Sukanya Samriddhi Calculator for 1000 Monthly Deposit

Updated: 31st Jan, 2022 ndian govt has started Sukanya Samriddhi Yojana (SSY) to encourage parents to save money for their daughter’s future where they get some additional benefits as compared to traditional saving instruments like FDs. The girl child should be the biological or legal child of parents. You can easily plan your investments if you have prior knowledge of how much you can get on maturity. I am here showing you a Sukanya Samriddhi Yojana Calculator (in the form of a table) that will show you the maturity value calculated on different yearly investments. For the following calculations, I have taken these assumptions:

• I assumed a minimum investing amount per month/year is Rs. 1000.
• The rate of interest is assumed to be 8.1% throughout the period of the scheme for 21 years.
• I have assumed a fixed amount for monthly or yearly contributions.
• I have assumed that the scheme will complete the maturity period of 21 years and there will be no withdrawals made at 18.

Sukanya Samriddhi Calculator

I have shown you calculations in 2 styles either you will invest annually or on monthly basis.

Yearly Calculation Table

Year	Investment Amount (Annually)	Invested Amount (14 Years)	Maturity Amount (21 Years)
1	Rs.1,000	Rs.14,000	Rs.46,820
2	Rs.2,000	Rs.28,000	Rs.93,645
3	Rs.5,000	Rs.70,000	Rs.2,34,110
4	Rs.10,000	Rs.1,40,000	Rs.4,68,215
5	Rs.20,000	Rs.2,80,000	Rs.9,36,430
6	Rs.50,000	Rs.7,00,000	Rs.23,41,075
7	Rs.1,00,000	Rs.14,00,000	Rs.46,82,145
8	Rs.1,25,000	Rs.17,50,000	Rs.58,52,685
9	Rs.1,50,000	Rs.21,00,000	Rs.70,23,220

Monthly Calculation Table

Installment Amount (Monthly)	Invested Amount  (14 Years)	Maturity Amount  (21 Years)
Rs.1,000	Rs.1,68,000	Rs.5,42,120
Rs.2,000	Rs.3,36,000	Rs.10,84,240
Rs.3,000	Rs.5,04,000	Rs.16,26,370
Rs.4,000	Rs.6,72,000	Rs.21,68,485
Rs.5,000	Rs.8,40,000	Rs.27,10,605
Rs.6,000	Rs.10,08,000	Rs.32,52,730
Rs.7,000	Rs.11,76,000	Rs.37,94,850
Rs.8,000	Rs.13,44,000	Rs.43,36,975
Rs.9,000	Rs.15,12,000	Rs.48,79,095
Rs.10,000	Rs.16,80,000	Rs.54,21,215
Rs.12,500	Rs.21,00,000	Rs.67,76,525

Limitation

• This calculator is fixed. You can’t put any variable amount from your side to check the desired results.I

Benefits of Sukanya Samriddhi Yojana

#1. Simple process

If you are a girl child’s parent, you can open Sukanya Samriddhi Yojana (SSY) account for your daughter till she turns 10. You can open the account in any authorized bank or post office. You can open only one account per girl child. You can avail of this benefit for a maximum of 2 girls. The documentation process of SSY is simple and required only documents-

• Application form
• Girl child’s birth certificate (or legal adoption certificate)
• Parent’s Identity Proof
• Parent’s Address Proof

#2. Flexible deposit options

You can open the account with a minimum amount of Rs. 250. You can deposit a minimum of Rs. 250 and a maximum of Rs. 1,50,000 in one financial year. Earlier the minimum deposit amount was Rs. 1000. You can deposit in a single transaction or on multiple occasions but not exceeding Rs. 1.5 lakh every year. You have to deposit the amount till 15 years from the date of the account opening. After that, you don’t have to deposit amount but you can receive benefits for the next 6 years. For example, If you start SSY account for your daughter’s 2nd birthday. Now you have to deposit the money till your girl turns 17 after that you won’t deposit any money but the account will keep on earning interest till the girl turns 23. You cannot open the SSY account online but you can set up automatic money transfer to SSY account. In which, every month a fixed amount from your account is transferred to SSY account through net banking. You have can reach out to your bank or you can do yourself from bank’s website.

#3. Higher interest rate than traditional saving methods

Sukanya Samriddhi Yojana currently giving 8.1% interest rate (Jan – March 2021) which is better than keeping money in a savings account or investing in recurring or fixed deposits. Let’s compare the interest rates of different traditional investment methods with SSY.

Investment Method	Interest rate from Jan 1, 2021
Savings Account	3%-4%
Fixed Deposit – 1 year	4.5%-5.5%
Fixed Deposit – 5 years	4.5%-6.5%
PPF	7.1%
National Savings Certificate	6.8%
Kisan Vikas Patra	6.9%
Sukanya Samriddhi Yojana	8.1%

#4. Partial Withdrawal & Maturity

Parents can do 2 withdrawals – one when the girl turns 18 and then at maturity of the scheme. You can withdraw 50% of the amount when your daughter completes 18 years. You can either receive a lump sum 50% amount or you can get the money in 5 installments. You can receive the rest 50% amount at maturity after 21 years of account opening. The provision of 2 withdrawals is kept to tackle the need for money at 2 important stages of the girl’s life – higher education and marriage of the girl.

#5. Tax Benefit under 80C

SSY gives you complete tax exemption on your investments in 2 ways. You can get tax exemption on the amount deposited in the SSY account every year. Along with that, the money you get at maturity is also tax-free.

