The SSY Calculator helps compute the maturity amount and earned interest for a Sukanya Samriddhi Yojana account. Enter the deposit amount, the girl child’s age (up to 10 years), and the investment start year to see the invested amount, total interest, and maturity value.
The SSY calculator use formula below:
A = P(1+r/n)^nt
where,
The SSY account offers an interest rate of 8.2% p.a. Let us calculate the maturity amount after 21 years. (Note: The contribution period for the SSY account is 21 years. You can not deposit during the lock-in period, but the balanced amount in your SSY account will attract annual interest in this period). If you deposit Rs. 50,000 each year for 21 years in the SSY account, you will get Rs 23,94,040 at maturity. The table below shows the calculations:
Year | Opening Balance (Rs.) | Deposit (Rs.) | Interest (Rs.) | Closing Balance (Rs.) |
1 | 0 | 50,000 | 4,100 | 54,100 |
2 | 54,100 | 50,000 | 8,536 | 1,12,636 |
3 | 1,12,636 | 50,000 | 13,336 | 1,75,972 |
4 | 1,75,972 | 50,000 | 18,530 | 2,44,502 |
5 | 2,44,502 | 50,000 | 24,149 | 3,18,651 |
6 | 3,18,651 | 50,000 | 30,229 | 3,98,881 |
7 | 3,98,881 | 50,000 | 36,808 | 4,85,689 |
8 | 4,85,689 | 50,000 | 43,926 | 5,79,615 |
9 | 5,79,615 | 50,000 | 51,628 | 6,81,244 |
10 | 6,81,244 | 50,000 | 59,962 | 7,91,206 |
11 | 7,91,206 | 50,000 | 68,979 | 9,10,185 |
12 | 9,10,185 | 50,000 | 78,735 | 10,38,920 |
13 | 10,38,920 | 50,000 | 89,291 | 11,78,211 |
14 | 11,78,211 | 50,000 | 1,00,713 | 13,28,925 |
15 | 13,28,925 | 50,000 | 1,13,072 | 14,91,996 |
16 | 14,91,996 | 0 | 1,22,344 | 16,14,340 |
17 | 16,14,340 | 0 | 1,32,376 | 17,46,716 |
18 | 17,46,716 | 0 | 1,43,231 | 18,89,947 |
19 | 18,89,947 | 0 | 1,54,976 | 20,44,922 |
20 | 20,44,922 | 0 | 1,67,684 | 22,12,606 |
21 | 22,12,606 | 0 | 1,81,434 | 23,94,040 |
The table below shows the final amount you will receive at maturity based on different investment amounts:
Amount Invested Annually | Total Investment | Interest Earned | Maturity Amount (after 21 years) |
10,000 | 1,50,000 | 3,28,808 | 4,78,808 |
25,000 | 3,75,000 | 8,22,020 | 11,97,020 |
50,000 | 7,50,000 | 16,44,040 | 23,94,040 |
75,000 | 11,25,000 | 24,66,060 | 35,91,060 |
1,00,000 | 15,00,000 | 32,88,079 | 47,88,079 |
1,50,000 | 22,50,000 | 49,32,119 | 71,82,119 |
The amount deposited in the SSY account is eligible for a tax deduction up to Rs.1,50,000 per year under Section 80C of the Income Tax Act in the old tax regime. The interest you earn on the deposit and the amount withdrawn at maturity are tax-free.
Example: Your annual income Rs.8,50,0000 and you have invested Rs.1,50,000 in Sukanya Samriddhi Yojana. So, your taxable income would be calculate like this.
You will pay a tax of Rs.44,200. If you had not invested in Sukanya Samriddhi Yojana, you would pay a tax of Rs.75,400.
The ClearTax SSY Calculator shows you the interest you have earned and the maturity amount on the SSY account. To use the Sukanya Samriddhi Yojana Calculator: