How the scheme works

Selva Magal is the Tamil name for the Sukanya Samriddhi Account, the Government of India's savings account for a girl child. It is opened at a post office or at a bank authorised to run the scheme, and the rules are the same at both. The calculator follows these rules:

A parent or legal guardian opens the account in the girl's name before she turns 10.
Deposits are between ₹250 and ₹1,50,000 in each financial year (April to March).
Deposits are made for 15 years from the date the account is opened. The account then keeps earning interest until it matures, 21 years from opening.
Once she turns 18 or passes Class 10, up to 50% of the balance at the end of the previous financial year can be withdrawn for her higher education.
Interest is compounded yearly. The government sets the rate every quarter, and a new rate applies to the whole balance.

Current interest rate

The rate is 8.2% a year for October to December 2026, unchanged from the previous quarter, under the Finance Ministry's small savings notification of 30 September 2026. It has been 8.2% since January 2024. The calculator uses whatever rate you enter, so change it if you want to see a lower or higher rate over 21 years.

Tax

Under the old income tax regime, deposits count towards the ₹1.5 lakh Section 80C deduction. The interest and the maturity amount are tax-free. The new tax regime gives no 80C deduction, so the tax figures above apply only if you file under the old regime.

Opening an account in Chennai

Any post office in the city can open the account, and so can the banks authorised for small savings schemes. Take the girl's birth certificate and the parent's or guardian's ID and address proof. India Post's website and the National Savings Institute publish the scheme rules and forms.

Calculator ported from our sister site Coimbatore Junction. See also the EMI calculator.