SSY Calculator: Calculate Maturity Amount, Interest & Return on Investment

Sukanya Samriddhi Yojana (SSY) Calculator: A Tool to Plan for Your Daughter’s Future

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme that aims to provide financial security for girls in India. It was launched as part of the “Beti Bachao, Beti Padhao” campaign in 2015. The scheme encourages parents to invest in their daughter’s future and offers attractive returns.

If you are a parent looking to invest in SSY, it is important to understand how the scheme works and how to calculate the returns on your investment. This is where the SSY calculator comes in handy.

What is Sukanya Samriddhi Yojana (SSY)?

SSY is a savings scheme designed for the parents of girl children. It offers a high rate of interest and tax benefits. The scheme has a lock-in period of 21 years and can be opened with a minimum deposit of Rs. 250. The maximum deposit limit is Rs. 1.5 lakh per financial year. The account can be opened in the name of the girl child before she turns 10 years old.

Advantages and Benefits of SSY:

  1. High rate of interest: SSY offers a high rate of interest of 7.6% per annum (as of April-June 2021). The interest rate is reviewed and revised by the government every quarter.
  2. Tax benefits: Contributions to SSY are eligible for tax deductions under Section 80C of the Income Tax Act. The interest earned and maturity amount are also tax-free.
  3. Financial security for girls: The scheme aims to provide financial security for girls and ensure that they are not dependent on others in the future.
  4. Flexibility in deposits: Parents can deposit money in their daughter’s account at any time and in any amount, subject to the maximum limit of Rs. 1.5 lakh per financial year.
  5. Easy to open: SSY accounts can be opened in any post office or authorized branches of banks.

How is SSY calculated?

The SSY calculator is a tool that helps you calculate the maturity amount and interest earned on your SSY investment. It takes into account the amount deposited, the interest rate, and the duration of the investment.

To calculate the maturity amount, you need to enter the following details in the calculator:

  1. Initial deposit amount
  2. Monthly or annual deposit amount
  3. Investment period (in years)

The calculator will then display the maturity amount, interest earned, and the total investment amount.

To get more information in detail , click here

Frequently asked questions

What is Sukanya Samriddhi Yojana (SSY) calculator?

Sukanya Samriddhi Yojana (SSY) Calculator is an online tool that helps to calculate the estimated maturity amount for your SSY investment.

Who can invest in SSY?

The scheme is available only for parents or legal guardians of a girl child. It can be opened in the name of a girl child below the age of 10 years.

What is the minimum and maximum investment amount in SSY?

The minimum investment amount is Rs. 250 per annum, and the maximum investment amount is Rs. 1.5 lakh per annum.

What is the current interest rate for SSY?

The current interest rate for SSY is 7.6% per annum (as of April 2021).

What are the tax benefits of investing in SSY?

The investment made in SSY is eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The interest earned and maturity amount is also tax-free.

What happens if I miss investing in a year?

If you miss investing in a year, you can revive the account by paying a penalty of Rs. 50 per year along with the minimum deposit for that year.

What is the maturity period for SSY?

The maturity period for SSY is 21 years from the date of opening the account. However, partial withdrawals can be made after the girl child turns 18 years old.

Can I transfer my SSY account to another bank or post office?

Yes, you can transfer your SSY account to another bank or post office. The transfer process is free of cost.

Can I open more than one SSY account for the same girl child?

  • No, only one SSY account can be opened for a girl child.

What happens to my SSY account if the girl child gets married before the maturity period?

If the girl child gets married before the maturity period, the account will be closed, and the balance amount will be paid to the girl child.




Apna Samaaj

Our mission at Apna Samaaj is to connect underprivileged communities in India with the resources and opportunities they need to thrive. We aim to create a comprehensive platform that provides access to welfare schemes from government bodies and NGOs, as well as private organizations, helping to bridge the gap between those in need and those who can provide support. Through our efforts, we strive to empower individuals and communities, drive economic growth, and make a positive impact on society.