Sukanya Samriddhi Yojana SSY Calculator 2024, Latest Interest Rate, Check Maturity Amount

Hello friends, if you are looking for an accurate Sukanya Samriddhi Yojana calculator as per latest interest rates, we got you. Our detailed SSY Calculator not only informs you about the interest earned but also the complete Amortization Schedule i.e. Year to Year Calculation upto Maturity. You can find the maturity amount.

About Sukanya Samriddhi Yojana

As your are aware Sukanya Samriddhi Yojana is a deposit scheme for girl child. This scheme allows the parents to invest for their girl child and get attractive returns after the maturity period. Interested parents can open the Sukanya Samriddhi Yojana Account in any of the banks and post offices. After the account is opened, they can start depositing money into the account. The minimum required deposit per year is Rs. 250 and maximum amount is Rs. 1.5 Lakhs.

The Post Office, State Bank of India, Bank of India, Canara Bank, Corporation Bank, ICICI Bank, Indian Bank, Oriental Bank of Commerce, Punjab National Bank, UCO Bank, United Bank of India, Axis Bank, Andhra Bank, Bank of Baroda, Bank of Maharashtra, Central Bank of India, Dena Bank, IDBI Bank, Indian Overseas Bank, Punjab & Sind Bank, Syndicate Bank, Union Bank of India, Vijaya Bank, Allahabad Bank are the participating bodies in the Sukanya Samriddhi Scheme.

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Tax Benefits under Sukanya Samriddhi Yojana:

There are various tax benefits if you invest under this scheme

  1. Tax Deduction on Contributions:
    • Every amount you put into SSY account is eligible for tax deductions under Section 80C of the Income Tax Act, 1961.
    • Parents or guardians can claim a deduction of up to ₹1.5 lakh per financial year on their total contributions to the SSY account.
  2. Tax-free Interest:
    • The interest earned on the deposits in the SSY account is completely tax-free.
    • This means that the interest income is not added to the account holder’s total income for tax purposes.
  3. Tax-free Maturity Amount:
    • The maturity amount or the amount withdrawn upon the closure of the SSY account is also tax-free.
    • This includes both the principal and the interest earned over the period.

Sukanya Samriddhi Yojana SSY Calculator 2024

Use our calculator to effortlessly calculate the returns you can expect under the SSY Scheme.

SSY Calculator

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How Sukanya Samriddhi Yojana Calculator Works

This Sukanya Samriddhi Yojana (SSY) calculator allows you to calculate the maturity amount and view the amortization schedule based on your annual deposits.

  1. Enter Total Annual Deposit: Input the total amount you plan to deposit each year.
  2. View the Fixed Interest Rate and Duration: The calculator uses a fixed interest rate of 8.2% and a duration of 21 years, which are preset and not editable.
  3. Calculate: Click the “Calculate” button.
  4. Results: The calculator will display the final maturity amount and the total interest earned over the period.
  5. Amortization Schedule: It also provides a year-by-year breakdown of the balance, showing how your investment grows each year with interest.

Sukanya Samriddhi SSY Scheme Interest Rates

The current applicable interest rate is 8.2%. Here is the chart displaying the SSY interest rate history over time :

PERIODRATE OF INTEREST (%)
03.12.2014 TO 31.03.20159.1
01.04.2015 TO 31.03.20169.2
01.04.2016 TO 30.09.20168.6
01.10.2016 TO 31.03.20178.5
01.04.2017 TO 30.06.20178.4
01.07.2017 TO 31.12.20178.3
01.01.2018 TO 30.09.20188.1
01.10.2018 TO 30.06.20198.5
01.07.2019 TO 31.03.20208.4
01.04.2020 TO 31.03.20237.6
01.04.2023 TO 31.12.20238.0
01.01.2024 TO 31.03.20248.2

SSY Calculator Calculation Example:

Meet Rajesh and Sunita, proud parents of a little girl named Asha. They want to secure Asha’s future by investing in the Sukanya Samriddhi Yojana (SSY) scheme.

  1. Account Opening:
    • Rajesh and Sunita open the SSY account for Asha when she is 5 years old.
  2. Deposit Period:
    • They deposit ₹30,000 each year for 15 years. This is the deposit period during which they actively contribute to the account.
  3. Interest Accumulation:
    • After 15 years of deposits, they stop making additional contributions. However, the account continues to earn interest at the fixed rate of 8.2% per annum for the remaining 6 years.
  4. Maturity:
    • The account matures 21 years from the date of opening. At this point, the total amount, including the interest earned, becomes available for withdrawal.

Timeline:

  • Year 1 to Year 15: Rajesh and Sunita deposit ₹30,000 annually.
  • Year 16 to Year 21: No further deposits are made, but the existing amount continues to earn interest.
  • End of Year 21: The account matures, and they can withdraw the accumulated amount.

The maturity amount after 21 years will be 156997.86

Sukanya Samriddhi Calculator FAQs

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