Projected SSY Scheme Results
| Year | Age | Investment | Interest | Balance |
|---|
About Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for girl children in India. It offers attractive interest rates and tax benefits under Section 80C of the Income Tax Act.
Key Features:
- Account can be opened for girl child below 10 years
- Minimum deposit ₹250, maximum ₹1.5 lakh per year
- Current interest rate: 8.2% (compounded annually)
- Lock-in period: 21 years from account opening
- Partial withdrawal (50% of balance) allowed after girl turns 18 for education/marriage
- Tax benefits under Section 80C for contributions
- Tax-free interest and maturity amount
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to secure the financial future of a girl child in India. The scheme offers attractive interest rates and tax benefits, making it a popular long-term investment option for parents.
What is a Sukanya Samriddhi Yojana Calculator?
The Sukanya Samriddhi Yojana Calculator helps parents estimate the maturity amount of their SSY account based on the annual deposit, interest rate, and investment period. This tool simplifies financial planning for a girl's higher education and marriage expenses.
How Does the SSY Calculation Work?
The SSY scheme follows the compound interest formula:
Maturity Amount = P × (1 + r/n)^(nt)
Where:
P = Annual Deposit
r = Interest Rate
n = Number of times interest is compounded per year
t = Number of years
Example Calculation
Suppose a parent deposits ₹1,50,000 annually in the SSY account for 15 years at an interest rate of 7.6%.
By the time the girl turns 21, the maturity amount will be approximately ₹65,93,000.
Benefits of Using an SSY Calculator
1. Accurate estimation of the maturity amount.
2. Helps in planning long-term savings.
3. Avoids manual calculation errors.
4. Provides a clear picture of future financial growth.
How to Use the SSY Calculator?
1. Enter the annual deposit amount.
2. Select the current SSY interest rate.
3. Choose the investment duration.
4. Click on the calculate button to get the estimated maturity amount.
Conclusion
The Sukanya Samriddhi Yojana is a great savings scheme to secure a girl child's financial future. With the SSY Calculator, parents can plan their investments wisely and ensure a financially stable future for their daughters.