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Sukanya Samriddhi Yojana (SSY) Calculator

Yearly Investemt

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Rate of Interest (2022)

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Total Investment

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Total Interest

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Maturity Year

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Maturity Value

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Sukanya Samriddhi Yojanna (SSY)

The Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme that aims to promote financial security of the girl child. By investing in this scheme, an investor can claim maximum deductions of up to ₹1.5 Lakh under Section 80C. The returns are also tax-free. A parent or a legal guardian of a girl child below the age of 10 years can open this small savings account at an authorised bank or a post office. A minimum of ₹250 and a maximum of ₹1,50,000 can be deposited in this account per financial year. The tenure of an SSY account is 21 years from the date of opening. At present, you will receive an interest rate of 7.6% p.a. on your SSY account.

What Is the Sukanya Samriddhi Yojana (SSY) Calculator?

Since Sukanya Samriddhi Yojana is a long-term investment, it may be wise to plan your investment and get an estimate of the maturity amount and year of maturity before you start investing. A Sukanya Samriddhi Yojana calculator could help you plan better and decide the amount you want to invest every year to meet your long-term financial goals. An SSY calculator will also help you eliminate the need for manual calculations and provide error-free results.

How Does the SSY Calculator Work?

The Sukanya Samriddhi Yojana calculator is easy-to-use. You will have to enter a few basic details, such as the year you plan to start investing and the amount you plan to invest per financial year. The calculator will automatically assume the prevailing rate of interest to proceed with the calculation. The calculator will also assume that the girl child is aged below 10 years. Please note that you will have to make at least one contribution per year for the first 14 years of the scheme. However, you can choose not to make any investments from year 15 to year 21 and your savings will continue to earn interest at the prevailing rate. 

While calculating the maturity amount, the SSY calculator makes a few assumptions:

  • The investor deposits a fixed amount every year
  • No deposits were made between the 15th and 21st year of investment
  • No premature withdrawals were made during the 21-year tenure
  • The interest rate remains unchanged throughout the investment period

Let us now look at the mathematical formula you can use to calculate the earnings from your SSY savings investment:

Formula to Calculate the Sukanya Samriddhi Yojana Earnings

The mathematical formula to calculate the amount you will earn from your investment is as follows: 

A=P(1+r/n)^nt,
Where,
A= interest earned
P= initial investment amount
r= prevailing rate of interest
n= the number of times interest is compounded in a year
t= number of years

Let us understand it better with an example.

Understanding the SSY Earnings With an Example

Let us assume that you want to make a yearly investment of ₹5,000 for the first 14 years. No deposit is made between year 15 and 21. Also, we will assume that the rate of interest will remain constant at 7.6% p.a. throughout the 21-year tenure of your investment and compounding happens once per year. We also assume that no premature withdrawal is made any time during the tenure. 

Then, this how your opening and closing balance would look like for the next 21 years:

YearOpening Balance (in ₹)Deposit (in ₹)Interest Earned (in ₹) @7.6% p.a.Closing Balance (in ₹)
105,0003805,380
25,3805,00078811,168
311,1685,0001,22817,396
417,3965,0001,70224,098
524,0985,0002,21131,309
631,3095,0002,75939,068
739,0685,0003,34947,417
847,4175,0003,98356,400
956,4005,0004,66666,066
1066,0665,0005,40176,467
1176,4675,0006,19187,658
1287,6585,0007,04299,700
1399,7005,0007,9571,12,657
141,12,6575,0008,9411,26,598
151,26,59809,6211,36,219
161,36,219010,3521,46,571
171,46,571011,1391,57,710
181,57,710011,9851,69,695
191,69,695012,8961,82,591
201,82,591013,8761,96,467
211,96,467014,9312,11,398

Therefore, going by the above example, here’s how much you would have earned after 21 years:
Total investment = ₹70,000
Maturity amount= ₹2,11,398 

Interest earned = ₹1,41,398

So, over a period of 21 years, you will get an absolute return of almost 202% on your investment.

How to Use the Navi SSY Calculator?

The Sukanya Samriddhi calculator from Navi is intuitive, fast, and accurate. You have to enter a few basic details, such as your early investment amount and the year you plan to begin. The calculator will assume that the rate of interest will remain unchanged over the entire duration. The prevailing rate of interest is 7.6% p.a. and you won’t be able to change it manually.
The calculator will display the following details:

  • Total investment
  • Total interest earned
  • Year of maturity
  • Total value of your investment at the time of maturity

To use the calculator, follow the steps below:

Select the investment amount

Use the slide bar to choose your yearly contributions

Select the start year

Choose the year of beginning based on when you are planning to make the first investment

Advantages of Using the Navi Sukanya Samriddhi Yojana Calculator

The following are some benefits of using the Navi SSY Calculator:

User-friendly design

The calculator is designed to provide a seamless experience

Convenient

You can see the maturity amount, year of maturity, and total interest you could earn on your investment almost instantly.

Helps plan better

Calculate the returns and plan your investments accordingly to secure your daughter’s future

Who Should Use the Sukanya Samriddhi Yojana Calculator?

The calculator can be used by anyone planning to invest in the SSY scheme. However, please note that you have to satisfy the following eligibility clauses in order to invest in the actual scheme:

  • Only the parent or legal guardian of a girl child below the age of 10, can apply
  • Up to two Sukanya Samriddhi Yojana accounts can be opened per family
  • The account holder (i.e. the girl child) must be an Indian resident
  • At least one deposit per year has to be made for the first 15 years of the tenure

 

In addition, an investor will need to submit the following documents:

  • Birth certificate of the girl child
  • Proof of address of the depositor/operator of the account
  • A photo ID of the depositor (a parent or a legal guardian of the girl child in question)
  • Other KYC documents of the depositor or documents as requested
  • The duly filed in scheme form

To know more about the scheme details, click here.

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Frequently asked questions

The SSY account matures after 21 years from the date of opening the account.
Sukanya Samriddhi Yojana is a Government initiative so there’s little to no risk involved. The scheme aims to provide guaranteed returns.
You should be a citizen of India while your daughter should be less than 10 years of age. Also, the account should be opened by the parents of the child or their legal guardian.
Only 1 Sukanya Samriddhi Yojana account can be made for a girl child. The maximum number of accounts a guardian can create is restricted to 2 for each of their girl children. The only exceptions are in the case of twins or triplets.
Individuals need only ₹250 to open an account. Additionally, they must maintain a minimum investment of ₹250 to keep the account open. The maximum investment amount is capped at ₹1.5 lakh per year.
If no deposits are made, an Sukanya Samriddhi Yojana account becomes inactive. However, if you pay a penalty charge of ₹50, you can restore the account.
Yes, you can claim tax benefits up to ₹1.5 lakh under Section 80C against the interest and maturity amount for Sukanya Samriddhi Yojana.
Disclaimer : Navi does not guarantee accuracy, completeness or correct sequence of any of the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained/data generated herein or on its completeness/accuracy. The use of any information set out is entirely at the User’s own risk.

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