Sukanya Samriddhi Yojana Calculator

Sukanya Samriddhi Yojana Calculator is a free online tool that users can use to determine the interest earned and the amount due at maturity from investments made into the Sukanya Samriddhi Yojana (SSY) account. The key output fields of this calculator are the account balance at maturity, the total interest earned from the investment as well as the amount that one can withdraw for higher education of the girl child when she attains the age of 21 years.

Since the SSY scheme offers fixed returns and the maximum age of the girl child at the time of entry is fixed at 10 years, the SSY Calculator considers these details along with the annual investment amount to provide its output. The Sukanya Samriddhi Yojana calculator is free to use and can help prospective investors make informed financial decisions.

As per current rules of the Sukanya Samriddhi Yojana, the account matures and the accrued corpus is paid out when the girl child attains the age of 21 years. A minimum annual contribution of Rs. 250 is required to keep the account active while a maximum annual investment of Rs. 1.5 lakh is allowed into the account. The maximum period of contribution that is allowed is 15 years These are some of the key factors that the calculator considers when making the calculation.

Below are the inputs that the user needs to provide:

- Annual investment amount

- Age of girl child at the time of account opening

- The year in which the account was opened

The interest rate of Sukanya Samriddhi Yojana is fixed (currently 8.2% p.a. till July 2024) and is automatically applied by the calculator to provide the results.

The above inputs are then used by the calculator based on the formula

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

Where,

A= Corpus value at maturity

P=Annual investment made into the scheme

r= Rate of interest in SSY account

n=Number of times the principal is compounded annually. SSY account works on annual compounding so this value is “1” by default

t=Number of years for which the account is active

Value of “t” in the above formula is based on the age of girl child at the time of entry and automatically populated by the SSY calculator. So, if the age of the girl child is 6 years at the age of entry, the number of years for which the account will be active is 15 years (21 years – 6 years). This is because, the SSY account mandatorily matures and is closed when the girl child attains the age of 21 years.

Once the required details have been input into the calculator, the results are available instantly. These include:

1. The total investment made into the SSY account till maturity.

2. The amount that can be withdrawn for the purpose of higher education or marriage when the girl child attains the age of 18 years. This is typically up to 50% of the account balance at the end of the previous year.

3. The estimated returns the investor would earn when the account matures.

4. The corpus created in the SSY account at maturity.

The above output provided by the SSY Calculator are estimates based on the inputs provided by the user, however they can definitely help the user make an informed decision about how much to invest and how long one should invest in the SSY scheme?

While any individual can use the Sukanya Samriddhi Yojana calculator as a tool to aid the financial planning process, not everyone is eligible to open a SSY account in India. One should keep in mind that only the parent or legal guardian of a girl child can open a Sukanya Samriddhi Scheme Calculator in the girl child’s name.

Some other facts that one should keep in mind about the SSY scheme include:

1. The girl child must be a citizen of India and no older than ten years at the time of account opening.

2. The child's parents or legal guardians may open and manage the account under the SSY deposit system.

3. family may have up to two accounts if they have two female children. In the event that a family with a girl child is blessed with additional twin girls, the parents are allowed to open a 3^rd SSY account. However, if a family already has twin or triplet girls and subsequently welcomes another girl child, they cannot open additional Sukanya Samriddhi Yojana accounts.

4. The girl child's birth certificate, the guardian's identity and address evidence, and any other documentation the government may require must all be provided by the family.

5. Once the girl child reaches the age of 18, the girl child can become the primary holder of the Sukanya Samriddhi Yojana account instead of the parent/guardian.

6. To keep the account active, the investor must contribute a minimum of Rs. 250 annually.

7. The maximum period of contribution allowed is 15 years. If the account is active beyond 15 years, new deposits cannot be made into the account, however the existing account balance will continue to accrue interest at the applicable rate.

Parents and guardians who fit the above criteria are ideally equipped to receive the maximum benefits from a Sukanya Samriddhi Yojana account.

Any investor intending to invest in this scheme can benefit from using the Sukanya Samriddhi Yojana Calculator in the following ways:

1. It assists the investor in determining how much the beneficiary i.e. the girl child is entitled to receive at time of account maturity.

2. The investor can make an informed choice by determining if additional investments in other comparable investment options if they believe the maturity amount is insufficient for the girl child’s education or marriage expenses.

3. By assisting with complex calculations, the Sukanya Scheme Calculator reduces the possibility of calculation errors resulting from laborious and error-prone manual computations.

4. The SSY calculator also provides a reasonable estimate of the contributions that will be needed to reach a pre-determined financial goal.

5. The Sukanya Samriddhi Yojana calculator also acts as a power financial planning tool to help determine how SSY investments can fit into the overall financial plan of the girl child’s parents/guardian.

The Sukanya Samriddhi Yojana Calculator is a valuable tool for families looking to secure the financial future of their daughters. By providing accurate projections and fostering transparent financial planning, the calculator empowers parents and guardians to make informed investment decisions under the SSY scheme. Use this guide to leverage the benefits of the free online SSY Calculator and embark on a journey towards securing your daughter's future financial needs.