Explanation

Sukanya Samriddhi Yojana (SSY) is like a booster savings plan by the Indian government, designed especially for girl children under the age of 10. ✨ SSY is not just a savings scheme; it's a fuel for their passions & dreams!

Parents or guardians can open an SSY account with a minimum deposit of ₹250. In a family, at most two accounts can be opened for two girls. (If second one is twin, then 3) And guess what? Every contribution is like a wand wave 🪄 against taxes! ✨💸

Now, the SSY adventure unfolds over 21 enchanting years. 📆 Along this journey, the Sukanya Samriddhi Yojana account grows with a competitive interest rate, compounding annually.

But hold on, it doesn't stop there! When the girl child turns 18, a small part (50%) of the SSY treasure chest can be unlocked for special quests like education. 📚✨ Imagine your lil one ruling over the world with her 1st class education! 🌍 Even if she decides to marry, SSY account can be closed prematurely. 🌸

In essence, Sukanya Samriddhi Yojana is not just an investment plan; a savings journey, ensuring that our little ones have the resources they need for a future full of dreams and adventures. 🚀👸💰

The formula to determine Maturity value

A = P * (1+ r/n) ^ n*t
where I = A – P
A = Maturity value
P = Principal amount
r = rate of interest payable n times a year
t = Number of years
n = Compounded interest frequency
I = Interest earned amount

How Our SSY Calculator Can Help You?

a) Calculate the SSY maturity amount
b) Determine the monthly contribution amount to get the desired corpus
c) Compare returns to other investment options for a girl child.
d) Understand the SSY scheme eligibility, contribution limits, tax benefits, and withdrawal rules.