# SSY Calculator 2023 – What is Sukanya Samriddhi Yojana Calculator and How it Works?

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Updated on Apr 11, 2023

## The Sukanya Samriddhi Yojana(SSY) calculator can be described as an exceptional tool that helps you calculate the money that you can earn by investing in the Sukanya Samriddhi Yojana program.

The Indian government came out with this scheme to improve the situation of the girl child in the country. It was established under the campaign named Beti Bachao Beti Padhao in 2015 and was a small savings scheme, to begin with. At a basic level, the program covers the expenses incurred in raising a girl child by providing the investors with sizeable returns to go with tax exemptions. The exemptions are available on both the maturity amount and the interest that is accrued in the program.

The Sukanya Samriddhi Yojana(SSY) calculator helps you find out how much money you can make when the scheme matures. So, this is one major way in which the program could prove to be resourceful for you. Through this blog, we would try to offer you the best insights into the program so that you can use it in the best way possible.

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Also Read: 6 Best Long Term Investment Plans

## What is Sukanya Samriddhi Yojana calculator?

As we have indicated already, the Sukanya Samriddhi Yojana(SSY) calculator helps you determine the returns that your investment in the plan would fetch you at the end of the maturity period.

So, this way you can plan how much money you would make by investing in the plan. In a way, the Sukanya Samriddhi Yojana(SSY) calculator helps you plan the future of your girl child as well. In this tool, you have to provide details such as the age of your child, the year when you wish to begin investing, and the amount of money that you aim to contribute each year. The Sukanya Samriddhi Yojana calculator would then evaluate these details to calculate the interest that you would earn on your investment. This means that you would also get to know the maturity amount.

## How is Sukanya Samriddhi Yojana calculator works?

Most important of all, the Sukanya Samriddhi Yojana(SSY) calculator always takes into account the latest Sukanya Samriddhi Yojana interest rate to calculate the money that you – the investor – can make from the plan.

However, the Sukanya Samriddhi Yojana(SSY) calculator works based on certain assumptions and they may be enumerated as below:

• You deposit the same amount each year.
• You do not deposit any money from the 15th year till the 21st year when the policy matures. In this case, the interest is calculated based on the earlier deposits.
• The interest rate remains constant through the 21 years – the duration of the scheme. At present, it is 7.6% as determined by RBI (Reserve Bank of India).
• You make yearly deposits on 1st April each year.
• You make monthly deposits on the 1st of each month.
• You do not withdraw any money for 21 years.

## Formula to calculate the returns of Sukanya Samriddhi Yojana (SSY)

As per the Sukanya Samriddhi Yojana details, the calculator uses the formula of compound interest to calculate the interest that they are earning on the plan. The formula may be enumerated as below:

A = P (r/n + 1) ^ nt

The significance of these characters may be explained as below:

 Character meaning in the context of the formula A compound interest P principal amount R rate of interest N number of compounding interests provided in a year T number of years

So, going by this formula if you deposit 50,000 rupees each year for 14 years and do not make any withdrawals throughout the entire duration of 21 years at the end of it you would have earned 21,14,196 rupees. Over here, we assume that you are not making any investment from the 15th year.

Please remember that going by the calculation above, you are investing seven lakh rupees in all in the plan. So, you can see how beneficial the Sukanya Samriddhi Yojana scheme is for parents of girls.

## What is the lock-in period of Sukanya Samriddhi Yojana (SSY)

As you may have guessed by using the Sukanya Yojana calculator, the plan comes with a duration of 21 years. Apart from that you also need to invest at least once a year for 14 years so that your account does not get deactivated. The minimum money that you are allowed to invest in the plan is 250 rupees. At the most, you can invest 1.5 lakh rupees a year in the same. However, from the 15th year, the decision of investment rests with you.

## How does the Sukanya Samriddhi Yojana (SSY) calculator assist you?

The tool is an incredible one in every sense of the term. For starters, it helps you get a proper idea of the Sukanya Samriddhi Yojana benefits – at least the material benefits of the same. So, if you are planning to invest in the scheme this is something that you must be using for sure. For starters, by using the calculator you can get a decent idea of how much money you could save for your girl when the policy matures.

## The advantages of using the Sukanya Samriddhi Yojana (SSY) calculator

Following are the main advantages of using the Sukanya Samriddhi account calculator:

• In only a few seconds it calculates the interest you can earn on the plan and the maturity amount.
• It helps you determine the figures with complete accuracy by efficiently doing away with all errors that may crop up while doing such calculations manually.
• It helps you determine how much money you can make at the end of each month and each year while you are making the contributions.
• Using this calculator helps you plan your finances that, in turn, helps you achieve the goals you have for your girl later on in life.

### Conclusion

Before you use the Sukanya Samriddhi Yojana calculator you must know a few things about the plan. The maximum age at which you are allowed to start investing in the plan is 10 years. You can also invest anywhere between 250 and 1.5 lakh rupees a year in the plan. As we have said already, by using this calculator you would be able to see how much interest you are earning on the same and the amount that you would receive at maturity.

Also Read: Short-Term Investment Options in India

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## FAQs on Sukanya Samriddhi Yojana Calculator

### What is Sukanya Samriddhi Yojana Return Calculator?

The Sukanya Samriddhi Yojana Return Calculator is an online tool that helps calculate the expected return on investment in the Sukanya Samriddhi Yojana (SSY) scheme. It takes into account the amount invested, the interest rate offered by the scheme, and the tenure of the investment to calculate the maturity amount.

### How does Sukanya Samriddhi Yojana Return Calculator work?

The calculator uses a formula that takes into account the principal amount, interest rate, and tenure of the investment to calculate the maturity amount. The formula is: M = P*(1+R/100)^N, where M is the maturity amount, P is the principal amount, R is the interest rate, and N is the tenure of the investment in years.

### Is the Sukanya Samriddhi Yojana Return Calculator accurate?

The calculator provides an estimate of the maturity amount based on the input parameters, and it is generally accurate. However, the actual return on investment may vary based on changes in the interest rate, premature withdrawals, and other factors.

### Can the Sukanya Samriddhi Yojana Return Calculator be used to plan investments?

Yes, the calculator can be used to plan investments in the SSY scheme. By varying the input parameters such as the investment amount and tenure, investors can determine the expected return on investment and plan their investments accordingly.

### Is the Sukanya Samriddhi Yojana Return Calculator available online?

Yes, the Sukanya Samriddhi Yojana Return Calculator is available online on various financial websites and government portals. Investors can use the calculator to get an estimate of the maturity amount before investing in the scheme.

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Apr 13, 2022
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