What is the Sukanya Samriddhi Yojana account?
Sukanya Samriddhi Yojana or SSY account is a small deposit scheme for a girl child launched by Government of India in the year of 2015. It currently offers an interest rate of 8.2% p.a. The SSY account can be opened anytime after the birth of the girl child until she turns 10 years old. You may open the SSY account at the post office or any branch of a commercial bank. The account can be opened with a minimum initial deposit of just Rs 250. The maximum amount you can deposit is Rs 1.5 lakh per financial year. After maturity of the SSY account, money can be used for higher education or the marriage expenses of a girl child.
The SSY account is operative for 21 years from the account’s opening date, or until the girl child’s marriage after 18. You could make partial withdrawals up to 50% of the balance amount for higher education expenses of the girl child after she turns 18 or pass 10th standard. The maturity period of the scheme is 21 years; you can deposit into SSY account for 15 years, and the remaining six years will be a lock-in period. You can not deposit during the lock-in period, but the balanced amount in your SSY account will attract annual interest in this period.
What is the Sukanya Samriddhi Yojana Calculator?
The SSY Calculator is a online tool that calculates the earned interest and the maturity amount on the SSY account. In the calculator, you can enter the the amount of deposit, age of the girl child up to 10 years, and the starting year of the investment. As a result, calculator shows the maturity amount with a break-up of total interest and invested amount.
How does SSY Calculator Work and Calculation Formula?
The SSY calculator use formula below:
A = P(1+r/n)^nt
where,
- P = Initial Deposit
- r = Rate of interest
- n = Number of years the interest compounds
- t = Number of years
- A = Amount at maturity
