Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) is a savings scheme launched back in 2015 as part of the Government initiative Beti Bachao, Beti Padhao campaign.

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1. What is the SSY account?

Sukanya Samriddhi Yojana or an SSY account is an Indian Government-funded girl program. An SSY account is opened at any time after the birth of a girl child until she is ten years old. You can open an SSY account at the post office or at any commercial bank branch. You can open a Sukanya Samriddhi Yojana account with an initial deposit of only Rs 250. The maximum amount you can deposit into an SSY account is Rs 1.5 lakh per financial year. An SSY account is opened in the name of a girl child to give her a bright future. This money can be used for higher education or for the wedding expenses of a girl child. The SSY account is valid for 21 years from the date of the opening of the account, or until the marriage of the girl child after 18 years. You can make a partial deduction of up to 50% of the remaining cost of a girl's higher education. The SSY account currently offers an interest rate of 7.6% per annum for the quarter of July to September 2021. The amount credited to the SSY account is subject to a tax deduction of up to Rs 1.5 lakh per annum under Section 80C of the Income Tax Act. The interest earned on the deposit and the deduction from maturity is tax-free.

Sukanya Samriddhi Yojana (SSY) is a conservation program launched back in 2015 as part of the Government's Beti Bachao campaign, the Beti Padhao campaign. The program helps caregivers to open savings account for their baby girl through an authorized commercial bank or India Post branch.

As of July 1, 2019, SSY accounts offer an interest rate of 8.4%. The Sukanya Samriddhi Yojana calculator can help you determine the return you get as an investment and your time.

2. What is the SSY Calculator?

SSY Calculator is a tool used to calculate interest earned and maturity amount in an SSY account. If you are satisfied with the eligibility criteria for an SSY account, use the calculator and determine the maturity value of your investment. The SSY Calculator contains a formula box, in which you enter the deposit amount, the age of the girl child up to 10 years, and the first year of the investment. The calculator shows the total interest rate and growth.

3. How can Myitronline SSY calculator help you?

    Often parents of a girl child, looking to make money on behalf of their child that can help meet their daughter’s financial and educational costs. While there are many investment options that can help parents achieve this, Sukanya Samriddhi Yojana has emerged as one of the most popular because of the high-interest rates and tax benefits they offer. Under Section 80 C of the Income Tax Act, 1961, individuals may claim a tax exemption of up to Rs 1.5 Lakh from the amount credited to the SSY account.
    In addition, interest earned on investments is also tax-exempt. Tax benefits are added to the maturity value as well. That being said, parents who have intervened in using Sukanya Samriddhi as an investment option, now need a tool to calculate the total amount of maturity they will earn. Hand counts are heavy and prone to error. This is where the Sukanya Samriddhi Calculator comes in handy. Depending on the maturity rate, investors can make changes in the standard donation of access to the corpus they want. The calculator is free to use and can produce the perfect result of multiple repetitions.
    Sukanya Samriddhi Yojana is a long-term investment program that can produce high ROI. You must contribute at least each year to keep the account active.
    Therefore, using Sukanya Samriddhi Yojana online calculator is useful for getting a complete check on your finances and returns.
    There are a few benefits to SSY calculators including:

  • Indicates the maturity year of your SSY account.
  • It shows the amount you get when you are mature.
  • It helps you plan your investment portfolio with great success.

4. How Does The Myitronline SSY Calculator Work?

The Sukanya Samriddhi Yojana offers an interest rate of 8.5% per annum. The tenure for maturity for the amount is 21 years. It is important to note that it is important for individuals to make minimum one contribution a year to keep the scheme alive till 14 years are completed. The individual may choose to not make contributions in the SSY account between a year and year 21 if they so wish. However, the previous investments made into the account will continue earning on the prevailing interest rate. The final amount is hence calculated based on your net contribution plus interest earned.
The Sukanya Yojana calculator uses the following formula to generate results:-
A = P (1 + r/n) ^ nt
Where –

A Compound interest  P Principal amount r Rate of interest n Number of times interest compounds in a year t Number of years

Frequently Asked Questions

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Who is eligible for a Sukanya Samriddhi Yojana Account?

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Guardians can open an account on behalf of their girl child anytime between when she is born and before she reaches the age of 10.


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How many accounts can be created under SSY?

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Only one SSY account is approved for a girl child. The number of accountants that they can make is limited to two for each of their daughters. The exception only happens in the case of twins or triplets.


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What is the minimum amount required to open an SSY account?

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People can open an account at prices as low as Rs. 250. And they should invest a small number of dollars. 250 to keep the account active.


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What happens when I do not make any deposits?

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SSY account does not work if you do not deposit. However, you can renew your account by paying Rs. 50.


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What is the maximum amount that I can deposit in a year?

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The maximum amount you can deposit per year into Sukanya Samriddhi Yojana's account is Rs. 1.5 Lakh.


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What is the maturity period of an SSY account?

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SSY account maturity period is 21 years. However, you should only make deposits for 14 years. The included corpus will earn interest between the 14th and 21st years.
Note that the SSY account will be terminated when the girl reaches the age of 21 or marries, anywhere before.


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Does a Sukanya Samriddhi Yojana account provide income tax benefits?

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Yes. SSY accounts provide income tax benefit of up to Rs. 1.5 Lakh under Section 80C.


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Can an accountholder prematurely withdraw from an SSY account?

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Yes. The account holder (the girl) will be able to withdraw from her account when she reaches the age of 18 years. An account holder can only withdraw 50% of the proceeds once after reaching these specified ages only for the purpose of higher education.


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Can an SSY account be closed before maturity?

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Yes. Sukanya Samriddhi Yojana's account can be closed in the event of the death of the account holder or in the treatment of life-threatening illnesses, a punishment that requires the approval of the Central Government.


CEO Krishna Gopal

Krishna Gopal Varshney is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

Krishna Gopal Varshney
Co-founder & CEO