Sukanya Samriddhi Yojana (SSY) Calculator
Project Sukanya Samriddhi maturity with yearly deposits.
Sukanya Samriddhi Yojana Calculator: Interest and Maturity
Use this Sukanya Samriddhi Yojana (SSY) calculator to project interest and maturity for a girl child's account. SSY is a government small-savings scheme sold through post offices and authorised banks. Deposits qualify for Section 80C up to ₹1.5 lakh, interest is tax-free, and the maturity payout is tax-free. The rate is notified every quarter.
How to use this calculator
Check eligibility before you plan amounts. The girl must be an Indian resident below 10 years when the account opens. Guardians can open up to two SSY accounts in a family, with an extra account allowed for twins or triplets in the second birth order.
You must deposit at least ₹250 in each financial year to keep the account active. The ceiling is ₹1.5 lakh per account per year. Deposits can be lump sum or spread across the year. Missing the minimum triggers a default status until you pay the missed deposits plus ₹50 penalty per missed year.
Contributions are required only for the first 15 years from account opening. From year 16 to 21 the account stays open and earns interest even if you add nothing. Maturity arrives 21 years after opening, not when the girl turns 21.
Use the calculator to test yearly deposit levels against education or marriage goals. If the projected corpus falls short, increase deposits within the ₹1.5 lakh cap or start earlier while the girl is still under 10.
Partial withdrawal up to 50% of the balance at the end of the prior financial year is allowed after the girl turns 18 for higher education, with proof of admission. Premature closure for marriage is allowed one month before or three months after the wedding once she is 18.
How SSY interest stacks up
SSY uses annual compounding on the balance credited each year. A simplified view: A = P × (1 + r/n)^(n×t) Where P is principal deposited, r is the annual rate, n is compounding frequency (once per year for SSY), and t is time in years. Example: ₹50,000 deposited every year for 15 years at 8.2% with interest running till year 21. Total deposits ≈ ₹7.5 lakh. With post-deposit interest through the silent years, maturity can exceed ₹18 lakh depending on deposit timing. Actual SSY interest is applied on the lowest balance between the 5th and last day of each month. Front-loading deposits in April helps.
Frequently Asked Questions
Who can open an SSY account?
A parent or legal guardian for a girl child who is an Indian resident and below 10 years at opening. Maximum two accounts per family unless twins or triplets in the second order allow a third.
What documents are needed at opening?
Birth certificate of the girl child, identity and address proof of the guardian, and the account opening form at a post office or authorised bank. Multiple births may need a medical certificate.
What are the deposit limits?
Minimum ₹250 per financial year to stay active. Maximum ₹1.5 lakh per year. There is no monthly cap, but the annual total cannot cross ₹1.5 lakh.
What happens if I miss a year's deposit?
The account becomes default. Revive it by paying ₹250 for each missed year plus ₹50 penalty per missed year before making fresh deposits.
When does the account mature?
21 years from the date of opening. Deposits are required only in the first 15 years. Interest continues through year 21 even without new deposits.
Can I withdraw before maturity?
Up to 50% for higher education after the girl turns 18 with admission proof. Full premature closure is allowed for marriage once she is 18, with affidavit and age proof.
Is SSY interest taxable?
No. SSY falls under the EEE category: deposits within 80C limits, annual interest, and maturity amount are all tax-free for eligible accounts.
Can NRIs hold SSY?
New accounts cannot be opened by NRIs. If residency status changes after opening, rules on interest rate and continuation depend on the girl child's residency. Check the latest notification before relying on the account abroad.
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