Sukanya Samriddhi Yojana (SSY) Calculator - Girl Child Savings Planner
Calculate the 21-year maturity value of a Sukanya Samriddhi Yojana (SSY) account, based on 15 years of annual deposits followed by 6 years of compounding-only growth.
AI Quick Summary
Definition & Purpose:
This calculator estimates the maturity value of a Sukanya Samriddhi Yojana (SSY) account — India's government-backed girl child savings scheme — based on 15 years of annual deposits followed by 6 additional years where the balance keeps compounding without new contributions, reaching maturity at 21 years.
When to Use:
Use this calculator to plan long-term savings for a girl child's education or marriage under the SSY scheme, and to see how the 15-year deposit period compares to the full 21-year maturity timeline.
Key Takeaway Insights:
- SSY has two distinct phases within its 21-year maturity timeline — 15 years of active annual deposits, followed by 6 more years where the account keeps earning compound interest with no further contributions allowed, before the full balance becomes payable.
- Because deposits stop after 15 years but the account doesn't mature until year 21, the account holder still benefits from 6 years of interest-only compounding on the accumulated balance — for the calculator's default example, that final 6-year stretch alone adds over ₹9 Lakhs to the balance.
- SSY carries Exempt-Exempt-Exempt (EEE) tax status in India — deposits qualify for Section 80C deduction, the interest earned is tax-free, and the entire maturity payout is exempt from income tax, which is a significant advantage over many other fixed-income options.
SSY Settings
Maturity Projections
Introduction
Sukanya Samriddhi Yojana (SSY) Calculator – Girl Child Savings Guide
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India offering high interest rates and full tax exemption to build a dedicated fund for a girl child's education or marriage. This calculator projects the full 21-year maturity value, split across a 15-year deposit phase and a 6-year compounding-only growth phase.
How the SSY Calculation Works
Contribution phase (years 1–15) — each year's deposit is added, then the balance compounds:
Balance_t = (Balance_t-1 + P) × ≤ft(1 + (R / 100))
Growth-only phase (years 16–21) — no new deposits, the balance simply compounds:
Balance_t = Balance_t-1 × ≤ft(1 + (R / 100))
Where P is the annual deposit and R is the annual interest rate.
Worked Example
Depositing ₹50,000 annually for 15 years at 8.2%:
- Contribution phase: each year, ₹50,000 is added and the total compounds at 8.2% — after 15 years, the balance reaches ₹14,91,996.44, against ₹7,50,000 deposited
- Growth phase: with no further deposits, that balance compounds for 6 more years, reaching ₹23,94,039.72 by year 21
- Interest earned: ₹23,94,039.72 - ₹7,50,000 = ₹16,44,039.72
Why the Final 6 Years Matter So Much
Because the account doesn't mature until year 21 even though deposits stop at year 15, the compounding-only growth phase adds a substantial amount on its own — in the ₹50,000/year example, the balance grows from about ₹14.92 Lakhs to nearly ₹23.94 Lakhs in those final 6 years alone, an increase of over ₹9 Lakhs with no additional money deposited. This is a meaningful part of the scheme's total return and is easy to overlook if only the 15-year deposit period is considered.
What This Calculator Does Not Include
To compare against another government-backed savings option, see the Post Office Scheme Interest Planner.
Formula & Variables Explained
This tool utilizes standard equations formulated under standard rules.
Variables:
- Input parameter: Values supplied to resolve the output formula.
How to Calculate (Step-by-Step)
- Input the required parameters into the form.
- Click the calculate or auto-compute option.
- The outputs will refresh instantly with step-by-step variables.
Worked Examples Calculation
1₹50,000/Year for 15 Years at 8.2% Interest
Yearly Deposit = ₹50,000, Interest Rate = 8.2% p.a., Child Age = 1 Year
Contribution phase (years 1-15): balance compounds annually with each year's deposit added first, reaching ₹14,91,996.44 by the end of year 15 (total deposited: ₹7,50,000). Growth phase (years 16-21): the balance continues compounding with no new deposits, reaching ₹23,94,039.72 by year 21.
Total Invested = ₹7,50,000 | Interest Earned = ₹16,44,039.72 | Tax-Free Maturity Amount = ₹23,94,039.72
2₹1,00,000/Year for 15 Years at 8.2% Interest
Yearly Deposit = ₹1,00,000, Interest Rate = 8.2% p.a., Child Age = 1 Year
With double the annual deposit, balance at year 15 reaches ₹29,83,992.88 (total deposited: ₹15,00,000), growing to ₹47,88,079.45 by year 21 after the 6-year compounding-only phase.
Total Invested = ₹15,00,000 | Interest Earned = ₹32,88,079.45 | Tax-Free Maturity Amount = ₹47,88,079.45
Real-World Applications
Widely used in student curriculum, professional projections, and quick estimations.
Limitations & Common Mistakes
- Entering incompatible unit formats (e.g. Mixing Metric and Imperial).
- Typographical mistakes in numeric entry fields.
Assumes a single constant interest rate is maintained for the full 21-year period and that the exact same deposit amount is made every year for 15 years without a missed payment. Real SSY interest rates are revised periodically by the government.
Frequently Asked Questions (FAQ)
Q:What is the deposit tenure vs. maturity tenure in SSY?
Deposits are made annually for the first 15 years from account opening. After that, no further deposits are accepted, but the accumulated balance continues earning compound interest for another 6 years — the account reaches full maturity, and the balance becomes payable, at 21 years from opening.
Q:What are the minimum and maximum annual deposit limits in SSY?
A minimum of ₹250 and a maximum of ₹1,50,000 can be deposited in a financial year. Depositing more than ₹1,50,000 doesn't earn interest on the excess, and that excess amount can be withdrawn.
Q:Who is eligible to open an SSY account?
A parent or legal guardian can open an SSY account for a girl child who is an Indian resident and under 10 years of age at account opening. A family is generally limited to two SSY accounts, with an exception allowing a third in the case of twins or triplets.
Q:Is the SSY maturity amount completely tax-free?
Yes. SSY has Exempt-Exempt-Exempt (EEE) tax status in India — deposits qualify for a Section 80C deduction, the interest that accrues each year is tax-free, and the full maturity amount paid out at the end of 21 years is exempt from income tax entirely.
References & Citations
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