The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme created to help families build a fund for a girl child’s education and future. A parent or legal guardian can open an account for a girl child below the age of 10 at any post office or authorised bank.
Few schemes combine a high interest rate with complete tax exemption the way SSY does. It carries EEE tax status: deposits qualify for deduction under Section 80C, the interest credited each year is tax-free, and the maturity amount is fully exempt. For a family saving ₹1 lakh a year, the final corpus can run into several lakhs, with a large share coming from interest rather than deposits.
This calculator projects the maturity figure from your planned yearly deposit and the interest rate you enter, showing total deposits, interest earned and the final tax-free corpus side by side. Use it to test different deposit amounts and see how starting early changes the outcome, since deposits made in the first few years compound for the longest.
SSY also offers practical flexibility. After the daughter turns 18, up to 50% of the balance can be withdrawn for her higher education, and the account can be closed early if she marries after 18. Otherwise it runs its 21-year course, so treat projections as estimates and revisit them whenever the quarterly interest rate changes.
How it works
The calculator works year by year, mirroring how the account actually grows. For each of the 15 deposit years, it adds your yearly deposit to the running balance and then applies the interest rate you entered, compounding the total annually. Once the deposit period ends, no fresh money goes in — but the accumulated balance keeps earning interest for the remaining 6 years until the account matures at year 21.
That long tail without deposits is where compounding does its best work. Money deposited in year one earns interest for the full 21 years, while money deposited in year 15 earns interest for only about 7 years. This early-start advantage is the single biggest driver of a large SSY corpus.
The result screen separates your total deposits from the interest earned, so you can see exactly how much of the final corpus came from growth rather than your own contributions. One simplifying assumption to know about: the projection uses the rate you enter for all 21 years, while the real SSY rate is revised every quarter. Re-run the calculation whenever the prevailing rate changes to keep your plan realistic.
How to use this tool
- Enter your planned yearly SSY deposit, from ₹250 up to ₹1.5 lakh.
- Enter the current SSY interest rate per annum, around 8.2% at present.
- Enter your daughter's current age to set the deposit timeline.
- Click Calculate to see deposits, interest and maturity value.
- Try different yearly deposits to compare how each changes the final corpus.
Practical tips
- Deposit early in the financial year — money deposited earlier starts earning interest sooner, which adds up over 21 years.
- Never skip the ₹250 minimum deposit in a year; a missed year puts the account in default and requires paying arrears plus a penalty to revive it.
- You can deposit in multiple instalments through the year instead of one lump sum, which suits families saving from monthly income.
- Today's interest rate won't last the full tenure — check the revised quarterly rate and update your projection yearly.
Frequently asked questions
Who can open an SSY account?
A parent or legal guardian can open an SSY account for a girl child below the age of 10, at a post office or an authorised bank branch. Only one account is allowed per girl child, and a family can normally open accounts for up to two daughters — with exceptions for twins or triplets in the first or second birth.
Is the SSY maturity amount tax-free?
Yes. SSY enjoys EEE tax status in India: deposits of up to ₹1.5 lakh per year qualify for deduction under Section 80C, the interest credited each year is fully tax-free, and the maturity amount is exempt from tax. This triple benefit makes SSY one of the most tax-efficient savings options for a daughter's future — just remember the interest rate itself can change each quarter.
For how many years do I need to deposit?
Deposits are required for the first 15 years after the account is opened, within the ₹250 to ₹1.5 lakh annual range. The account then matures after 21 years from opening. During the final 6 years no deposits are made, but the accumulated balance keeps earning interest — which is why deposits made in the early years grow the most through compounding.
Can I withdraw from SSY before maturity?
Full premature closure is allowed only in specific situations, such as the account holder's marriage after she turns 18, subject to conditions. A partial withdrawal of up to 50% of the balance is permitted for the daughter's higher education after she turns 18. Otherwise the account runs its full 21-year term, so plan your deposit schedule with that lock-in in mind.
What happens if I miss the minimum deposit in a year?
If you deposit less than ₹250 in a financial year, the account is treated as being in default. It can be revived by paying the missed minimum deposits plus a small penalty for each default year. Revival is worth doing promptly, since a lapsed account otherwise stops earning the scheme's full benefit for the remaining tenure.
When is the best time to open an SSY account?
As early as possible. Since deposits run for 15 years and the account matures at 21 years, opening the account when your daughter is very young gives every rupee the maximum compounding period. An account opened at birth grows far more than one opened at age 9 with the same yearly deposit, so there is no advantage in waiting.
Note: These are estimates for planning only; the SSY interest rate is revised every quarter and this is not financial advice.