Many people have many questions about how to calculate Sukanya Samriddhi Account maturity amount. If you are also planning to invest in this small savings scheme, then you must want to know how much you can expect on maturity. In this article I will share a simple calculation with which one can calculate the maturity value of Sukanya Samriddhi Yojana.
Sukanya Samriddhi Yojana is one of the most popular government schemes for girl child. As this scheme is linked with Beti Bachao Beti Padhao campaign, there is a huge chance of success of this Govt. scheme.
But before proceeding, one thing you have to remember that the interest rate of Sukanya Yojana is not fixed. Means, it will be changed periodically. And for that reason the below calculation may not be accurate for the coming quarters as I am assuming 8.5% interest rate throughout.
Sukanya Samriddhi Yojana Maturity Value
Before calculating the Sukanya Samriddhi Account maturity amount, let’s assume that you have opened Sukanya Samriddhi Yojana immediately on birth of your girl child. Means we can assume that the age of the girl child is = 0 years in 2017. In that case your deposit period will be till 14th years. And you are going to invest monthly Rs 1000 in your SSA account.
How to Calculate Sukanya Samriddhi Account Maturity Amount
How much I will get after 18 years
We can calculate the maturity value of Sukanya Samriddhi Account with any of the excel based calculators available in internet. Check out the Sukanya Samridhi Account maturity calculator I have used to calculate.
Now, the first Sukanya Samriddhi Account withdrawal is possible at the 18th year after opening the account and the purpose for that is education expense of the girl child. Now the amount one can withdraw is upto 50% of accumulated value till the previous month of 18th year.
E.g. if 18 year will complete in the month of June, then 50% of amount accumulated till May 31st can be withdrawn from the SSA account. In the above example the amount will be 4,36,620/- after 18 years. So you can withdraw 50% of 4,41,622/-, i.e. 2,20,811/- in the year 2035 to spend for your child’s education.
Sukanya Samriddhi Yojana – Calculating Maturity Value after 21 Years
So after withdrawing 50% amount, the remaining balance will be there in the SSA account. By the time your kid will be 21 years, the amount will grow up to Rs 2,82,820/-. Now as per the law the maturity period of account will be 21 years completion years from the date of opening or marriage date of the girl child whichever is earlier.
In this example if your daughter doesn’t get married till 21 years, then the account will be closed automatically. In case marriage happened between 18 – 21 years, then on that year account will be mature.
So if you invest monthly Rs 1000 in the SSA account and don’t withdraw at the age of 18 years, then your Sukanya Samriddhi Account maturity amount will be around Rs 5,65,650. You can use the Sukanya Samriddi Yojana calculator and do further calculation as per your need. Please feel free to share your experiences and queries, if any.