Sukanya Samriddhi Yojana Calculator

What is the SSY Calculator?

The SSY Calculator, or Sukanya Samriddhi Yojana, is a valuable financial tool designed to forecast the maturity amount and total interest earned by investing in the SSY scheme. 

Let us break it down for you.

SSY, which stands for Sukanya Samriddhi Yojana, is a savings program supported by the Indian government. It is specifically created to ensure the financially secure future of young girls in India. 

It helps the guardians of the girl child figure out how much money they should put into the SSY scheme as a yearly investment and how much they can expect to get back. All they have to do is enter the interest rate, how much money they want to deposit yearly, and the year they want to start investing. 

The minimum deposit amount is ₹250, and the maximum deposit amount is ₹1.5 Lakh annually.

How Can Sukanya Samriddhi Yojana Calculator Help You?

The SSY Calculator can give investors a good idea of how much money they can save with the SSY scheme. 

1. Accurate Maturity Value Calculation

• The calculator quickly determines the maturity amount you will receive once your SSY scheme investment tenure reaches its full term of 21 years.
• The compound interest formula is used to calculate the overall growth of the yearly investment and the subsequent maturity amount. 

2. Helps in Financial Planning

• When it comes to annual contributions, you can customize them to fit into your budget. 
• It helps you plan for your daughter’s education, marriage, or other important financial goals. 

3. Saves Time & Eliminates Manual Errors

• The SSY maturity formula involves complex compound interest calculations that the calculator performs instantly.
• It completely removes the possibility of miscalculations or errors that can arise from manual computations.

4. Easy Comparison with Other Investment Plans

Using the calculator allows you to effectively compare the returns of the Sukanya Samriddhi Yojana with other savings options such as PPF, FDs, NPS, etc. 

5. Flexibility in Investment Planning

• You can try out different amounts of money that you deposit each year to see how it affects the total amount you will have in the end.
• This helps you decide the optimum amount that you should invest to stay on track to reach your financial goals.

How Does a Sukanya Samriddhi Yojana Calculator Work?

An SSY calculator is a useful resource that helps you accurately calculate the maturity amount and interest earned under the scheme. It works based on the compound interest formula and shows accurate results for better financial planning.

The calculator requires the following:

• Yearly Investment 
• Start Year
• SSY Interest Rate as fixed by the Government

The calculator will then apply the compound interest formula and compute the maturity amount for the first 15 years and then the next 6 years. After processing these inputs, the calculator will display the total interest earned, maturity amount, maturity year, and total investment. 

Who Can Use This Calculator?

The SSY Calculator helps anyone plan investments for a girl child’s future. This scheme and calculator are beneficial for the following individuals.

1. Parents or Guardians of a Girl Child: Parents or legal guardians of a girl under 10 years old can use the calculator to estimate the future maturity amount and the interest earned. It assists in planning for education, marriage, and other financial needs.

2. Financial Planners & Advisors: Experts can use it to help their clients make smart investment choices. They can evaluate the SSY scheme against other saving options for better suggestions.

3. Investors Looking for Tax-saving Options: Those looking to maximize their tax benefits under section 80C can use the calculator to analyze how this scheme aligns with their tax-saving strategy.

4. Anyone Exploring Secure, Long-term Savings: Individuals seeking a secure government-backed investment option with high interest rates can use the scheme calculator to analyze the possible returns.

Formula to Calculate Samriddhi Yojana Maturity Amount

The SSY maturity amount is calculated using the compound interest formula, as the scheme follows annual compounding. 

The formula is as follows; 

A₁ = P * (1 + r/100)^1

A₂ =  A₁ + P * (1 + r/100)^2

A₃ =  A₂ + P * (1 + r/100)^3

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A₁₅ =  A₁₄ + P * (1 + r/100)^15 

A₂₁ =  A₁₅ * (1 + r/100)^6

Where, 

A₂₁ = Maturity Amount at the end of year 21

P = Yearly Investment 

r = Interest Rate (compounded annually)

Moreover, 

Maturity Year = Start Year + 21 

Total Investment = Yearly Investment * 15

Interest Earned = Maturity Amount – Total Investment 

Example of Samriddhi Yojana Maturity Calculation

Let us assume, 

Yearly Investment = ₹1,00,000

Start year = 2020

Current Interest Rate (01.01.2024 to 31.03.2025) = 8.2% 

Tenure = 21 Years

Then, the outputs will be as follows:

Maturity Year = Start Year + 21 = 2020 +21 = 2041

Total Investment = Yearly Investment * 15 = ₹1,00,000 * 15 = ₹15,00,000  

Step 1: Calculate the amount at the end of 15 years 

A₁ = ₹1,00,000 * ( 1+ 0.082) ^ 1 = ₹1,08,200

A₂ =  ₹1,08,200 + ₹1,00,000 * ( 1+ 0.082) ^ 2 = ₹2,25,272

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A₁₅ =  ₹26,57,849 + ₹1,00,000 * ( 1+ 0.082) ^ 15 = ₹29,83,993

Step 2: Let this amount compound for the next 6 years

A₂₁ =  A₁₅ * ( 1+ 0.082) ^ 6 

A₂₁ =  ₹29,83,993 * ( 1+ 0.082) ^ 6 = ₹47,88,079

Interest Earned = Maturity Amount – Total Investment 

Interest Earned = ₹47,88,079 – ₹15,00,000 = ₹32,88,079

₹47,88,079 is the final maturity amount at the end of 21 years for a yearly investment of ₹1,00,000 at an 8.2% interest rate in the SSY scheme. You earned ₹32,88,079 as interest on a total investment of ₹15,00,000. 

How to Use Pocketful SSY Calculator?

The Pocketful’s SSY Calculator allows investors to estimate their maturity amount and returns from the scheme. Follow the simple steps to use the calculator; 

Step 1 – Enter the Yearly Investment Amount: Input the amount you plan to deposit annually, for example, ₹10,000 per year.

Step 2 – Select the Start Year: Adjust the slider to set the year when you started or plan to start the SSY account, for example, 2025.

Step 3 – Check the Investment Summary: The Pocketful’s SSY calculator provides the following details;

• Maturity Year = Start Year + 21 
• Total Investment Amount – Sum of all deposits made during 15 years. 
• Maturity Amount: Expected corpus after 21 years. 
• Total Interest Earned: The overall interest generated throughout the investment period.