Important Information:
- The lock-in period is 6 years after the investment period of 15 years is over.
- Latest Interest Rate: 8.2%
- Maturity occurs 21 years from the account opening year.
- Annual deposit must be between ₹250 and ₹1,50,000.
Age must be between 0 and 10 years.
Enter a valid start year.
Total Investment: ₹0
Total Interest: ₹0
Final Maturity Value: ₹0
Maturity Year: 0
Comprehensive Guide to Sukanya Samriddhi Account Scheme and Using the Calculator
Introduction to the Sukanya Samriddhi Account Scheme
The Sukanya Samriddhi Account (SSA) Scheme, introduced by the Government of India, is a small savings scheme aimed at securing the financial future of girl children.
It offers attractive returns along with tax benefits. Here’s an overview of the scheme:
Key Features:
- Minimum Deposit: ₹250 per year.
- Maximum Deposit: ₹1.5 lakh per year.
- Eligibility: An account can be opened for a girl child until she attains the age of 10 years. Only one account per girl child is allowed.
- Tenure: The account matures 21 years from the date of opening.
- Deposits Period: Contributions can be made for 15 years.
- Tax Benefits: Deposits qualify for deductions under Section 80C of the Income Tax Act, and interest earned is tax-free under Section 10 of the IT Act.
- Withdrawal: Partial withdrawal is permitted for the higher education of the girl child after she turns 18.
- Premature Closure: Allowed under specific circumstances, like the girl’s marriage (age 18 or above) or compassionate grounds.
Interest Rates Since Inception:
The scheme’s interest rate has varied over the years, currently standing at 8.2% (as of January 2024).
| PERIOD | RATE OF INTEREST (%) |
| 03.12.2014 TO 31.03.2015 | 9.1 |
| 01.04.2015 TO 31.03.2016 | 9.2 |
| 01.04.2016 TO 30.09.2016 | 8.6 |
| 01.10.2016 TO 31.03.2017 | 8.5 |
| 01.04.2017 TO 30.06.2017 | 8.4 |
| 01.07.2017 TO 31.12.2017 | 8.3 |
| 01.01.2018 TO 30.09.2018 | 8.1 |
| 01.10.2018 TO 30.06.2019 | 8.5 |
| 01.07.2019 TO 31.03.2020 | 8.4 |
| 01.04.2020 TO 31.03.2023 | 7.6 |
| 01.04.2023 TO 31.12.2023 | 8.0 |
| 01.01.2024 TO 31.12.2024 | 8.2 |
Where to Open the Account:
Accounts can be opened at post offices or authorized banks. They can also be transferred across India if needed.
Using the Sukanya Samriddhi Calculator
To simplify the process of understanding returns and planning your deposits, we’ve designed a Sukanya Samriddhi Calculator.
This calculator helps you estimate the maturity amount based on your annual deposits and the age of the girl child.
Inputs Required:
- Annual Deposit Amount: Enter the amount you plan to deposit each year (minimum ₹250 and maximum ₹1.5 lakh).
- Girl’s Age: Enter the current age of the girl child (0-10 years).
- Start Year: Specify the year you intend to begin the deposits.
Outputs Provided:
- Yearly Interest: Displays the annual interest earned.
- Total Interest Accumulated: The sum of all interest earned during the deposit period.
- Maturity Amount: The total amount (principal + interest) upon account maturity.
Step-by-Step Guide to Using the Calculator:
- Enter the annual deposit amount (e.g., ₹50,000).
- Input the girl’s current age (e.g., 5 years).
- Specify the start year (e.g., 2025).
- Press the “Calculate” button to view the results.
Example Output:
- Annual Deposit: ₹50,000
- Girl’s Age: 5 years
- Start Year: 2025
Results:
- Yearly Interest: Varies based on the interest rate and deposit year.
- Total Interest Accumulated: ₹3,85,000 (approx.)
- Maturity Amount: ₹8,00,000 (approx.)
Why Choose the Sukanya Samriddhi Account?
- High Returns: Offers better interest rates compared to most fixed deposits and savings schemes.
- Tax Efficiency: Triple tax benefits under Section 80C and Section 10 of the IT Act.
- Secure Future: Ensures financial security for the girl child’s education and marriage.
By combining the benefits of the scheme with this easy-to-use calculator, you can plan and secure your daughter’s future with confidence. Open an account today and start investing in her bright tomorrow!
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