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Sukanya Samriddhi Yojana (SSY) Calculator: Your child may have ₹51 lakh by age 21


SSY Calculator: Sukanya Samriddhi Yojana or SSY is a small savings program supported by the Government of India that helps parents save money for their daughter’s long-term financial needs. With this completely risk-free investment option, an investor can invest until his daughter turns 14. However, one could withdraw 50 percent of the maturity amount after the girl child turns 18 years old and the full maturity amount when the girl turns 21 years old.

In the SSY scheme, the Government of India gives an SSY rate of 8 percent per annum, which is paid on a quarterly basis. The central government has announced Sukanya Samriddhi Yojana an annualized interest rate of 8 percent for the April to June 2023 quarter, up from 7.60 percent annually. So in Q1FY24, the Government of India (GOI) raised the SSY rate by 40 basis points, which is good news for SSY account holders.

Sukanya Samriddhi Yojana calculator

According to the SSY calculator, if a person starts investing in a Sukanya Samriddhi Yojana account immediately after the birth of his gill child, he or she could invest for 15 years as the SSY scheme allows an investor to invest in this small savings plan invest until her girl turns 14 years old. Because it allows an investor to claim an income tax benefit under Section 80C of the Income Tax Act, if an investor invests 10,000 a month, then he could invest 1.20 lakh per annum in 12 equal installments.

According to the SSY calculator, if an investor doesn’t go for a 50 percent maturity amount after his girl child turns 18 years old, he or she would go for a maturity amount of 51,03,707 or around 51 lakh. In this 51 lakh, would be one’s total investment 18 lakh and the interest earned after the term would be 21 years 33,03,707 or around 33 lakh.

See SSY calculation below:

Photo: Courtesy HDFC Bank Sukanya Samriddhi Yojana calculator

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Photo: Courtesy HDFC Bank Sukanya Samriddhi Yojana calculator

This assumes a Sukanya Samriddhi Yojana interest rate for the entire period of 7.6 percent as it continues to change and we have kept the interest rate at a lower level.

So if an investor starts investing 10,000 per month into the account of Sukanya Samriddhi Yojana right after the birth of a girl, then the girl will be a millionaire at the age of 21.

Income tax benefit

As mentioned above, an investor can claim tax benefits up to a maximum of 1.50 lakh invested in SSY account in one financial year under Section 80C of Income Tax Act. The SSY interest earned and the SSY due date amount are also 100 percent tax exempt. So Sukanya Samriddhi Yojana is an EEE investment vehicle.

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.