Sukanya Samriddhi Yojana Calculator 👧
Calculate maturity amount for your girl child's SSY account with tax benefits under Section 80C
SSY Investment Details
Min ₹250 - Max ₹1.5 lakh
Max 10 years at account opening
Current rate: 8.2%
About Sukanya Samriddhi Yojana 🧠
What is Sukanya Samriddhi Yojana? 💡
Sukanya Samriddhi Yojana (SSY) is a savings scheme launched in 2015 as part of the Government's "Beti Bachao, Beti Padhao" campaign. This scheme enables guardians to open a savings account for their girl child with an authorised commercial bank or India Post branch. SSY accounts offer attractive interest rates (currently 8.2%) and tax benefits under Section 80C of the Income Tax Act.
Key Features of SSY 📝
- Eligibility: Account can be opened for girl child below 10 years
- Tenure: Account matures after 21 years from opening
- Minimum Deposit: ₹250 per year
- Maximum Deposit: ₹1.5 lakh per year
- Tax Benefits: EEE (Exempt-Exempt-Exempt) status
- Interest Rate: Currently 8.2% (compounded annually)
- Partial Withdrawal: Allowed after girl turns 18 for education/marriage
Tax Benefits of SSY
- Section 80C: Deduction up to ₹1.5 lakh on contributions
- Tax-free Interest: Entire interest earned is tax exempt
- Tax-free Maturity: Full maturity amount is tax free
- EEE Status: Exempt at deposit, interest and withdrawal
- No tax deduction at source (TDS) on interest
Documents Required
- Birth certificate of girl child
- Address proof of parent/guardian
- Identity proof of parent/guardian
- Passport size photographs
- PAN card (mandatory for tax benefits)
- Aadhaar card of parent/guardian
Historical Interest Rates
| Financial Year | Interest Rate (% p.a.) |
|---|---|
| 2014 | 9.1% |
| 2015 | 9.2% |
| 2016 | 8.6% |
| 2017 | 8.3% |
| 2018 | 8.1% |
| 2019 | 8.5% |
| 2020 | 7.6% |
| 2021 | 7.6% |
| 2022 | 7.6% |
| 2023 | 8% |
| 2025 | 8.2% |
Withdrawal Rules
Partial Withdrawal for Education
Up to 50% of balance can be withdrawn after girl turns 18, provided she has passed 10th standard. Need to submit admission proof and fee receipts.
Premature Closure for Marriage
Account can be closed after girl turns 18 for marriage purposes. Need to submit affidavit confirming age and marriage details.
Normal Maturity
Account matures after 21 years from opening. Full amount can be withdrawn tax-free.
How could this calculator be better? 💡
We're continuously enhancing our financial tools. Here are some improvements we're considering:
- Adding irregular deposit calculations
- Including partial withdrawal scenarios
- Comparing with other child investment options
- Visualizing growth with charts
- Adding tax saving calculations
- Including inflation-adjusted projections
Email your suggestions to financetools@example.com
Related Calculators 🔗
SSY Facts 🧠
- •Over 3 crore SSY accounts opened since 2015 📊
- •Interest rate is reviewed quarterly by government ⏳
- •Only one account per girl child allowed (max 2 per family) 👧
- •Account can be transferred anywhere in India 🏦
- •Nomination facility available for the account 📄
SSY vs Other Options
Who Can Open SSY Account?
- Parents/legal guardians of girl child
- Girl must be below 10 years at account opening
- Only two accounts per family (for two different girls)
- NRIs can open but with different rules
- HUF cannot open SSY account
SSY Account Rules
- Minimum ₹250 deposit per year
- Maximum ₹1.5 lakh deposit per year
- Account active for 21 years from opening
- Mandatory deposits for first 15 years
- No deposits required from year 16-21
- Account becomes inactive if minimum deposit not made
Sukanya Samriddhi Yojana FAQs ❓
Who is eligible for a Sukanya Samriddhi Yojana Account? 👧
Parents or legal guardians can open an SSY account for a girl child below 10 years of age. Maximum two accounts are allowed per family (for two different girls). NRIs can open accounts but with different rules, and HUFs are not eligible to open SSY accounts.
What is the minimum and maximum amount I can deposit? 💰
The minimum deposit is ₹250 per year, and the maximum is ₹1.5 lakh per year. You can deposit any amount in multiples of ₹100. Deposits can be made in lump sum or in installments, but the total annual deposit shouldn't exceed ₹1.5 lakh across all SSY accounts you hold.
What happens if I don't make the minimum deposit? ⏳
If you fail to deposit the minimum ₹250 in a financial year, your account will become inactive. To reactivate it, you'll need to pay a penalty of ₹50 per year along with the minimum deposit amount for each missed year. The account must be reactivated within 15 years from opening.
Can I withdraw money before maturity? ⚡
Yes, partial withdrawal (up to 50% of balance) is allowed after the girl turns 18 for higher education expenses. Premature closure is permitted after she turns 18 for marriage purposes. Normal maturity occurs after 21 years from account opening when the full amount can be withdrawn.
What are the tax benefits of SSY? 🏛️
SSY offers EEE (Exempt-Exempt-Exempt) tax benefits. Contributions up to ₹1.5 lakh qualify for deduction under Section 80C. The interest earned is tax-free, and the maturity amount is also completely tax-free. There's no TDS deduction on SSY interest.
Can I transfer my SSY account to another bank/post office? 🏦
Yes, SSY accounts can be transferred anywhere in India from one authorized bank/post office to another. You need to submit a transfer application along with the passbook and identity proof. There's no charge for transferring SSY accounts between branches of the same bank.
Disclaimer:
This Sukanya Samriddhi Yojana calculator provides illustrative projections based on current interest rates and your inputs. The actual maturity amount may vary depending on future interest rate changes by the government. This calculator assumes annual compounding and doesn't account for possible changes in deposit patterns. Tax benefits are subject to change as per government regulations. Please verify all details with your bank/post office before making investment decisions.