Are you a parent who wants to invest in Sukanya Samriddhi Yojana in 2020 to save money for your daughter’s (girl child) education and marriage needs? Then you will find this Free Excel based Sukanya Samriddhi Yojana Calculator useful.
Those investors who are planning to invest in Sukanya Samriddhi Account in India can use this Sukanya Samriddhi Account Calculator to estimate how much money they will receive at the time of maturity of SSY account.
Before we use the Sukanya Samriddhi Yojana Calculator, first let’s see what is Sukanya Yojana and what are the latest Rules of Sukanya Samriddhi Account in India:
- What is Sukanya Samriddhi Yojana? The popular Sukanya Samriddhi Account ( Girl Child Prosperity Account) is a Government of India backed saving scheme targeted at the parents of girl children. It encourages parents to build a fund savings corpus (fund) for the future education and marriage expenses for their female child. And this Sukanya Samriddhi calculator will help you learn more about this savings scheme
- Sukanya SSY Account can be opened for girls who are less than 10 years of age. That is, the maximum age limit for Sukanya Samriddhi Yojana is 10 years.
- The girl for whom Sukanya account is opened should be a resident Indian.
- The minimum investment is Rs 250 and the maximum investment limit is Rs 1.5 lac per financial year in SSY account. But there is no cap on the number of deposit transactions you can make in a given year subject to overall limit of Rs 1.5 lac per account per year.
- Sukanya Samriddhi Yojana interest rate is 8.4% currently. You can read more at Sukanya Samriddhi Yojana Interest Rate History.
- It is only allowed to open one account for one girl child. And a maximum of two Sukanya accounts can be opened for two girls. If twin girls are born as the second birth or if triplet (3 daughters) are born in the first birth itself, then the SSY rules allow the opening of 3 Sukanya Samriddhi Accounts as well.
- The Sukanya Samriddhi Scheme matures on completion of 21 years from the date of account opening or as the girl child gets married, whichever is earlier (It is worth noting that the girl attaining the age of 21 years has no relevance to the maturity of this scheme). And even though the scheme duration is 21 years, it is only allowed to make contributions for the first 15 years only. After the 15th year, no further contributions can be made but the SSY account continues to earn interest at the notified rates on balance amount for the remaining 6 years (up to the 21st year after account opening).
- Withdrawals of up to a maximum of 50% of SSY account balance at the end of the financial year can be made preceding the year of application for withdrawal, for the purpose of higher education of the girl child. But such withdrawal for higher education will only be allowed if the girl has attained the age of 18 years or has passed 10th standard, whichever is earlier. So for example, if the Sukanya Account balance at the end of the previous financial year is Rs 10 lac, then you can only withdrawal Rs 5 lac for your daughter’s higher education needs in the next FY.
- Sukanya Account matures after 21 years of account opening. But money can also be withdrawn for marriage before this 21-year period.
That were the updated rules of Sukanya Samriddhi Yojana. Now with that clarity, we are in a better position to use the Sukanya calculator to estimate how much money can be saved for daughter’s education and marriage using Sukanya Samriddhi Account.
How to calculate the maturity value of Sukanya Samriddhi Account?
The best approach is to use this Free Sukanya calculator. The link for it is given below:
I suggest you download the Sukanya calculator first and then read below as to how to use this.
So here is the right method to use the Sukanya Samriddhi Calculator:
- The Sukanya calculator will ask for the age of the girl child. Remember, the age of girl child at the time of SSY account opening should be less than 10 years.
- It will take Sukanya Yojana interest rate (currently 8.4%) as input for all the years. To make it simple, you can use the same rate of interest for all the years.
- It will take a contribution amount towards investment in the Sukanya Yojana. The minimum requirement is Rs 250 and the maximum is Rs 1.5 lac. To make it simple, you can use the same amount for all the years.
- The contributions can only be made for the first 15 years. So the contributions from year 16 to year 21 will be nil. However, individuals will earn interest on the previous contributions during this period. The calculator also considers the interest that is generated when providing the final amount
Based on the above details and inputs provided, the SSY calculator will calculate the amount of money received on maturity of Sukanya Account.
Here is the link to download the calculator again
And if you are curious to know how is the interest calculated on Sukanya Samriddhi account, then here is the answer: The interest is calculated monthly, but added back to the account at the end of the year. Also, the interest amount on SSA accounts balance is calculated for the calendar month on the lowest balance in an SSY Account between the 10th (tenth) day and the end of the month.
