👧Sukanya Samriddhi calculator

How is Sukanya Samriddhi maturity calculated?

A Sukanya Samriddhi account is a government savings account opened by a guardian for a girl child. You can put in ₹250 to ₹1,50,000 in a financial year, for 15 years from the date of opening, and the account matures 21 years after it is opened.

Interest for a month is worked out on the lowest balance between the close of the 5th day and the end of that month, and it is credited at the end of each financial year. So money deposited by the 5th earns for that whole month, and one deposit on or before 5 April earns for the full year.

The rate is set by the Government and the National Savings Institute lists it as 8.2% from 1 January 2024. It is reviewed every quarter, so the calculator lets you change it. The calculator does not cover withdrawals for education or closure on marriage.

What is the formula for Sukanya Samriddhi maturity?

• Each year: balance = (balance + deposit) × (1 + rate ÷ 100)
• A yearly deposit is made on or before 5 April, so it earns for the whole year
• After deposits stop at year 15: balance = balance × (1 + rate ÷ 100) each year until maturity at year 21
• Monthly deposits: each month the lowest balance earns the rate ÷ 12, and the year’s interest is added at the end of the year
• The account takes ₹250 to ₹1,50,000 in a financial year

Can you show a worked example of Sukanya Samriddhi maturity?

₹1,50,000 put in each year on or before 5 April, for 15 years at 8.2%: the balance after year 1 is (0 + 1,50,000) × 1.082 = ₹1,62,300, and after year 15 it is ₹44,75,989. No more is deposited after that, but the balance keeps earning and reaches ₹71,82,119 at year 21, of which ₹22,50,000 is what you invested and ₹49,32,119 is interest.