Sukanya Samriddhi Yojana (SSY) Calculator 2024

The Sukanya Samriddhi Yojana (SSY) Calculator is a useful tool for estimating the maturity amount of an SSY account based on various inputs. Here's a comprehensive guide to using the SSY Calculator and understanding the scheme:

Current Interest Rate

• Interest Rate (April 1, 2024 – June 30, 2024): 8.2% per annum

Eligibility for Opening an SSY Account

• Age of Girl Child: Under 10 years
• Accounts per Family: Up to two accounts for two girl children
• Nationality: Indian resident

How the SSY Calculator Works

The SSY Calculator estimates the maturity amount by:

• Assuming a Maturity Period: 21 years
• Contribution Period: Contributions are made for 14 years, with no deposits required from years 15 to 21, but interest continues to accrue on the existing corpus.

Benefits of the SSY Calculator

• Free and Accurate: Provides precise results without any cost.
• Instant Results: Quickly calculates the maturity value.
• Multiple Uses: Can be used repeatedly without storing user data.
• Updated Information: Reflects current interest rates.
• Device Compatibility: Works on various devices.

Advantages of Using the SSY Calculator

• Accurate Projections: Provides exact maturity value based on input data.
• Flexible Inputs: Allows modification of investment amounts to see different outcomes.
• Eliminates Manual Errors: Reduces the risk of mistakes in manual calculations.
• Quick Adjustments: Immediate recalculation for changes in investment amounts.

How to Use the SSY Calculator

1. Ensure Eligibility: Confirm eligibility based on the criteria.
2. Enter Details: Input the girl child’s age and the annual investment amount.
3. View Results: The calculator will show the scheme’s maturity year, interest rate used, and the maturity value.

Sample Calculation

For a yearly deposit of ₹1,00,000 at an 8.2% interest rate:

• 2024-2025: ₹1,08,200
• 2023-2024: ₹1,08,000

Account Closure on Maturity

• Maturity Period: The account matures 21 years from the opening date.
• Early Marriage: If the girl marries after 18 but before maturity, she can withdraw the balance amount with an affidavit confirming her age.

Using the Corpus

• Education/Marriage: The corpus can be utilized for higher education or marriage expenses after the girl turns 18, with necessary documentation.

Limitations of the SSY Calculator

• Interest Rate Update: The interest rate must be updated manually if it changes.
• Investment Cap: The calculator does not automatically limit annual investments to ₹1.5 lakh.

FAQs on Sukanya Samriddhi Yojana (SSY)

1. What is the current interest rate for SSY?
• The rate is 8.2% for the first quarter of the financial year 2024-2025.
2. Can I open an SSY account at the post office?
• Yes, SSY accounts can be opened at post offices.
3. What is the maturity period of SSY?
• The SSY account matures 21 years from the date of opening.
4. Can an SSY account be closed prematurely?
• No, premature closure is not allowed.
5. Are loans available on an SSY account?
• No, loan facilities are not available under SSY.
6. Can a girl child have more than one SSY account?
• No, only one SSY account per girl child is allowed.

This guide helps you understand how to use the SSY Calculator effectively and provides detailed information about the Sukanya Samriddhi Yojana scheme.