Sukanya Samriddhi Yojana Calculator - SSY Calculator Online
🌟 Current SSY Interest Rate: 8.2% per annum (Q3 FY 2025-26) - Compounded Annually
The Sukanya Samriddhi Yojana is a government-backed savings scheme launched in 2015 under the "Beti Bachao, Beti Padhao" campaign to secure the financial future of girl children in India. This SSY calculator helps parents and guardians calculate the maturity amount, interest earned, and total returns for investments made in a Sukanya Samriddhi Account. With an attractive interest rate of 8.2% per annum and tax benefits under Section 80C, SSY offers one of the highest returns among government small savings schemes.
Calculate Your SSY Returns
Understanding Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a government-sponsored savings initiative designed specifically for the girl child's education and marriage expenses. Launched by Prime Minister Narendra Modi on January 22, 2015, this scheme forms a crucial pillar of the Beti Bachao, Beti Padhao campaign. With over 4.1 crore accounts opened as of November 2024, SSY has transformed into a mass movement empowering millions of Indian families to secure their daughters' futures.
The scheme allows parents or legal guardians to open an account for their girl child at any post office or authorized commercial bank branch. The account can be opened anytime from the birth of the girl child until she attains 10 years of age. Parents can open a maximum of two accounts for two girl children, with exceptions made for twins or triplets born in the second delivery.
How SSY Interest Calculation Works
The Sukanya Samriddhi Yojana uses a compound interest calculation method where interest is compounded annually and credited to the account at the end of each financial year. This compounding effect significantly amplifies returns over the 21-year maturity period, making SSY one of the most attractive long-term savings options for girl children.
SSY Compound Interest Formula
Where:
- A = Maturity amount (Future value)
- P = Principal amount (Yearly deposit)
- r = Annual interest rate (8.2% = 0.082)
- n = Number of times interest compounds per year (1 for annual)
- t = Time period in years (21 years for maturity)
Note: For SSY, since deposits continue for 15 years and interest accrues for 21 years, the calculation involves computing compound interest on each year's deposit individually and summing them up.
Key Features of Sukanya Samriddhi Account
- High Interest Rate: Currently 8.2% per annum, one of the highest among government-backed small savings schemes
- Compounding Benefit: Interest is compounded annually, allowing your savings to grow exponentially over 21 years
- Tax Benefits: Triple tax exemption (EEE) - deposits qualify for 80C deduction, interest earned is tax-free, and maturity amount is tax-exempt
- Flexible Deposits: Minimum ₹250 and maximum ₹1,50,000 can be deposited per financial year in lump sum or installments
- Government Guarantee: Backed by Government of India, ensuring 100% capital safety with guaranteed returns
- Long-term Wealth Creation: 21-year maturity period ensures substantial corpus for education and marriage expenses
- Partial Withdrawal: 50% of balance can be withdrawn after girl turns 18 or passes 10th standard for education purposes
- Account Transferability: Can be transferred anywhere in India from one post office/bank to another
- Premature Closure: Allowed in case of girl child's marriage after 18 years or medical emergencies
Eligibility Criteria for SSY Account
To open a Sukanya Samriddhi Account, specific eligibility requirements must be met. The account can only be opened by a parent or legal guardian for a girl child who is a resident Indian. The girl child must be below 10 years of age at the time of account opening. While parents can open accounts for up to two girl children, a third account is permissible in cases of twins or triplets.
The account holder (girl child) must remain a resident Indian from the date of account opening until maturity or closure. If the girl child becomes a non-resident Indian after account opening, no further deposits can be made, although the account continues to earn interest until maturity.
Documents Required for Opening SSY Account
Opening a Sukanya Samriddhi Account requires minimal documentation, making it accessible to families across income groups. The following documents are mandatory:
| Document Type | Description |
|---|---|
| Birth Certificate | Original birth certificate of the girl child issued by municipal authority or hospital |
| Identity Proof | Parent/guardian's Aadhaar card, PAN card, passport, or voter ID |
| Address Proof | Parent/guardian's Aadhaar, passport, utility bill, or bank statement |
| Passport Photo | Recent passport-size photographs of parent/guardian and girl child |
| Account Opening Form | Duly filled SSY account opening form available at post office or bank |
Deposit Rules and Guidelines
The Sukanya Samriddhi scheme has specific deposit regulations that account holders must follow. Deposits must be made for a minimum of 15 years from the date of account opening. The minimum annual deposit is ₹250, while the maximum is capped at ₹1,50,000 per financial year. Deposits can be made in lump sum or in installments, with no restriction on the number of deposits per year.
If the minimum annual deposit of ₹250 is not maintained in any financial year, the account becomes inactive. Such accounts can be reactivated by paying ₹50 as penalty per year along with the minimum deposit for those years. It's important to note that deposits can only be made until the completion of 15 years from account opening, after which no further deposits are accepted but the account continues to earn interest until maturity.
Maturity and Withdrawal Rules
The Sukanya Samriddhi Account reaches maturity after 21 years from the date of account opening or when the girl child gets married after attaining 18 years of age, whichever is earlier. Upon maturity, the entire balance including principal and interest is paid to the account holder (girl child). If the account holder is a minor at maturity, the amount is paid to the parent or guardian.
