What This Calculator Does
This SSY (Sukanya Samriddhi Yojana) calculator computes the maturity value of contributions made under India's small savings scheme for the girl child. The scheme allows deposits for 15 years and matures 21 years from account opening, or on the girl's marriage after age 18.
Inputs Explained
- Yearly Deposit (₹): Amount deposited each year. Minimum ₹250, maximum ₹1,50,000 per financial year.
- Girl's Current Age: Age at account opening. Account can be opened from birth up to age 10.
- Interest Rate (% p.a.): Current SSY rate set by Ministry of Finance, revised quarterly.
How It Works
Deposits are made for 15 years from account opening. Interest compounds annually on the year-end balance. After year 15, no more deposits are allowed but interest continues to accrue. The account matures 21 years from opening, or earlier on marriage of the girl after age 18.
Formula / Logic Used
Sukanya Samriddhi Yojana (SSY) Calculator
Plan a tax-free education and marriage corpus for your girl child under SSY.
Step-by-Step Example
Yearly Deposit: ₹50,000 | Girl's Age: 3
Interest Rate: 8.2% (current SSY rate)
Total Deposited (15 years): ₹7,50,000
Total Interest Earned: ~₹16.5 lakh
Maturity at Year 21 (Age 24): ~₹24 lakh — entirely tax-free under EEE category.
Use Cases
- Higher education funding: Build a corpus for college, professional course, or studies abroad by the time your daughter turns 18-21.
- Marriage expenses: Plan a separate dedicated fund that matures around marriage age, exempt from tax.
- Tax planning: SSY contributions qualify for Section 80C deduction within the ₹1.5 lakh annual cap.
- Long-term gift planning: Grandparents and relatives can contribute to a child's SSY account as a long-term gift.
- Comparing with PPF: SSY typically offers a 0.2-0.4% higher rate than PPF, making it a better option if you have a girl child.
Assumptions and Limitations
- Account can be opened only for a girl child up to age 10. Two accounts are allowed (for two daughters); a third only in case of twins or triplets.
- Maximum annual deposit is ₹1,50,000 across all SSY accounts of one parent — same as PPF cap.
- Partial withdrawal (up to 50% of previous year's balance) is allowed only after the girl turns 18 for higher education.
- Interest rate is revised quarterly by the Government of India. The calculator assumes a constant rate over 21 years.
Frequently Asked Questions
Who can open a Sukanya Samriddhi account?
A natural or legal guardian can open an SSY account in the name of a girl child up to age 10. Up to two accounts per family (for two daughters); three only if there are twins or triplets among them.
What is the current SSY interest rate?
For FY 2024-25, the SSY rate is 8.2% per annum, revised quarterly by the Ministry of Finance. SSY typically offers a slightly higher rate than PPF.
How long do I need to deposit?
Deposits are made for 15 years from account opening. After that, the account continues to earn interest until it matures at year 21 (or the girl's marriage after age 18, whichever is earlier).
Is SSY tax-free?
Yes. SSY enjoys EEE (Exempt-Exempt-Exempt) status: contributions qualify for 80C deduction, interest is tax-free, and the maturity amount is tax-free.
Can I close the account early?
Premature closure is allowed only on the girl's death, on grounds of life-threatening disease, or with special permission for extreme financial hardship. Otherwise the account must run for 15 years of deposits.
What happens if I miss a deposit?
The account becomes 'discontinued' but can be revived by paying ₹50 penalty plus the minimum ₹250 deposit per defaulted year. Make at least the ₹250 minimum each year to keep it active.
Can I withdraw partially before maturity?
Yes, after the girl turns 18, up to 50% of the previous year's closing balance can be withdrawn for higher education or marriage. The withdrawal is also tax-free.
How is SSY different from PPF?
SSY is exclusive to girl children up to age 10 and matures in 21 years. PPF is open to all individuals and matures in 15 years. SSY usually offers a slightly higher interest rate; both have ₹1.5 lakh annual cap.
Sources and References
- India Post — SSY Scheme — Official SSY scheme details from India Post.
- Ministry of Finance — Small Savings Schemes — Quarterly notification of SSY interest rates.
- Income Tax India — Section 80C — Tax deduction rules covering SSY contributions.
- Sukanya Samriddhi Account Rules 2019 — Official Sukanya Samriddhi Account Rules.