About Sukanya Samriddhi Yojana (SSY)

The Sukanya Samriddhi Yojana (SSY) is a small deposit scheme launched by the Government of India for the benefit of a girl child. It offers an attractive interest rate and tax benefits under Section 80C. The scheme allows deposits for 14 years and matures after 21 years from the account's opening date.

Features:

• High interest rate (currently 8.2%).
• Deposit period: 14 years.
• Maturity period: 21 years.
• Tax benefits under Section 80C.

Formula Used

A = P (1 + r/n) ^ (nt)

Where:
A = Maturity Value
P = Principal Amount (Yearly Deposit)
r = Rate of Interest (8.2% = 0.082)
n = Number of times the interest compounds annually (1 for yearly compounding)
t = Time (in years)