The Sukanya Samriddhi Yojana Calculator uses annual contributions, interest rate, and daughter’s age to estimate the maturity amount of your investments. The SSY scheme aims to encourage savings in the name of daughters and the Sukanya account calculator helps one visualise the amount one can accumulate for them by investing in this scheme.

Here is how the Sukanya Calculator works-

• Yearly Investment:  Yearly investment in the Sukanya Samriddhi Yojana represents the annual amount you commit to invest in the account. This constant funding strengthens the account's growth over time through compounding. By specifying your annual deposit, you ensure steady financial support for your daughter's future, making it a flexible and convenient savings tool. As per the scheme details, the minimum annual contribution to Sukanya Samriddhi Account is Rs. 250 while the maximum amount is limited to Rs. 1.5 Lakhs in a financial year.
• Interest Rate:  The interest rate is a vital factor affecting the Sukanya Samriddhi Yojana's growth. The calculator factors in the scheme's specified rate, which usually compounds annually. A higher interest rate leads to faster wealth accumulation, making it important to monitor government announcements and ensure you choose the most profitable savings option. The current interest rate for Sukanya Samriddhi Account is 8%.
• Investment Duration:  The investment duration in Sukanya Samriddhi Yojana is the length of time you commit to keeping your money invested in the program. As per the scheme details, the maturity duration for a Sukanya Samriddhi Account is 21 years from the date of account opening. However once the daughter turns 18 years old, special withdrawals are allowed in the case of marriage or funding higher education for the girl child.

The investment duration plays a crucial role in determining the final maturity amount. A longer duration allows for a more substantial compounding of interest, making it ideal for long-term financial planning, such as a girl child's education or marriage.

Sukanya Samriddhi Yojana was launched by the Indian government back in 2015 to encourage savings for the daughters of Indian families. It was launched under the Beti Bachao Beti Padhao scheme to facilitate parents to open savings accounts for their daughters at any bank or post office branch.

Below are the important points to note about the Sukanya Samriddhi Yojana Saving Accounts:

• Ease of Account opening: Sukanya Samriddhi Yojana Saving Accounts can be opened at any authorised bank or post office branch.
• Fixed Interest Rate:  Sukanya Samriddhi Yojana Saving Accounts provide a fixed rate of interest that is fixed by the government. The current rate of interest on Sukanya Samriddhi Yojana Saving Accounts is 8%
• Age:  Sukanya Samriddhi Yojana Saving Account can be opened by the parents or legal guardian of a female child till her age is 10 years or less.
• Sukanya Samriddhi Yojana Saving Account can be opened only for Indian residents
• No. of SSY accounts:  Sukanya Samriddhi Yojana Saving Accounts can be opened for a maximum of 2 daughters in a family.
• Annual Contribution:  The minimum annual contribution to Sukanya Samriddhi Yojana Saving Accounts is Rs. 250 and the maximum annual contribution allowed is Rs. 1.5 lakhs in a financial year.
• Tax Savings:  Contributions up to Rs. 1.5 Lakh in the Sukanya Samriddhi Yojana Saving Accounts are exempted from income tax calculations under section 80C.
• Years of contribution:  After opening an account, the investor needs to make an annual contribution for 15 years from the date of account opening.
• Maturity Duration and Premature Withdrawal:  The maturity of Sukanya Samriddhi Yojana Saving Accounts is 21 years from the date of account opening. However, in the case of marriage or funding higher education for the female child, special withdrawals can be made once the daughter turns 18 years old.
• Additional Interest:  The account continues to earn interest on the accumulated investment amount even after the annual contributions are stopped after 15 years which means you get a chance to earn interest for the additional 6 years till the account matures after 21 years.

The following documents are required to open a Sukanya Samriddhi Yojana Saving Account:

• Birth Certificate of girl child
• Duly filled account opening form
• ID card of the depositor and valid address proof

While using the Motilal Oswal SSY account calculator, you only need to provide a yearly contribution, interest rate, daughter’s age at the time of account opening, and investment start date to get an estimate of the maturity amount as well as the maturity year.

Here is the detailed calculation of the SSY calculator -

Enter Details:  To use the calculator, you will need to enter various details, such as:

• Yearly deposit:  The amount you plan to deposit annually. Min Rs. 250 and max Rs. 1.5 Lakhs
• Interest rate:  The current rate of interest as specified by the government for SSY. The current rate of interest on SSY accounts is 8%
• Daughter’s age at the time of account opening: Max age of 10 years at the time of account opening
• Start year:  The year in which an SSY account was opened, this helps calculate the maturity year i.e. 21 years from the date of account opening.

Results:  The calculator will perform calculations based on the details you entered and provide you with an estimated maturity amount and the year of maturity. This amount will include both principal and interest given over the specified duration.

Remember that the calculator provides an estimate, and the actual maturity amount will depend on factors such as interest rate changes and scheme terms and conditions. For more precise and personalised information about the Sukanya Samriddhi Yojana, consult a Motilal Oswal financial advisor.

Sukanya Samriddhi Yojana (SSY) Calculator offers benefits like accurate projections, goal-based planning, customization, disciplined savings, etc. The scheme is designed for the financial planning of a girl child's education and marriage.

Following are the benefits of using Sukanya Samriddhi Yojana Calculator-

• Accurate Projections:  The sukanya samriddhi calculator provides accurate projections of how your investments will grow over time, taking into account the overall interest rates and the scheme's rules. This helps you plan better for your girl child's future financial needs.

• Goal-Based Planning:  You can set specific financial goals for your daughter's education or marriage and use the calculator to determine how much you need to invest regularly to reach those goals. Sukanya Samriddhi Yojana interest calculator provides a disciplined and structured approach to savings.

• Customization:  The Sukanya Yojana calculator allows you to input your contribution amount, frequency of deposits, and the age of your daughter. You can adjust these variables to see how they affect the final maturity amount, allowing you to customize your investments as per your financial capacity.

• Savings Discipline:  By using the Sukanya Samriddhi Yojana scheme calculator, you are more likely to stick to a structured savings plan, as you can see the progress toward your financial goals. This helps plant financial discipline and ensures you remain committed to the scheme.

• Realistic Expectations:  The Sukanya calculator provides a clear picture of what to expect from the scheme, helping you avoid unrealistic expectations. This can be crucial in making informed decisions about financial planning.

  The Sukanya Samriddhi Yojana Calculator is a valuable tool for individuals looking to save and plan for their daughter's future expenses. It offers precise projections, investment confidence, and a disciplined approach to savings, helping you make well-informed decisions and achieve your financial goals.