1. What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for girl children in India. It offers attractive interest rates and tax benefits under Section 80C of the Income Tax Act.

2. How Does the Calculator Work?

The calculator uses the SSY maturity formula:

Where:

• \( monthly \) — Monthly investment amount (INR)
• \( r \) — Annual interest rate (decimal)
• \( n \) — Total number of months

Explanation: The formula calculates the future value of a series of monthly investments with compound interest.

3. Importance of SSY Calculation

Details: Calculating the maturity amount helps parents plan their daughter's future financial needs for education, marriage, or other expenses.

4. Using the Calculator

Tips: Enter monthly investment in INR, current SSY interest rate in percentage, and investment period in months (minimum 12 months).

5. Frequently Asked Questions (FAQ)

Q1: What is the current SSY interest rate?
A: As of 2023, the SSY interest rate is 8.0% per annum, revised quarterly by the government.

Q2: What is the minimum and maximum investment?
A: Minimum ₹250 and maximum ₹1.5 lakh per financial year. Minimum 15 years lock-in period.

Q3: Who can open an SSY account?
A: Parents/legal guardians of a girl child below 10 years can open the account (max 2 accounts per family).

Q4: What are the tax benefits?
A: Investments qualify for 80C deduction, interest is tax-free, and maturity amount is tax-exempt.

Q5: Can I make partial withdrawals?
A: Partial withdrawal (up to 50% of balance) is allowed after account holder turns 18, for education/marriage.