Ssy Calculator
Calculate the maturity amount for your Sukanya Samriddhi Yojana (SSY) account. Project your savings, total deposits, and interest earned with ease.
functions Mathematical Formula
Formula for SSY Calculation
The Sukanya Samriddhi Yojana (SSY) calculation involves annual compounding of deposits made over 15 years, followed by interest accrual on the accumulated sum for an additional 6 years until maturity.
Let P be the Annual Deposit.
Let r be the Annual Interest Rate.
Deposits are made for D = 15 years.
Maturity occurs after M = 21 years.
The calculation proceeds year-by-year:
Balance0 = 0
For t = 1 to D:
Balancet = (Balancet-1 + P) × (1 + r)
For t = D+1 to M:
Balancet = Balancet-1 × (1 + r)
Maturity Amount = BalanceM
Total Deposits = P × D
Interest Earned = Maturity Amount - Total Deposits
What is Sukanya Samriddhi Yojana (SSY)?
The Sukanya Samriddhi Yojana (SSY) is a small savings scheme in India designed specifically for the welfare of girl children. Launched as part of the 'Beti Bachao, Beti Padhao' campaign, it encourages parents to save for their daughter's future education and marriage expenses. It offers a competitive interest rate and significant tax benefits, making it an attractive long-term investment option.
Eligibility Criteria for SSY
- Only a girl child can be the beneficiary of the SSY account.
- The account can be opened by a parent or legal guardian for a girl child aged 0 to 10 years.
- Only one account is allowed per girl child.
- A family can open a maximum of two SSY accounts (for two daughters). Exceptions apply for twins/triplets.
- The girl child must be an Indian resident.
Key Benefits of SSY Accounts
- High Interest Rate: SSY typically offers one of the highest interest rates among small savings schemes, reviewed quarterly by the government.
- Tax Benefits: Deposits, interest earned, and maturity amount are all exempt from tax under Section 80C of the Income Tax Act (EEE status).
- Long-Term Savings: Encourages disciplined savings for a girl's future, with a maturity period of 21 years from the account opening date.
- Government-Backed: As a government scheme, it offers high security and reliability for your investments.
Deposit & Withdrawal Rules
- Minimum Deposit: ₹250 per financial year.
- Maximum Deposit: ₹1,50,000 per financial year.
- Deposit Period: Deposits can be made for 15 years from the date of account opening.
- Partial Withdrawal: Up to 50% of the balance is allowed after the girl turns 18 or passes 10th standard, for education or marriage.
- Account Closure: The account matures upon completion of 21 years from the opening date or upon the girl's marriage after attaining 18 years of age.
Frequently Asked Questions
What is the maximum amount I can deposit in SSY in a year?
You can deposit a maximum of ₹1,50,000 (One Lakh Fifty Thousand Rupees) in a Sukanya Samriddhi Yojana account in a single financial year. The minimum deposit is ₹250.
What is the maturity period of an SSY account?
The SSY account matures upon completion of 21 years from the date of its opening or upon the marriage of the girl child after she turns 18 years of age, whichever is earlier. Deposits are only required for the first 15 years.
Are there any tax benefits associated with SSY?
Yes, SSY offers significant tax benefits under Section 80C of the Income Tax Act. The deposits made, the interest earned, and the maturity amount are all exempt from income tax (classified as EEE - Exempt, Exempt, Exempt).
Can I open more than one SSY account for a single girl child?
No, only one Sukanya Samriddhi Yojana account can be opened in the name of a single girl child. A family can open a maximum of two accounts, one for each girl child, with an exception for twins or triplets.
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