Now let’s see some example calculations of the Sukanya Samriddhi Calculator.
We shall be making certain assumptions. These are:
- Age of the Girl Child – 2 years
- Starting Financial Year – FY 2020-21
- Annual Deposit – Rs 1.5 lac (the maximum allowed)
- Contributions Made – 15 (for each of the first 15 years allowed)
- Interest Rate – 8.4%
- Maturity Period – 21 years
- Maturity Financial Year – 2041-42
In the calculator, this would look like this:
As per the SSY calculator, the Maturity Value under SSY after 21 Years will be Rs 73.9 lac. It has also been assumed that throughout these 21 years, there have been no withdrawals made. Though there is an option to withdraw 50% (of preceding FY’s account balance) when the girl is 18 for higher education expenses). In this case, the amount available to withdrawn is about Rs 24.68 lac.
The calculator gives the result as follows:
And if you use the second tab of the calculator, you will find the Sukanya Yojana Calculation Chart (Updated 2020) or you can say SSY Calculator Table and Chart. Here is a screenshot of the same:
And just to give you some ready reference about Sukanya Samriddhi Maturity Amount for various contributions, here is a ready reckoner (assuming 8.4% annual rate of interest):
- Invest Rs 10,000 per year in SSY account: Maturity after 21 years is Rs 4.9 lac
- Invest Rs 20,000 per year in SSY account: Maturity after 21 years is Rs 9.8 lac
- Invest Rs 30,000 per year in SSY account: Maturity after 21 years is Rs 14.8 lac
- Invest Rs 40,000 per year in SSY account: Maturity after 21 years is Rs 19.7 lac
- Invest Rs 50,000 per year in SSY account: Maturity after 21 years is Rs 24.6 lac
- Invest Rs 60,000 per year in SSY account: Maturity after 21 years is Rs 29.5 lac
- Invest Rs 70,000 per year in SSY account: Maturity after 21 years is Rs 34.5 lac
- Invest Rs 80,000 per year in SSY account: Maturity after 21 years is Rs 39.4 lac
- Invest Rs 90,000 per year in SSY account: Maturity after 21 years is Rs 44.3 lac
- Invest Rs 1 lac (Rs 1,00,000) per year in SSY account: Maturity after 21 years is Rs 49.3 lac
- Invest Rs 1.1 lac (Rs 1,10,000) per year in SSY account: Maturity after 21 years is Rs 54.2 lac
- Invest Rs 1.2 lac (Rs 1,20,000) per year in SSY account: Maturity after 21 years is Rs 59.1 lac
- Invest Rs 1.3 lac (Rs 1,30,000) per year in SSY account: Maturity after 21 years is Rs 64.0 lac
- Invest Rs 1.4 lac (Rs 1,40,000) per year in SSY account: Maturity after 21 years is Rs 68.9 lac
- Invest Rs 1.5 lac (Rs 1,50,000) per year in SSY account: Maturity after 21 years is Rs 73.9 lac
That is an example of SSY Interest Calculator or more broadly, SSY Amount calculator.
And what if you want to invest regularly in a fixed monthly amount in SSY account? Let’s see how much you can save using Sukanya Account by investing a fixed amount every month:
Note – The actual figures will differ as the calculation is done on an annual basis using the simple SSY calculator.
- Invest Rs 1000 per month in SSY account: Maturity after 21 years is Rs 5.9 lac
- Invest Rs 2000 per month in SSY account: Maturity after 21 years is Rs 11.82 lac
- Invest Rs 3000 per month in SSY account: Maturity after 21 years is Rs 17.7 lac
- Invest Rs 4000 per month in SSY account: Maturity after 21 years is Rs 23.6 lac
- Invest Rs 5000 per month in SSY account: Maturity after 21 years is Rs 29.5 lac
- Invest Rs 6000 per month in SSY account: Maturity after 21 years is Rs 35.4 lac
- Invest Rs 7000 per month in SSY account: Maturity after 21 years is Rs 41.3 lac
- Invest Rs 8000 per month in SSY account: Maturity after 21 years is Rs 47.3 lac
- Invest Rs 9000 per month in SSY account: Maturity after 21 years is Rs 53.2 lac
- Invest Rs 10,000 per month in SSY account: Maturity after 21 years is Rs 59.1 lac
- Invest Rs 11,000 per month in SSY account: Maturity after 21 years is Rs 65.0 lac
- Invest Rs 12,000 per month in SSY account: Maturity after 21 years is Rs 70.9 lac
- Invest Rs 12,500 per month in SSY account: Maturity after 21 years is Rs 79.3 lac
So those are few examples of how much you can save in Sukanya Samriddhi Yojana for your daughter’s higher education and marriage needs.
