Sukanya Samriddhi Yojana (SSY) Calculator
Calculate Your SSY Maturity Amount
What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme aimed at securing the financial future of a girl child in India. It was launched as a part of the 'Beti Bachao Beti Padhao' campaign. The scheme offers an attractive interest rate, and the deposits made under this scheme are eligible for tax benefits under Section 80C of the Income Tax Act.
How Does the SSY Calculator Work?
The SSY Calculator helps you estimate the maturity amount of your Sukanya Samriddhi Yojana investment based on the following parameters:
- Monthly Deposit Amount: The amount you plan to deposit each month into the SSY account.
- Current Interest Rate: The annual interest rate offered by the government under the SSY scheme (subject to change each quarter).
- Investment Period: The period for which you plan to keep the investment (minimum 14 years).
The calculator uses the compound interest formula to estimate the maturity amount:
Formula:
Future Value = P × (1 + r/n)^(n*t)
Where:
- P = Principal amount (monthly deposit)
- r = Annual interest rate (decimal)
- n = Number of times interest applied per time period (12 for monthly)
- t = Time the money is invested for, in years
Benefits of Investing in Sukanya Samriddhi Yojana (SSY)
- High Interest Rate: SSY offers a higher interest rate compared to many other savings schemes, ensuring substantial growth of your investment.
- Tax Benefits: The deposits made under SSY are eligible for tax deductions under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-free.
- Secured Future: SSY ensures a secure financial future for the girl child, covering her education and marriage expenses.
Frequently Asked Questions (FAQ)
1. What is the minimum and maximum deposit amount under SSY?
The minimum deposit amount under the SSY scheme is ₹250 per year, and the maximum deposit allowed is ₹1.5 lakh per year.
2. What happens if I miss a monthly deposit?
If you miss a monthly deposit, your SSY account will be considered a "defaulted" account. However, you can revive the account by paying a penalty of ₹50 along with the minimum deposit for the missed month(s).
3. Can I withdraw the money before maturity?
Partial withdrawal (up to 50% of the balance) is allowed after the girl child turns 18, for purposes such as higher education or marriage. The full amount can be withdrawn only after the account matures when the girl turns 21 years old.
4. How is the interest rate on SSY determined?
The interest rate on SSY is determined by the government and is subject to change every quarter. The current interest rate can be checked at any Post Office or online through the official government portals.