Sukanya Samriddhi Yojana Calculator

SSY Calculator

Sukanya Samriddhi Yojana (SSY) is a scheme initiated by the government of India to help finance every daughter’s education and nurture. This savings account can be opened in any financial institute and government post office. Also, a rate of interest of 7.6% is involved, which can create a capital appreciation over time. The account-holders of Sukanya Samriddhi Yojana (SSY) can estimate their total savings after the maturity period with the help of the SSY Calculator. Sukanya Samriddhi Yojana calculator is a great online tool that can effectively calculate how much interest and principal amount will be receivable in the future. 

What is Sukanya Samriddhi Yojana (SSY)? 

Every parent’s dream for their daughters is to have enough savings for their education and well-being. And with various schemes and subsidiaries launched by the government, there is a sign of much-needed relief for the parents. One such major scheme for girl children is the “Beti Bachao, Beti Padhao” scheme which encourages parents to save guard their daughter’s integrity and educate them against gender bias. Launched in 2015, Sukanya Samriddhi Yojana (SSY)  is another attempt in the direction of welfare for girl children. SSY aims to amp-up parents to open a savings account for their daughters.  

Sukanya Samriddhi Yojana Interest Rates 

With the government-backed scheme, interest rates are majorly monitored by the government authorities themselves and are revised every financial year. The interest rates of Sukanya Samriddhi Yojana have been fluctuating in the past years to a point where it has made a slight dip for the current year. Applicable from April 2022, the SSY interest rate will be 7.6%. Furthermore, whatever contributions are made to the SSY scheme are completely tax-exempted. Given below is data showing the past interest rates of the SSY scheme. 

Year	Interest Rate in %
2022	7.6
2021	7.6
2020	8.4
2019	8.5
2018	8.1
2017	8.3
2016	8.6

What is Sukanya Samriddhi Yojana Calculator?

The Sukanya Samriddhi Yojana Calculator is an easy-to-use online computation tool that can be accessed to visualise and analyse the amount estimation based on Sukanya Samriddhi Yojana savings investments account. This approximate estimation can help deduce several factors, including financial planning for education, marriage, improving the standard of living, and so on. Moreover, the online tool is a necessary substitute for manual calculation, which can be cumbersome and time-consuming. With the AI-powered SSY calculator, users can simply generate the relevant data with the help of a few value adjustments.

Benefits of using Sukanya Samriddhi Yojana calculator

To understand how a Sukanya Samriddhi Yojana calculator benefits, it will be imperative to understand the motivation behind opening such an account. A vast majority of girl children are yet to receive mainstream exposure to education and knowledge. The main reasoning behind this is the traditional conservative mindset of guardians. The necessity for reducing the imbalance among genders remains a challenge. With government-backed policies such as Sukanya Samriddhi Yojana, parents will have a substantial volition to provide their daughters with the life they deserve. 

SSY Calculator gives precisely that. It will give a holistic perspective to the guardians who are still sceptical about policy. They can get an idea about capital appraisal and how interest rates exponentiate the value of investments. Given below are the benefits of an SSY Calculator. 

• Sukanya Samriddhi Yojana Calculator provides easy visualisation of the receivable figures 
• Beats the manual calculation process owing to error-free computation. 
• Helps reduce time

Eligibility Criteria for opening Sukanya Samriddhi Yojana Account

With much said about the Sukanya Samriddhi Yojana, a few parameters need to be met before applying for opening an SSY scheme account. These eligibility criteria include the following pointers:

• The girl should be a resident of India
• The maximum age should not exceed 10 years. The age will have to be proved with valid documents as well.
• The account can only be opened in the name of the girl child, her guardian, or her parents. 
• The parents can open a maximum of two SSY accounts for their daughters. In the case of twins or triplets, they can also open an account each for their daughters.
• The citizenship of India has to remain intact till the maturity of the account is not expired.  

Documents Required for Sukanya Samriddhi Yojana

The eligible applicants can proceed to open their Sukanya Samriddhi Yojana account. However, they are liable to submit certain documents that will validate their claims of identity and residence. These documents are to be considered valid as per government guidelines. The applicable list of items required for opening a Sukanya Samriddhi Yojana are as follows: 

• Duly and correctly filled application form of SSY opening account. 
• Birth certificate of the girl child to prove her age. 
• Proof of identification such as an Aadhaar Card or a letter confirming her identity attested by a gazetted government official. 
• Proof of residential address such as an Aadhaar Card or a letter confirming her residence attested by a gazetted government official. 
• Passport-sized photographs of the applicant and her parents.

Sukanya Samriddhi Yojana Calculation

For the calculation of Sukanya Samriddhi Yojana account monetary accumulation after maturity, users can use the SSY calculator. The calculator takes in information such as yearly investment, age of the girl, and investment starting year. These particulars will be computed by the AI-powered SSY Calculator tool and thereby provide an estimation based on the value entered in real-time. The Sukanya Samriddhi Yojana calculator additionally provides information such as total amount invested, interest earned, total maturity years, and total amount receivable. The fluctuating interest rates are automatically adjusted by the tool. 

The Formula for Calculating SSY Maturity Amount

With the SSY Calculator, the computation has become extremely simple. All the user needs to do is enter the yearly investment they can adhere to, the age of the girl child when the account was opened or will open, and the year in which the subscription will begin or already begin. This information will be run through a mathematical formula that helps in estimating the information required. The formula for calculating SSY maturity amount is as follows: 

Amount receivable = Principal investment ( 1 + Rate of Interest / Number of times interest compounds in a year) raised to the number of times interest compounds in a year x number of years. 

Or in short, 

A = P ( 1 + r / n) ^nt  

For example, if you invest a total of INR 30,000 per year for a girl child aged five years starting from 2018, your total amount receivable will be INR 12,73,031. The break-up of the example is shown below. 

Yearly Investment	INR 30,000
Age of the Girl	5 Years
Subscription year	2018
Total Investment deposited	INR 4,50,000
Total Interest earned	INR 8,23,031
The Maturity Year	2039
Total Amount receivable	INR 12,73,031