Sukanya Samriddhi Yojana Calculator - How SSY Calculator Works (2024)

FAQs

How do you calculate total amount in Sukanya samriddhi Yojana? ›

There is an annual cap of Rs 1.5 lakh on the investment. A parent can open an account for a maximum of two daughters, but the combined investment in the two accounts cannot exceed Rs 1.5 lakh in a year.

Invest Rs 8000 per month in SSY account: Maturity after 21 years is Rs 47.3 lac. Invest Rs 9000 per month in SSY account: Maturity after 21 years is Rs 53.2 lac. Invest Rs 10,000 per month in SSY account: Maturity after 21 years is Rs 59.1 lac.

SSY accounts offer an 8.2% rate of interest. A Sukanya Samriddhi Yojana calculator can help you determine the returns you receive as per the invested amount and tenure.

Example for Sukanya Samriddhi Yojana

Say, you want to invest in SSY for your 1-year-old daughter and save for her education. You made an initial investment of Rs 1.5 lakh and continued to invest the same amount annually for 15 years. (Note: You can only invest upto 15 years from the account opening date).

You can check the account balance through the bank or post office branches from where the account was opened. The balance can also be checked online on the bank's website after receiving the internet login credentials from the bank where the account was opened.

Firstly, the interest rate offered by the Sukanya Samriddhi Yojana is currently 7.6 percent, but it is subject to change on a quarterly basis. This interest rate may not be enough to combat the high inflation associated with long-term goals like education and marriage expenses.

Premature withdrawal. Once the girl child is 18 years old, she can make an early withdrawal of up to 50% of the balance in the Sukanya Samriddhi Yojana Scheme account before the maximum maturity tenure of 21 years. However, this amount can only be withdrawn for her higher studies or marriage.

The table below shows the calculations. If you deposit Rs 1,50,000 each year for 15 years in the SSY account, you will get Rs 42.48 lakh after 15 years. You will continue with the SSY account until the end of the maturity period (21 years) without any further deposits. You will get Rs 65.93 lakh at maturity.

It depends on you and your financial capacity whether to allocate funds to deposit in SSY annually or monthly. The total amount should not exceed Rs 150000/—. If you can, you may deposit annually the total amount in April itself so that you can reap the highest benefit of interest.

Which bank is best for Sukanya samriddhi Yojana? ›

Those making monthly payments to SSY accounts should do it on or before the 5th of every month to ensure there is no loss of monthly interest. If the date of deposit in the SSY account is after April 5 or 5th of every month, then such deposits are not considered for interest calculation in that month.

It offers one of the highest rates of interest among small savings schemes backed by the Government of India. The rate of interest for Sukanya Samriddhi Yojana for the financial year 2024-2025 is 8.2% per annum, which is compounded annually.

Submit SSY transfer request

If you want to transfer your SSY account from one bank to another or from the post office to a bank, you'll first have to submit an SSY transfer request. You can visit the nearest post office or bank where you have the SSY account for submitting this request.

To calculate interest rates, use the formula: Interest = Principal × Rate × Tenure. This equation helps determine the interest rate on investments or loans.

Simple interest is calculated by multiplying the principal, the amount of money that is initially invested or borrowed, by the rate, the speed at which the interest grows, and the time, how long money is being invested or borrowed. In other words, the formula for simple interest is I = P R T .