What is the SSY Calculator?
The Sukanya Samriddhi Yojana Calculator is a tool that helps estimate the maturity amount of investments made under the Sukanya Samriddhi Yojana, a government-backed savings scheme for the girl child in India.
When Was SSY Started?
The scheme was launched on 22 January 2015 as part of the "Beti Bachao, Beti Padhao" initiative. It aims to encourage savings for the education and marriage of a girl child.
Benefits of SSY Calculator:
Helps in goal planning for the child’s future.
Provides accurate maturity estimates based on current interest rates.
Assists in comparing different investment amounts and durations.
Easy and free to use online.
How is It Calculated?
The SSY account:
Has a fixed interest rate, revised quarterly by the government (e.g., 8.2% for Q2 FY 2024–25).
Requires a minimum deposit of ₹250/year, and a maximum of ₹1.5 lakh/year.
Deposits can be made for 15 years, and the maturity is after 21 years from account opening.
Calculation Formula (Compound Interest):
Where:
A = Maturity amount
P = Annual deposit
r = Annual interest rate
n = Number of compounding periods (usually yearly)
t = Time (in years, up to 21 years)
The calculator uses this formula to show estimated returns based on your inputs.