Sukanya Samriddhi Yojana – ₹1000 Interest Calculation

sukanya samriddhi Yojana calculator and interest calculation examples video

Sukanya Samriddhi Yojana Interest Calculation can be easily done using the Sukanya Samriddhi Yojana calculator. Also, for deposits of Rs. 1000 per month for next 15 years in Sukanya Samriddhi Yojana, you will get total maturity amount of Rs. 5.40 lakhs with total deposits of Rs. 1.8 Lakh.

Sukanya Samriddhi Yojana is one of the best scheme you can open for your girl child with latest interest rate of 8.0% for quarter October to December 2023.

Let us understand Sukanya Samriddhi Yojana scheme in detail.

Table of Contents

Watch below video to understand Sukanya Samriddhi Yojana Interest Calculation.

₹1000 Sukanya Samriddhi Yojana Interest Calculation Video

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The above video shows that with just Rs. 1000 monthly deposits in Sukanya Samriddhi Yojana for next 15 year, you can get Rs. 5.4 Lakh after 21 years (including 6 years of cooling period). We have assumed that you will get interest rate of 8.0 consistently in Sukanya Samriddhi Yojana over the entire tenure.

Overview

  • Sukanya Samriddhi Yojana (SSY) is a savings scheme launched back in 2015 as a part of Government initiative Beti Bachao, Beti Padhao campaign
  • This scheme enables guardians to open a savings account for their girl child with an authorized commercial bank or India Post branch
  • The current interest rate in Sukanya Samriddhi Yojana is 8.0% for October to December 2023 quarter
  • You get monthly interest and Yearly compounding in Sukanya Samriddhi Account
  • This can help you to accumulate huge corpus over long term of 21 years in Sukanya Scheme

Sukanya Samriddhi Yojana Eligibility

It is very important to understand whether you are eligible to open Sukanya Samriddhi Yojana account for your girl child. Below are certain conditions:

  • If your girl child is below 10 years of age, you can open Sukanya Samriddhi Yojana account for her
  • Maximum of 2 accounts can be opened for 2 girl childs
  • Third account cannot be opened for third girl child
  • Account is opened for total of 21 years or before girls marriage, whichever is lower
  • You need to deposit for 15 years, next 6 years is considered as cooling period

ALSO READ: Rs. 1000 PPF Interest Calculation for 15 years

Sukanya Samriddhi Yojana benefits & Rules

  • Attractive interest rate of 8.0%, that is fully exempt from tax under section 80C.
  • Minimum Rs. 1000 can be invested in one financial year (April to March)
  • Maximum investment of Rs. 1,50,000 can be made in one financial year (April to March)
  • If the minimum amount of Rs 250/- is not deposited in any financial year, a penalty of Rs 50/- will be charged
  • Deposits in an account can be made till completion of 15 years, from the date of opening of the account
  • The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage
  • Passbook will be issued to customers
  • Withdrawal Facility
  • To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age.
  • If the beneficiary is married before maturity of account, account has to be closed.
  • Monthly interest is calculated and compounding frequency is annual
  • You can open a maximum of 2 accounts in a family

ALSO READ: Save Income Tax using various Tax saving options

How many years need to pay for Sukanya Samriddhi Yojana?

Total number of years you need to deposit in Sukanya Samriddhi Yojana account is 15 years. For next 6 years, you don’t have to deposit any amount and you continue earning interest amount on your deposits.

So the maturity period of Sukanya Samriddhi Yojana account is 21 years, or the date of marriage of the girl, whichever is lower.

Use below Sukanya Samriddhi Yojana calculator to know your interest:

instant calculator click here
instant calculator click here

Interest you will get after 21 years with Rs. 1000 per month deposits

Let us now see how much interest you will get on Rs. 1000 monthly deposits in Sukanya Samriddhi Yojana account for 21 years.

Below is the screenshot of calculations:

Sukanya Samriddhi Yojana Interest Calculation
Sukanya Samriddhi Yojana Interest Calculation

As seen above, there are various columns that include:

  • Total Deposits: Deposits we make every year in Sukanya Samriddhi Yojana
  • Balance: This shows the balance in Sukanya Samriddhi Yojana account after the end of that year
  • Interest: Interest amount earned in that specific year

We can see that total of Rs. 5.39 lakh is the maturity amount after 21 years in Sukanya Samriddhi Yojana account when we consistently deposit Rs. 1000 in the account for 15 years.

We can also see the interest amount earned for the years between 16 to 21 without deposits. Total interest earned in Sukanya Samriddhi Yojana account is tax free.

How to get Maximum Interest in Sukanya Samriddhi Yojana?

You get maximum interest in Sukanya Samriddhi Yojana account by depositing maximum amount of Rs. 1.5 lakh at the start of financial year, which means between 1st April to 5th April.

This will help you to get maximum interest amount in Sukanya Samriddhi Yojana account every month and compounding will be done every year after the end of March month.

DOWNLOAD: Sukanya Samriddhi Yojana Excel Calculator

Conclusion

Sukanya Samriddhi Yojana interest calculation can be easily done using the online calculator or excel calculator above. You can accumulate total maturity amount of approx. Rs. 5.4 lakh in Sukanya Samriddhi Yojana with just Rs. 1000 monthly deposits consistently for 15 years.

We have considered fixed interest rate of 8.0% throughout the tenure for simplicity of calculation purpose. The interest rate in Sukanya Samriddhi Yojana is subjected to change after review in every quarter by Government of India.

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