Sukanya Samriddhi Yojana (SSY) Calculator
SSY Calculator - Sukanya Samriddhi Yojana Calculator
What is the Sukanya Samriddhi Yojana account?
Sukanya Samriddhi Yojana or SSY account is a small deposit scheme for a girl child launched by Government of India in the year of 2015. It currently offers an interest rate of 8.2% p.a. The SSY account can be opened anytime after the birth of the girl child until she turns 10 years old. You may open the SSY account at the post office or any branch of a commercial bank. The account can be opened with a minimum initial deposit of just Rs 250. The maximum amount you can deposit is Rs 1.5 lakh per financial year. After maturity of the SSY account, money can be used for higher education or the marriage expenses of a girl child.
The SSY account is operative for 21 years from the account's opening date, or until the girl child's marriage after 18. You could make partial withdrawals up to 50% of the balance amount for higher education expenses of the girl child after she turns 18 or pass 10th standard. The maturity period of the scheme is 21 years; you can deposit into SSY account for 15 years, and the remaining six years will be a lock-in period. You can not deposit during the lock-in period, but the balanced amount in your SSY account will attract annual interest in this period.
What is the Sukanya Samriddhi Yojana Calculator?
The SSY Calculator is a online tool that calculates the earned interest and the maturity amount on the SSY account. In the calculator, you can enter the the amount of deposit, age of the girl child up to 10 years, and the starting year of the investment. As a result, calculator shows the maturity amount with a break-up of total interest and invested amount.
How does SSY Calculator Work and Calculation Formula?
The SSY calculator use formula below:
A = P(1+r/n)^nt
where,
- P = Initial Deposit
- r = Rate of interest
- n = Number of years the interest compounds
- t = Number of years
- A = Amount at maturity
For example, 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 |
Tax Benefits Calculation of Sukanya Samriddhi Yojana
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.
- Yearly Income = Rs.8,50,0000
- Standard deduction = Rs.50,000
- Deduction under Section 80C for SSY= Rs.1,50,000
- Your final taxable income would be = Rs.6,50,000
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.
How to use ClearTax Sukanya Samriddhi Yojana Calculator?
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:
- You must enter the deposit amount up to Rs 1.5 lakh a year.
- Enter the age of the girl child in years. You can enter a maximum age of 10 years.
- Use the slider and select the investment starting year.
- You then select the duration of the investment.
- The ClearTax SSY Calculator shows you the age of a girl child at the maturity of the SSY account. It also shows you the maturity year of the investment, the interest earned, and the maturity amount.
Advantages of using ClearTax SSY Calculator
- The ClearTax SSY Calculator shows the interest you have earned and also the maturity amount on the SSY account in seconds.
- The SSY account is an excellent investment to save tax. It also offers one of the highest interest rates among fixed-income investments. The ClearTax SSY Calculator shows you how the SSY account may help you achieve financial goals such as a daughter’s marriage and higher education.
- You may use the ClearTax SSY Calculator to determine the amount you must invest for a girl child’s education and marriage.
- The ClearTax SSY Calculator is an easy-to-use calculator. It may be used from the comfort of your home or anywhere.
Frequently Asked Questions
About the Author
CA Mohammed S Chokhawala
I'm a chartered accountant, well-versed in the ins and outs of income tax, GST, and keeping the books balanced. Numbers are my thing, I can sift through financial statements and tax codes with the best of them. But there's another side to me – a side that thrives on words, not figures. Read more
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