Home / Money / Personal Finance /  Sukanya Samriddhi calculator: 12,500 monthly saving may grow up to 64 lakh
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SSY calculator: Sukanya Samriddhi Yojana (SSY) is one of the government-backed small saving schemes in India. This girl child scheme was launched in 2015 authorising parents of a girl (aged up to 10 years) to open a Sukanya Samriddhi account in any authorised bank or post office. SSY scheme offers highest tax-free return with EEE (exempt-exempt-exempt) status. One can deposit up to 1.5 lakh in one SSY account in one financial year and can claim tax exemption on entire 1.5 lakh investment under Section 80C of the income tax act, 1961.

SSY interest rate for Q2FY23 is 7.6 per cent and it is still much above the average rate of inflation. So, if an investor is looking for a saving instrument that can ensure better financial future of one's girl child, SSY account is a good option because it is risk-free. If an investor invests 12,500 per month then he or she will be able to consume the entire tax-free limit available under the SSY scheme and after 21 years of lock-in, one will be able to accumulate around 64 lakh for one's girl child.

Sukanya Samriddhi Yojana calculator

If a person opens SSY account at one year of its girl child, then he or she would be able to invest in the account for next 14 years whereas full withdrawal will be allowed after 21 years of girl child. Assuming 7.60 per cent flat SSY interest rate for the entire period, the SSY calculator suggests that one would get around 64 lakh maturity amount, if the person doesn't go for 50 per cent withdrawal available after 18 years of its girl child.

SSY calculator: Courtesy Groww
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SSY calculator: Courtesy Groww

As per the SSY deposit rules, an investor is allowed to deposit up to 1.5 lakh in one time or in any number of times but the total deposit need not to cross 1.5 lakh in one financial year. So, an investor who can't afford to invest 1.50 lakh in one time, can deposit in monthly mode depositing 12,500 per month. This will also lead to an annual deposit of 1.5 lakh.

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