#6. Interest Paid Even After Maturity

A unique feature of Sukanya Samriddhi Yojana Account is that even after maturity if the account is not closed by the account holder, Interest shall be payable in that account till the final closure of the account. You cannot get this benefit in any other scheme.

How Sukanya Samriddhi Yojana is better than Recurring Deposits?

Parameters	Sukanya Samriddhi Yojana	Recurring Deposits
Eligibility	A girl child below 10 years in age	Any person (for minor by parents)
Where to Open	Post offices and authorized banks	Post Offices and Banks
Number of Accounts	One account per girl child	No Limit
Purpose	For girl child’s higher education and marriage	For short term goals like an annual vacation, child’s hostel fees or any upcoming event.
Nature	Long-Term Debt Scheme	Short-Term Debt Scheme
Minimum Investment	Rs. 250 per year	Rs.100 per month
Maximum Investment	Rs.1.50 lakh per year	No limit
Penalty for default in paying the contribution	Rs.50 per year	Rs.1.50 to Rs.2 for every Rs.100 per month
Minimum Tenure	Fixed Tenure of 21 years.	6 months
Maximum Tenure		10 years
Interest Rate	7.6% p.a.	around 4.5% to 6.5% p.a. for 1 to 10 years RD
Interest Calculation	Compounded Yearly	Compounded Quarterly
Tax Benefits on Deposits	Exempted u/s 80C of Income Tax	Not Deductible
Tax Benefits on Interest	Tax-Free	Taxable. If the account belongs to a minor then parents can claim a deduction of Rs.1,500 from the total interest u/s 10(32).
Tax Benefits on Maturity Amount	Tax-Free	Fully Taxable with no exemption.
Loans	No loan can be taken on the SSA balance	Up to 90% of the available balance
TDS Applicability	No TDS is to be deducted from the Interest Income.	TDS is to be deducted from the Interest Income.
Premature Withdrawal	One time when the girl child turns 18. 50%  amount can be withdrawn.	1% penalty

FAQs on Sukanya Samriddhi Account

1. What is the Age Limit on Sukanya Samriddhi Account?

Anyone can open the SSY account till the girl is of age 10. Parents cannot open SSY account after their girl child completes 10 years.

2. Where to open the Sukanya Samriddhi Yojana Account?

All the major banks & post offices are authorized to open Sukanya Samriddhi Yojana account. You can reach out your nearest bank to open the account. Here’s the list of authorized banks-

• Axis Bank
• Andhra Bank
• Allahabad Bank
• State Bank of India (SBI)
• Bank of Maharashtra (BOM)
• Bank of India (BOI)
• Bank of Baroda (BOB)
• Corporation Bank
• Canara Bank
• Central Bank of India (CBI)
• Dena Bank
• HDFC Bank
• Indian Overseas Bank (IOB)
• Indian Bank
• IDBI Bank
• ICICI Bank
• United Bank of India
• Union Bank of India
• UCO Bank
• Punjab National Bank (PNB)
• Syndicate Bank
• Punjab & Sind Bank (PSB)
• Oriental Bank of Commerce (OBC)
• Vijaya Bank

You can also reach out nearest post office to open the same account.

3. What are the Tax benefits on Sukanya Samriddhi Scheme?

Parent/guardian gets tax exemption on money invested in Sukanya Samriddhi Scheme u/s 80C. Not only that, but the amount you receive at the maturity is also tax-free, unlike fixed deposits where your mature amount is eligible for taxation.

4. Can a Non-Resident Indian (NRI) girl can get the benefit?

No. Only the girls who are residents of India can avail of the benefits of the Sukanya Samriddhi Scheme.

5. What is the current Rate of Interest on Sukanya Samriddhi Scheme?

Current rate of interest (Jan – Mar 2020) is 7.6%. It is flexible and the government reviews the interest rates quarterly.

6. What documents are required to open Sukanya Samriddhi Yojana Account?

You require –

• Birth Certificate of Girl Child
• Identity proof of the parents or legal guardians
• Address proof of the parents or legal guardians
• Birth certificates of both girls if applying for 2nd girl child’s account

In case the birth certificate is not available, parents can submit the documents below-

1. A certificate issued by the Principle of the school including date of birth of the girl.
2. A certificate issued by the hospital where the girl child was born verifying the date of birth the girl.
3. Passport of the girl child.
4. Aadhar Card of the girl child.

7. What happens in case of the death of the girl child or the depositor?

In case of death of the girl child- The account will get closed but parents will have to submit the death certificate issued by the competent authority. Then, the amount in the account with interest till that date will be refundable to the guardian. In case of death of the depositor, then there are two options-

1. The family of the girl child will get the amount in the account with interest till that date
2. The scheme continues with deposited amount till the maturity date and girl child gets the deposited amount plus interest earned at the maturity of the account.

8. Premature Withdrawal

Girl child gets premature withdrawal when she turns 18 and the withdrawal amount is restricted to 50%.

9. Minimum Amount required for Account opening and maturity Period

You can open an account with a minimum amount of Rs. 250. Maturity period of scheme is 21 years.

10. Is this scheme available throughout India?

Yes, anyone can open the Sukanya Samridhhi Yojana account in all the states of India till the girl is below 10 years in age.

11. Is Account Transferable?

The Sukanya Samriddhi account is freely transferable if you produce the valid address proof of a new place (within India), otherwise a fee of Rs. 100 is applicable.

12. Are commission agents or any intermediary allowed?

No, commission agents are not authorized for Sukanya Samridhhi account openings. You can go to authorized banks or post offices for that.