Sukanya Samriddhi Yojana Calculator

Prime Minister Narendra Modi launched this government-backed savings scheme on 22nd January 2015 in Panipat, Haryana. The scheme came as part of the “Beti Bachao, Beti Padhao” (Save the Daughter, Educate the Daughter) campaign. Parents can use this scheme to save money systematically for their daughter’s education and marriage in the future.

Before you start using the SSY calculator, make sure you meet the scheme’s eligibility criteria. Legal guardians of girl children can open an SSY account when these conditions apply:

• Your girl child must live in India as a resident
• She should not be older than 10 years
• You can open up to two accounts in one family for two girl children

Legal guardians need to submit these documents when they start making deposits in the Sukanya Samriddhi Yojana scheme:

• Fill out the scheme opening document completely with basic personal details of both the account holder and the girl child you’re opening the account for
• Your girl child’s birth certificate
• Your identification documents and valid address proof as the depositor
• A medical certificate if you have multiple children born in a single birth order
• Any other documents the relevant authority asks for

You qualify for the scheme if you meet these requirements and have all the necessary supporting documents ready.

A Sukanya Calculator shows you what your investment in the Sukanya Samriddhi Yojana (SSY) will be worth when it matures. This government-backed savings scheme for girl children becomes easier to understand when you use the calculator. Here’s what it does for you:

• Accurate Maturity Value Estimation: The Sukanya calculator works out the total amount you’ll receive when the scheme ends. This includes both your principal and the interest you’ve earned, calculated from your yearly or monthly contributions.
• Effective Financial Planning: Once you know your expected returns, you can plan how much to contribute. This helps you meet future expenses like your daughter’s education or marriage.
• Customised Inputs: The Sukanya Samriddhi Account Scheme calculator lets you enter your own numbers – contribution amount, how often you deposit, and the year you start. This tailors the Sukanya Samriddhi calculations to match your exact situation.
• Simplified Interest Calculations: The scheme gives you an attractive interest rate on Sukanya Samriddhi Yojana (it compounds annually). The Sukanya Samriddhi Yojana online calculator takes care of these tricky calculations for you.
• Time-Saving Tool: The Sukanya Samridhi Calculator does away with manual calculations. This saves you time and cuts down on mistakes you might make.
• Goal Tracking: You can check if the investments you’ve planned will give you the amount you need by the time the scheme matures (21 years from when you open the account). The Samruddhi Sukanya Yojana calculator helps you see this clearly.

Here’s something important to remember: you need to make at least one contribution each year to keep your Sukanya Samriddhi Yojana (SSY) scheme running until 14 years are complete. The scheme matures in 21 years in total.

Between year 1 and year 21, you can choose to skip contributions to your SSY account if you want. Your previous investments won’t stop working though – they’ll keep earning interest at whatever rate is current. The calculator figures out your final amount by adding up your net contribution and all the interest that’s piled up over time.

The Sukanya Yojana calculator uses this formula to get your results:

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

Here’s what each part of this Sukanya Samriddhi Yojana Post Office calculator formula means:

Suppose an individual invests ₹1,00,000 each year in a Sukanya Samriddhi Yojana scheme for 21 years at a post office monthly Sukanya Samriddhi Yojana calculator of 12%, then at maturity, the girl will receive ₹10,80,385. Thus, with the help of an SSY calculator online, you can easily withdraw the amount in full.

Here is the Sukanya Samriddhi Yojana chart of calculations done using the Sukanya calculator:

Follow this step-to-step guide on how to use the Sukanya Samriddhi Yojana maturity calculator:

Case 1 – If You Know the SSY Investment Amount

Follow this step-to-step guide on how to use the SSY calculator:

1. Open the Sukanya Yojna Calculator online.
2. Adjust the inflation rate:
3. You can use the SSY Calculator in two ways:

Once you enter these details, you can get an estimate of the potential returns that you will get after the completion of your investment tenure on the SSY .

Case 2 – If You Know Your SSY Goal Amount

In this scenario, you will need to provide:

• Goal amount
• Expected return
• Time period

Once you input these details, you can get an estimate of how much amount you need to invest to reach your goal through the SSY Calculator.

The scheme is designed to reach maturity 21 years from the date of opening the account. During the period between the 15th and 21st years, no further investments are allowed. Nevertheless, the account continues to accumulate interest on the previous deposits made during those years.

Under the old tax regime, investments in the Sukanya Samriddhi Yojana (SSY) qualify for a tax deduction of up to ₹1,50,000 per year under Section 80C of the Income Tax Act. Both the interest earned and the maturity amount from SSY are exempt from tax.

Example: Suppose your annual income is ₹10,00,000, and you invest ₹1,50,000 in Sukanya Samriddhi Yojana. Here’s how it impacts your tax:

1. Annual Income: ₹10,00,000
2. Standard Deduction: ₹50,000
3. Section 80C Deduction (SSY Investment): ₹1,50,000
4. Taxable Income After Deductions: ₹8,00,000
5. Tax Payable: ₹2,800

Without investing in SSY, your tax liability would increase to ₹1,06,600, resulting in higher tax payments.

After attaining maturity, the entire accumulated corpus can be accessed by the young individual. This can be accomplished once the following documents are presented:

1. Application form for withdrawal
2. Identification proof and valid proof of address
3. Citizenship documents

The withdrawn corpus can be utilised to cover the expenses associated with the girl’s higher education, given that she has completed 10th Standard and turned 18 years old. The funds can only be utilised for fees and admission charges. In order to demonstrate that the funds are being used for educational purposes, depositors must submit university admission documents along with fee receipts.

In the event of early withdrawal for marriage expenses, it is permissible if the girl is 18 years of age or older. The girl will need to provide an affidavit affirming her status as an adult as a prerequisite for this withdrawal.

The results provided by this calculator are for illustrative purposes only and are based on the inputs provided by the user, including the investment amount, expected return, and the investment time period.

The calculator assumes a constant rate of return and does not account for fluctuations. Therefore, the actual future value of the investment may differ from the estimated value.

smallcase makes no representations or warranties regarding the accuracy of the calculator’s results and is not responsible for any errors, omissions, or inaccuracies. The calculator does not consider taxes, fees, or other factors that may affect investment performance.

This calculator and the results generated are not intended as a solicitation to invest or as a recommendation for any particular investment product. Users are encouraged to consult with a qualified financial advisor before making any investment decisions.