The Sukanya Samriddhi Account is an initiative started by the Government of India with the view of helping the girl child. According to the scheme parents of a girl child can deposit up to 1.5 lakhs in the name of the girl in this account every year. Once the deposit is made it accrues interest at the rate of 9.2% per annum and is set to mature when the girl turns 21 years old or get married, whichever comes first. The account can be opened with a minimum deposit of Rs. 1,000 and subsequent deposits can be multiples of Rs. 100.
Advantages of Sukanya Samriddhi Account calculator
There are numerous advantages to the Sukanya Samriddhi Yojana calculator and they are:
- It allows you to know exactly what you will get as the maturity value when the account matures.
- If you have set it up in an excel sheet then you can put in what you intend to invest in the current and see how it will affect the maturity value.
- You can even set up the calculator to calculate the maturity value based on monthly or yearly investments.
- If configured correctly, the Sukanya Samriddhi Yojana calculator can be extremely accurate.
- It can eliminate the mistakes that can creep in if you calculate the maturity value manually.
- You can change the amount you plan on investing at any time and still get the maturity value in seconds.
Limitations of Sukanya Samriddhi Account calculator
Even though the Sukanya Samriddhi Yojana calculator is very convenient and useful, there are some things that work against this calculator.
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- If it is not configured correctly it can provide incorrect values.
- Even though the government has provided a cap of Rs. 1.5 lakhs the calculators don’t limit the annual investments so if you enter an investment of more than Rs. 1.5 lakhs, it will still calculate a maturity value.
- Since the calculator is configured manually, you will have to enter the Sukanya Samriddhi Yojana interest rate every time that it changes in the future.
- It also works on the assumption that the interest rate will never change and will stay 9.2%.
Sukanya Samriddhi Yojana Interest Rate
Earlier, the interest rates of post office schemes were announced yearly. But from the FY 2016-17, the rate of interest for savings schemes are decided on a quarterly basis. The interest rate for the Sukanya Samriddhi Yojana account was set to be 8.1% in the year 2017-18.
Sukanya Samriddhi Yojana Tax Benefits
This savings scheme, introduced to provide for a better future of the girl child, is completely tax-free. The initial amount deposited in the scheme is deductible under Section 80C of the Income Tax Act.
Calculator Table Format:
You can create your own Sukanya Samriddhi Account Yojana (SSAY) calculator by making a table with seven columns in the form of a data sheet with all the necessary information to calculate the yearly and monthly contribution.
Given below is the format:
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- Column 1: Age of girl child – In this column, you must enter the age of your girl child as on today.
- Column 2: Account age – You must enter the account’s age, which means the number of years the account has been open for. (The Sukanya Samriddhi Scheme takes deposits for a maximum of 14 years)
- Column 3: Date of deposit – In this column, you have to enter the date of deposit of the amount towards the scheme.
- Column 4: Deposit amount – This column has the amount deposited towards the girl child by the guardian.
- Column 5: Principal amount at year end – This column will have the amount available in the account at the end of a financial year. This amount is calculated by adding the total amount at the end of the year and the amount to be deposited for the next year. (Formula from second cell onwards, D3 +G2 and so on)
- Column 6: Total yearly interest – This column will have the interest accumulated under the SSAY at the prevailing interest rate.
- Column 7: Total amount at year end – In this column, you will be able to calculate the final amount that you will accumulate at the end of each year. (Formula to be used is Principal Amount + Yearly Interest – E2 +F2 to be used in an excel sheet)
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Given below is the sample calculator table:
| Age of girl child | Account age | Date of deposit | Deposit amount | Principal amount at year end | Total yearly interest | Total amount at year end |
Sukanya Samriddhi Yojana Account Closure on Maturity
The account closure on maturity is guided by certain rules.
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- The account matures on completion of 21 years from the date of creation of the account. The complete maturity amount along with the interest accrued can be withdrawn on maturity.