All these figures have been calculated using the excel based Sukanya Samriddhi Yojana Calculator. You can also refer to them as Sukanya Yojana Calculation Table or Sukanya Yojana Chart.
And as you can see, this is one of the biggest advantages of the Sukanya Samriddhi Account maturity calculator. You get to know exactly how much will be the maturity value when the Sukanya account matures after 21 years. And it also tells you how much money can be withdrawn when the girl turns 18 and needs money for her higher education.
For those who wish to know the tax benefits for everything, here is a small refresher about the Tax Benefits for Sukanya Samriddhi Scheme.
In Budget 2015, the government made Sukanya Samriddhi Yojana as an Exempt-Exempt-Exempt (EEE) scheme. This means that contributions to Sukanya Account can be claimed as deductions under Section 80C (up to Rs 1.5 lac per year). The yearly interest income (which is anyways added back to the amount in account) is also tax-free. And finally, the total amount at maturity or withdrawal (for education) is also tax-free.
Many people get attracted by the higher interest rate of Sukanya Samriddhi when compared to PPF. But remember that PPF is used for savings for various goals, while SSY account is exclusively designed for saving for the daughter’s needs. And if you already have a PPF account, even then you can invest in Sukanya Samriddhi Yojana if it works for you.
Sometime back, I wrote an updated and Sukanya Samriddhi Yojana Detailed Guide (2020) which has all the details that should be known to parents investing in Sukanya Yojana in India for their daughters in 2020.
But you may want to ask one question before you go ahead with your SSY account.
Is Sukanya Samriddhi Yojana good for Daughter’s Future?
This is not an easy question to answer.
So even though previously discussed Sukanya Yojana Calculation Chart and Sukanya Yojana Calculation Table highlight how much money can be accumulated using SSA account and how to calculate Sukanya Samriddhi Yojana interest at 8.4% and final maturity amount using the Sukanya Maturity Calculator, remember that education inflation at times can be much higher than just 8-9% (which SSY offers as of now)
For someone who is adamant on not taking any risk at all, i.e. for a conservative risk-averse investor, the Sukanya Samriddhi Scheme makes a lot of sense. Not everyone is comfortable investing in equity-linked schemes and one should respect that fact. A lot of investors prefer guaranteed returns at the cost of earning lower returns. And as a matter of fact, the tax-free return of 8.4%, and that too without risk* is not bad at all for a conservative, low risk-appetite person.
But I think that if you can bear with volatilities of stock market investing and can really stay on course for 15-20 years, then you should simply start doing SIP in good equity funds (assuming your risk profile allows it). Period. No need to think about anything else. There is enough proof of how SIP creates wealth in long term.
If you have several goals among which saving for daughter’s education and marriage is also one of the goals, then you should first plan your finances properly after undergoing a comprehensive investment planning exercise:
It will help create a proper financial plan which will guide you how to invest for all your financial goals and not just worry about using Sukanya Samriddhi Account for saving for your daughter’s future or just about knowing the latest Sukanya Samriddhi Scheme details in 2020.
So that is all that I wanted to highlight about the Sukanya Samriddhi Calculator 2020.
Doing all the financial calculations manually can be cumbersome and make it prone to human errors. This is where this easy-to-use Excel based Sukanya Calculator (Free Download) comes in handy.
The SSY or Sukanya Samriddhi Scheme is a small deposit scheme launched as a part of the ‘Beti Bachao Beti Padhao’ campaign of the government and is aimed at providing money for the girl child’s future (for her education and marriage).
If you are planning on investing in the SSY scheme, then you can download and use the Sukanya Samriddhi Yojana calculator to calculate the Sukanya maturity amount at the end of the tenure. This Sukanya Samriddhi calculator can also be used to find out how much money will be available for withdrawal when the daughter turns 18 for here higher education.
So if you are parent planning to save and invest for daughter’s future in India, then I hope you find this Sukanya Samriddhi Yojana Calculator 2020 or SSY calculator 2020 useful to calculate the maturity value of SSY Account and to plan investments for your daughters.