SSY Calculator 2024

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to secure the future of your daughter by providing attractive returns and tax benefits. Our Sukanya Samriddhi Yojana Calculator helps you estimate the future value of your investments in this scheme, giving you a clear picture of how your savings will grow over time. Whether you’re starting a new account or managing an existing one, this tool is essential for planning your daughter’s future financial needs.

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is a government initiative aimed at encouraging parents to save for their daughter’s education and marriage. It offers high-interest rates, tax benefits, and is a safe investment option with guaranteed returns. Contributions made to this scheme are eligible for tax deductions under Section 80C of the Income Tax Act.

How to Use the Sukanya Samriddhi Yojana Calculator

Using our Sukanya Samriddhi Yojana Calculator is straightforward. Follow these steps:

1. Enter the Monthly Contribution: Input the amount you plan to deposit every month into the Sukanya Samriddhi Yojana account.
2. Select the Number of Years: Choose the number of years you plan to invest in the scheme.
3. Enter the Expected Rate of Interest: Input the annual interest rate applicable to the Sukanya Samriddhi Yojana. (Note: The rate may change periodically based on government notifications.)
4. Click on Calculate: Receive instant results showing the total amount accumulated at maturity, including both principal and interest.

Benefits of Using the Sukanya Samriddhi Yojana Calculator

• Accurate Future Projections: Get precise estimates of how your savings will grow over time.
• Effective Planning: Plan for your daughter’s future education and marriage by understanding the growth of your investments.
• User-Friendly Interface: Our calculator is easy to use, allowing you to quickly see the impact of your contributions and the interest earned.
• Flexible Options: Adjust monthly contributions and investment periods to see how they affect your final savings.

How the Sukanya Samriddhi Yojana Calculator Works

The calculator computes the future value of your investment based on your monthly contributions, the number of years invested, and the applicable interest rate. It uses the formula for compound interest to provide accurate results.

Formula Used:

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

where-

• P = Initial Deposit
• r = Rate of interest
• n = Frequency that which it compounds every year
• t = Number of years
• A = Amount at maturity

FAQs About Sukanya Samriddhi Yojana Calculator

1. What is the minimum and maximum deposit amount for Sukanya Samriddhi Yojana?

The minimum deposit is ₹250 per year, and the maximum annual deposit is ₹1.5 lakh.

2. Can I make partial withdrawals from Sukanya Samriddhi Yojana?

Partial withdrawals are allowed after the account holder turns 18, for specific purposes like higher education.

3. What happens if I miss a deposit?

Missing a deposit may lead to penalties and affect the account’s interest rate. Ensure regular contributions to avoid such issues.

4. Can the Sukanya Samriddhi Yojana Calculator be used for multiple accounts?

Yes, you can use the calculator for different accounts by entering the respective details for each account.