Sukanya Samriddhi Yojana (SSY) Calculator

A Complete Guide to Sukanya Samriddhi Yojana (SSY)

The Sukanya Samriddhi Yojana (which means "Girl Child Prosperity Scheme") is a special savings plan launched by the Government of India as part of its "Beti Bachao, Beti Padhao" (Save the Daughter, Educate the Daughter) campaign. Its main goal is to help parents build a financial fund for their daughter's future education and marriage expenses. It offers a very high interest rate and amazing tax benefits, making it one of the best long-term investment options for a girl child in India.

Key Highlights: Why is SSY the Best Scheme for a Girl Child?

• Highest Interest Rate: Currently offers 8.2% per annum, which is one of the highest among all small savings schemes.
• Triple Tax Benefit (EEE): This is the biggest advantage! Your investment, the interest you earn, and the final maturity amount are all completely tax-free.
• Long-Term Growth: Though you only invest for 15 years, the money keeps growing for 21 years due to the power of compounding.
• Secure Investment: It is a government-backed scheme, so your money is completely safe and secure.
• Small Deposits Allowed: You can start with just ₹250 per year, making it accessible for everyone.

Who Can Open an SSY Account? (Eligibility)

The rules for eligibility are very specific:

• The account can only be opened by the legal guardians or parents of a girl child.
• The girl child must be an Indian resident.
• The girl's age must be 10 years or less at the time of opening the account.
• Only one SSY account is allowed per girl child.
• A family can open a maximum of two SSY accounts for two different girls. (In the rare case of twins or triplets, more than two accounts can be opened).

Investment and Deposit Rules

• Deposit Period: You need to deposit money for 15 years from the date the account is opened.
• Minimum Deposit: A minimum of ₹250 must be deposited every financial year.
• Maximum Deposit: You can deposit a maximum of ₹1,50,000 in a financial year.
• Penalty: If you fail to deposit the minimum amount of ₹250 in a year, the account becomes inactive. You can reactivate it by paying a penalty of ₹50 along with the minimum deposit for that year.

Maturity Period: When Do You Get the Money?

The SSY account matures after 21 years from the date of opening, or at the time of the girl's marriage after she attains the age of 18. Even though you only deposit for 15 years, the account continues to earn interest for the full 21 years.

Partial Withdrawal for Education & Marriage

This is a very important feature to help fund your daughter's dreams.

• For Higher Education: After the girl child turns 18 or passes the 10th standard, you can withdraw up to 50% of the balance available at the end of the preceding financial year. This money can be used for admission fees and other educational charges.
• For Marriage: The account can be closed before 21 years for the girl's marriage, provided she is at least 18 years old.

Premature Closure of SSY Account

The account can be closed before maturity only in very specific and unfortunate circumstances, such as:

• The death of the girl child.
• The death of the guardian who was operating the account.
• If the girl child is suffering from a life-threatening disease.

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