Sukanya Samriddhi Yojana Calculator
Results
Maturity Amount: ₹ 0
Total Investment: ₹ 0
Total Interest Earned: ₹ 0
Year-by-Year Growth
| Year | Amount Deposited | Interest Earned | Year-End Balance |
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Sukanya Samriddhi Yojana (SSY) Calculator: Plan for Your Daughter’s Bright Future
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme aimed at securing the financial future of a girl child in India. Introduced as part of the ‘Beti Bachao Beti Padhao’ initiative, this scheme allows parents or guardians to invest in their daughter’s education, marriage, or other significant life events. The SSY Calculator helps you estimate the maturity amount of your investment and provides year-to-year growth insights, whether you plan to contribute yearly or monthly.
What is Lic Sukanya Samriddhi Yojana (SSY)?
The Sukanya Samriddhi Yojana offers attractive interest rates and tax benefits under Section 80C of the Income Tax Act. Parents or guardians can open an SSY account for a girl child under 10 years of age.
Key Features:
- Tenure: 21 years or until the girl gets married after the age of 18.
- Minimum Deposit: ₹250 per year.
- Maximum Deposit: ₹1.5 lakh per year.
- Interest Rate: Revised quarterly by the Government of India (currently around 7.6% annually).
How Does the SSY Calculator Work?
The SSY Calculator is a user-friendly tool designed to:
- Calculate the maturity amount.
- Provide year-to-year growth projections.
- Enable both yearly and monthly contribution calculations.
Inputs Required:
- Initial Deposit Amount
- Annual or Monthly Contribution
- Rate of Interest (updated quarterly)
- Tenure (maximum 21 years)
Output:
- Total Investment
- Interest Earned
- Maturity Amount
- Yearly Growth Breakdown
Sukanya Samriddhi Yojana (SSY) Formula
The calculator uses the compound interest formula to compute the maturity amount:
A = P (1 + r/n) ^ nt
Where:
- A = Maturity amount
- P = Principal amount (yearly or monthly contribution)
- r = Annual interest rate (as a decimal)
- n = Number of times interest compounds in a year (for SSY, n=1n=1)
- t = Time period in years
Year-to-Year Growth
The SSY Calculator also provides a detailed breakdown of your investment’s growth year by year. Here’s an example:
|
Year |
Yearly Contribution (₹) |
Interest Earned (₹) |
Total Amount (₹) |
|
1 |
1,00,000 |
7,600 |
1,07,600 |
|
2 |
1,00,000 |
16,352 |
2,23,952 |
|
3 |
1,00,000 |
25,989 |
3,49,941 |
|
… |
… |
… |
… |
|
15 |
1,00,000 |
13,26,384 |
28,26,384 |
Monthly Contributions
The SSY Calculator also allows you to plan your investments through monthly contributions. Simply switch to the monthly contribution mode, input the amount you wish to invest, and the calculator will project:
- Total Monthly Investment
- Interest Earned Monthly
- Maturity Amount
Example:
If you contribute ₹10,000 monthly for 15 years at 7.6% interest, the maturity calculation will look like this:
- Total Investment: ₹18,00,000
- Interest Earned: ₹13,54,284
- Maturity Amount: ₹31,54,284
Benefits of Using the SSY Calculator
- Accurate Planning: Calculate and adjust your contributions for monthly or yearly deposits.
- Yearly Growth Tracking: Monitor how your investments grow annually with detailed projections.
- Flexibility: Calculate for either yearly or monthly investments.
- Time-Saving: Simplifies complex manual calculations.
- Goal-Oriented: Align your investments with your daughter’s future milestones.
How to Use the Sukanya Samriddhi Yojana Calculator
- Choose Contribution Type: Select yearly or monthly contributions.
- Enter Contribution Amount: Input your desired investment amount.
- Set the Interest Rate: Use the government’s quarterly interest rate (e.g., 7.6%).
- Define the Tenure: Specify the investment duration (maximum 21 years).
- View Results: Instantly see the total investment, interest earned, maturity amount, and year-to-year growth.
Why Use the Sukanya Samriddhi Yojana (SSY)?
- High Returns: Competitive interest rates.
- Tax Benefits: Enjoy exemptions under Section 80C.
- Secure Future: Perfect for funding education, marriage, or other milestones.
- Reliable: Backed by the Government of India.
FAQs
- Can I withdraw from the SSY account before maturity?
Partial withdrawals of up to 50% are allowed after the girl reaches 18 years of age for higher education or marriage. - Is the maturity amount taxable?
No, the maturity amount is tax-free. - Can I calculate both yearly and monthly contributions with this tool?
Yes, the SSY Calculator supports both yearly and monthly contribution modes. - What happens if I miss a yearly contribution?
The account becomes inactive but can be reactivated with a penalty of ₹50 per year.
Conclusion
The Sukanya Samriddhi Yojana Calculator (LIC SSY Calculator) is an essential tool for parents planning to secure their daughter’s financial future. With its detailed projections, including year-to-year growth and flexible contribution modes, the calculator ensures you are well-prepared to meet your financial goals. Start using the SSY Calculator today and give your child a secure and bright future!