Many people are asking many questions about how to calculate Sukanya Samriddhi Account maturity amount. In this article I will share a simple calculation with which one can calculate the return of this account.
Sukanya Samriddhi Account New Saving Scheme is the latest small deposit scheme launched by Govt. As this scheme is linked with Beti Bachao Beti Padhao campaign, there is a huge chance of success of this SSA scheme.
But before proceeding one thing you have to remember that the interest rate of this scheme is not fixed. Means, every year this will be changed. And for that reason the below calculation will not be accurate as I am assuming 9.1% interest throughout.
Before starting the calculation, let’s assume that you have opened Sukanya Samriddhi Account immediately on birth of your girl child. Means we can assume age = 0 years in 2015. In that case your deposit period will be till 14th years. 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 Sukanya Samriddhi Account maturity amount with any of the excel calculators available in internet. Check the Sukanya Samridhi Account Calculator I have used to calculate.
Now, the first in 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E.g. if 18 year will complete in the month of June, then 50% of amount accumulated till May 31st can be withdrawn from the SSA account.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 4,72,890/- after 18 years. So you can withdraw 50% of 4,72,890/-, i.e. 2,36,445/- in the year 2033 to spend for your child’s education.
How much I will get 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 3,07,892/-. 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 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 6,15,784. You can use the SSA calculator and do further calculation as per your need.