Partial withdrawal is permitted after the girl child turns 18 or passes 10th standard, whichever is earlier. Up to 50% of the balance at the end of the preceding financial year can be withdrawn for education purposes. This withdrawal can be made in lump sum or in installments spread over a maximum of five years.
Important Note: Premature account closure is allowed only in exceptional circumstances such as the girl child's unfortunate demise or in case of extreme medical emergency requiring hospitalization. In case of marriage after 18 years but before 21 years, the account can be closed, and the entire balance is paid to the account holder.
Tax Benefits Under Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana offers comprehensive tax benefits under the Exempt-Exempt-Exempt (EEE) category, making it one of the most tax-efficient investment options. Deposits made in SSY qualify for tax deduction under Section 80C of the Income Tax Act, allowing investors to claim deductions up to ₹1.5 lakh annually from their taxable income.
The interest earned on SSY deposits is completely tax-free, providing significant advantage over taxable fixed deposits and other savings instruments. Additionally, the maturity amount received after 21 years is entirely exempt from income tax, ensuring that families receive the full benefit of their long-term savings without any tax erosion.
SSY vs Other Investment Options
When compared to other investment avenues, Sukanya Samriddhi Yojana stands out for its unique combination of high returns, government backing, and complete tax exemption. Public Provident Fund (PPF) offers 7.1% interest with similar tax benefits but allows only ₹1.5 lakh annual deposit without specific focus on girl child welfare. Fixed deposits provide liquidity but offer lower returns (6-7%) with taxable interest.
Mutual funds and equity investments may offer potentially higher returns but come with market risks and lack guaranteed returns. National Savings Certificate (NSC) provides 7.7% interest but interest is taxable. Unit Linked Insurance Plans (ULIPs) combine insurance with investment but involve higher costs and market risks. SSY's government guarantee, tax-free returns, and focus on girl child empowerment make it an unmatched choice for parents planning their daughter's future.
Where to Open SSY Account
Sukanya Samriddhi Accounts can be opened at any post office across India or at authorized branches of commercial banks. Major public sector banks like State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, and Canara Bank accept SSY account applications. Private sector banks including HDFC Bank, ICICI Bank, and Axis Bank also offer SSY account opening facilities at designated branches.
Post offices remain the most popular choice due to their widespread network even in rural areas. The account opening process is straightforward - visit the nearest post office or bank branch with required documents, fill the application form, submit KYC documents, and make the initial deposit. The passbook is issued immediately, and you can start making regular deposits to secure your daughter's future.
Common Mistakes to Avoid in SSY
Investors often make preventable errors that can impact their SSY benefits. Missing the minimum annual deposit of ₹250 leads to account deactivation and penalties. Many parents open accounts when the girl child is close to 10 years, reducing the compounding period significantly - opening early maximizes returns. Not utilizing the full ₹1.5 lakh deposit limit when financially capable means missing out on substantial tax benefits and higher maturity corpus.
Some investors prematurely close accounts for non-essential purposes, losing the benefit of long-term compounding. Not updating the passbook regularly can lead to discrepancies. Failing to understand partial withdrawal rules may result in missing education funding opportunities. Lastly, not informing the bank or post office about changes in address or contact details can cause communication issues regarding account status and maturity.
Sample SSY Investment Scenarios
Understanding real-world examples helps visualize SSY's wealth creation potential. If you invest ₹10,000 annually for 15 years (total ₹1,50,000), at 8.2% interest compounded annually over 21 years, your maturity amount reaches approximately ₹4,61,839, earning ₹3,11,839 as interest. This nearly triples your investment!
For maximum deposits, investing ₹1,50,000 annually for 15 years (total ₹22,50,000) yields a maturity value of approximately ₹69,27,585 after 21 years, generating ₹46,77,585 in tax-free interest. Even small monthly savings of ₹2,000 (₹24,000 yearly) for 15 years grows to approximately ₹11,08,428 at maturity - enough to fund significant educational or marriage expenses.
| Yearly Deposit | Total Investment (15 years) | Interest Earned | Maturity Value (21 years) |
|---|---|---|---|
| ₹5,000 | ₹75,000 | ₹1,55,920 | ₹2,30,920 |
| ₹10,000 | ₹1,50,000 | ₹3,11,839 | ₹4,61,839 |
| ₹25,000 | ₹3,75,000 | ₹7,79,598 | ₹11,54,598 |
| ₹50,000 | ₹7,50,000 | ₹15,59,196 | ₹23,09,196 |
| ₹1,00,000 | ₹15,00,000 | ₹31,18,392 | ₹46,18,392 |
| ₹1,50,000 | ₹22,50,000 | ₹46,77,585 | ₹69,27,585 |
Recent Updates and Interest Rate History
The Government of India revises SSY interest rates quarterly, aligning them with government security yields. The current rate of 8.2% per annum has been effective since January 1, 2024 (Q4 FY 2023-24) and continues through Q3 FY 2025-26. Previously, the rate was 8.0% from April 2023 to December 2023, and 7.6% from April 2020 to March 2023 during the pandemic period.
Historical rates show SSY has consistently offered attractive returns - it was 8.5% in 2018-19, 8.4% in 2019-20, and has remained competitive with other small savings schemes. The government's commitment to the Beti Bachao, Beti Padhao initiative ensures SSY remains a priority welfare scheme with favorable interest rates. Account holders should check official notifications quarterly for any rate changes, though existing deposits continue earning interest at prevailing rates.