Use this tool to calculate the maturity amount of your Sukanya Samriddhi Yojana (SSY) account. SSY is a government-backed savings scheme specifically designed to promote the education and marriage of the girl child. It offers attractive interest rates and tax benefits, making it a favorable choice for long-term savings.

Who Will Benefit:
- **Parents of a Girl Child:** To plan and save for their daughter's future education and marriage.
- **Financial Planners:** For advising clients on long-term savings options for their children's future.
- **Tax Savers:** To benefit from tax deductions under Section 80C of the Income Tax Act while investing in a secure and tax-free savings scheme.

Where is SSY Applied?
- **Education Planning:** To accumulate funds for higher education expenses.
- **Marriage Planning:** To save for marriage expenses.
- **Long-Term Financial Goals:** For securing funds for the girl's future needs and providing financial security.

Formula Used:
The formula for calculating the maturity amount of an SSY account is:
M = P * [(1 + r/n)^(nt) - 1] / (r/n) * (1 + r/n)
Where:
- M = maturity amount
- P = annual contribution (total deposit per year)
- r = annual interest rate (decimal)
- n = number of times interest is compounded per year (typically 12 for monthly compounding)
- t = total time in years (15 years or less, depending on the investment duration)

Example:
To calculate the maturity amount of an SSY account with an annual contribution of ₹1,00,000, an annual interest rate of 7.6% compounded monthly, and a total investment period of 15 years, enter '100000' for the annual contribution, '7.6' for the annual interest rate, '12' for the number of times interest is compounded per year, and '15' for the number of years. Click 'Calculate Maturity Amount' to get the result. The formula used will be:
M = 100000 * [(1 + 0.076/12)^(12*15) - 1] / (0.076/12) * (1 + 0.076/12)

Note:
Ensure all inputs are entered correctly. The annual interest rate should be entered as a percentage (e.g., enter '7.6' for 7.6%). The time should be entered in years, and the compounding frequency should match the SSY's compounding schedule. Incorrect or invalid inputs will result in an error message.

The result will display the total maturity amount including the principal and interest earned. For example, entering an annual contribution of ₹1,00,000, an annual interest rate of 7.6%, compounded monthly, and a time period of 15 years will provide the maturity amount, helping you understand the total return on your SSY investment.

Additional Information:
- **Interest Rates:** SSY interest rates are set by the government and may change quarterly. Always check the latest rates from official sources.
- **Investment Limit:** The maximum annual contribution to an SSY account is ₹1.5 lakh. Contributions above this limit are not eligible for tax benefits.
- **Eligibility:** SSY accounts can be opened in the name of a girl child below the age of 10 years. The account can be maintained until the girl turns 21 years old.
- **Tax Benefits:** Contributions to SSY are eligible for tax deduction under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-free.