | 146407 | 0 | 12298 | 158706 |
| 17 | 158706 | 0 | 13331 | 172037 |
| 18 | 172037 | 0 | 14451 | 186488 |
| 19 | 186488 | 0 | 15665 | 202153 |
| 20 | 202153 | 0 | 16981 | 219134 |
| 21 | 219134 | 0 | 18407 | 237541 |
Result:
- Total Amount Deposited- Rs. 70,000
- Amount after maturity- Rs. 2,37,541
- Interest Earned- Rs. 1,67,541
Sukanya Samriddhi Yojana Account Providers
The Reserve Bank of India has approved the following banks as the providers of SSY:
| 1. HDFC Bank | 2. Axis Bank | 3. Punjab National Bank |
| 4. Canara Bank | 5. Union Bank of India | 6. ICICI Bank |
| 7. Central Bank of India | 8. IDBI Bank | 9. Canara Bank |
| 10. Indian Bank | 11. State Bank of India | 12. Bank of Maharashtra |
| 13. Punjab & Sind Bank | 14. Indian Overseas Bank | 15. UCO Bank |
| 16. Bank of India | 17. Bank of Baroda | |
Apart from the aforementioned banks, application forms for Sukanya Samriddhi Yojana scheme can be availed from post offices. Also, Applicants who are interested must download their respected forms and submit all the required documents to get enrolled for the scheme.
Benefits of Using SSY Calculator
The applicants of Sukanya Samriddhi Yojana can use the SSY calculator to evaluate the maturity amount at the end of the scheme tenure. The calculator helps to compute how much savings can be accrued with the scheme.
- Enables the applicants to evaluate the amount which gets credited after maturity
- Allows the applicants to view maturity value according to monthly as well as yearly basis
- Eliminates the mistakes that are carried out during manual calculations
In order to use the SSY Calculator, one must fulfill all the eligibility conditions stated for the scheme-
- The age of girl child must not exceed 10 years
- The girl should be a resident of India
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How Can I Use the Corpus Accumulated From SSY Contributions
- On maturity, the entire accumulated corpus can be withdrawn by the girl child by producing the withdrawal application form along with proof of identity, address and citizenship documents.
- The girl child can withdraw the corpus to meet her higher education expenses, provided she has cleared 10th Standard and reached 18 years of age. The accumulated amount can only be withdrawn to meet fee and admission charges. Moreover, documentary evidence has to be provided such as University admission documents and fee receipts in order to prove that the amount is being utilized solely for educational purposes.
- Premature withdrawal to meet marriage expenses is also permitted, provided the girl is 18 years or above. The girl needs to produce an affidavit that states she is a major.
Modes of Making Deposits into SSY Account
As specified, the applicant is required to make a minimum deposit of Rs. 250/- every year till 14 years in the Sukanya Samriddhi Account. One can deposit the contribution through any of the modes mentioned below-
- Cash
- Cheque
- Demand Draft
- E-Transfer in the concerned bank or post-office (if available)
The depositor must sign & state the name and account number of the beneficiary while providing the instrument of deposit. If the mode of deposit is cheque or demand draft, the date on which amount is credited to the account will be the date of encashment. However, if the mode of deposit is E-Transfer, the date of deposit will be the date of encashment.
Sukanya Samriddhi Yojana Closure on Maturity
- The Sukanya Samriddhi Yojana account matures after 21 years from the date of account opening or in case the girl marries after turning 18 years old, whichever is earlier.
- Withdrawals from SSY account can be made once the girl reaches the age of 18 or successfully clears 10th standard. Moreover, in this case withdrawals up to 50% of the balance at the end of the preceding financial year can be made.
FAQs on Sukanya Samriddhi Yojana Calculator
Q. Who is eligible for a Sukanya Samriddhi Yojana Account?
Ans. All girl children aged below 10 years of age are eligible for an SSY account.
Q. How many accounts can be created under SSY?
Ans. A girl child can only have one SSY account. Moreover, parent or legal guardians can only open a maximum of 2 SSY account for their girl children. However, there may be some exceptions in case of twins or triplets.
Q. What is the minimum amount required to open an SSY account?
Ans. You can open an SSY account with a minimum initial contribution of Rs. 250. You also have to make a minimum annual contribution of Rs. 250 to keep the account active.
Q. What is a Sukanya Samriddhi calculator?
Ans. The Sukanya Samriddhi Yojana calculator is a utility tool that helps you calculate the interest earned and maturity amount on the SSY account. You are usually required to enter the deposit amount, the girl child’s age and the starting year of investment in the formula box. The calculator then shows you the maturity amount along with a break-up of total interest and invested amount.
Q. What information do I need to use the calculator?
Ans. To use the SSY calculator, you simply have to enter the deposit amount, girl child’s age and the starting year of investment.
Q. Is the SSY calculator accurate?
Ans. SSY calculations involve involve compound interest, which may be complex if carried out manually. The SSY calculator eliminates the risk of errors and provides accurate results. It is up-to-date with prevailing Sukanya Samriddhi Yojana interest rates and scheme changes.
Click to know the latest Sukanya Samriddhi Yojana interest rate 2024 and Sukanya Samriddhi Yojana details
Q. Who can use the Sukanya Samriddhi Yojana calculator?
Ans. Anybody who wishes to invest in this scheme- parents or legal guardians of eligible girl children, can make use of this calculator before investing into the scheme to find out the amount of investment that they would need to make during the scheme tenure to arrive at the desired maturity amount.
Click to find out more about the Sukanya Samriddhi Yojana Eligibility Criteria