- If the girl, for whom the account was opened, gets married before the completion of the maturity period, she can withdraw the balance amount, provided she is 18 years old at the time of such withdrawal. The girl has to produce an affidavit that states that she is 18 years of age at the time of withdrawal.
- If the girl attains the age of 18 and gets married before the completion of 14 years of the term, the account cannot be operated. Further deposits to the account cannot be made even if the mandated deposited were not made earlier.
- The girl child is the only authorized person who can withdraw the maturity amount. She is required to submit the passbook and the withdrawal slip to make the withdrawal.
- If the girl gets married after attaining majority and withdraws 50% of the amount for the purpose of marriage, she may choose not to close the account. Though further deposits cannot be made, the balance amount will earn interests until the completion of the 21-year term.
Sukanya Samriddhi Yojana Account (Model Calculation for 9.2%):
Given below is the model calculation of closing balance in a Sukanya Samriddhi Account with an interest rate of 9.2%:
| Year | Age of girl child | Opening Balance | Monthly Contribution | Yearly Contribution | Interest Rate at 9.2% | Closing Balance |
|---|---|---|---|---|---|---|
| 2015 | 1 | – | Rs.1,000 | Rs.12,000 | Rs.598 | Rs.12,598 |
| 2016 | 2 | Rs.12,598 | Rs.1,000 | Rs.12,000 | Rs.1,757 | Rs.26,355 |
| 2017 | 3 | Rs.26,355 | Rs.1,000 | Rs.12,000 | Rs.3,023 | Rs.41,378 |
| 2018 | 4 | Rs.41,378 | Rs.1,000 | Rs.12,000 | Rs.4,405 | Rs.57,782 |
| 2019 | 5 | Rs.57,782 | Rs.1,000 | Rs.12,000 | Rs.5,914 | Rs.75,696 |
| 2020 | 6 | Rs.75,782 | Rs.1,000 | Rs.12,000 | Rs.7,562 | Rs.95,258 |
| 2021 | 7 | Rs.95,258 | Rs.1,000 | Rs.12,000 | Rs.9,362 | Rs.1,16,620 |
| 2022 | 8 | Rs.1,16,620 | Rs.1,000 | Rs.12,000 | Rs.11,327 | Rs.1,39,947 |
| 2023 | 9 | Rs.1,39,947 | Rs.1,000 | Rs.12,000 | Rs.13,473 | Rs.1,65,420 |
| 2024 | 10 | Rs.1,65,420 | Rs.1,000 | Rs.12,000 | Rs.15,817 | Rs.1,93,237 |
| 2025 | 11 | Rs.1,93,237 | Rs.1,000 | Rs.12,000 | Rs.18,376 | Rs.2,23,613 |
| 2026 | 12 | Rs.2,23,613 | Rs.1,000 | Rs.12,000 | Rs.21,170 | Rs.2,56,783 |
| 2027 | 13 | Rs.2,56,783 | Rs.1,000 | Rs.12,000 | Rs.24,222 | Rs.2,93,005 |
| 2028 | 14 | Rs.2,93,005 | Rs.1,000 | Rs.12,000 | Rs.27,555 | Rs.3,32,560 |
| 2029 | 15 | Rs.3,32,560 | – | – | Rs.30,596 | Rs.3,63,155 |
| 2030 | 16 | Rs.3,63,155 | – | – | Rs.33,410 | Rs.3,96,566 |
| 2031 | 17 | Rs.3,96,566 | – | – | Rs.36,484 | Rs.4,33,050 |
| 2032 | 18 | Rs.4,33,050 | – | – | Rs.39,841 | Rs.4,72,890 |
| 2033 | 19 | Rs.4,72,890 | – | Rs.43,506 | Rs.5,16,396 | |
| 2034 | 20 | Rs.5,16,396 | – | – | Rs.47,508 | Rs.5,63,905 |
| 2035 | 21 | Rs.5,63,905 | – | – | Rs.51,879 | Rs.6,15,784 |
