Sukanya Samriddhi Yojana: Sukanya Samriddhi Yojana is a government small savings scheme for the benefit of a girl child. The scheme was launched in 2015 under the flagship "Beti Bachao, Beti Padhao" campaign of the government to encourage parents to start saving for their girl child from an early age. As compared to many other popular savings options, such as the Public Provident Fund, SSY is known to offer higher returns. The Sukanya Samriddhi Yojana Account has a tenure of 21 years or until the girl child marries after the age of 18. At present, an 8 per cent interest is available on Sukanya Samriddhi Yojana. Opening an SSY account at a post office or bank is hassle-free. The SSY scheme comes with a higher interest rate along with several tax benefits.

There are times when the account can get deactivated due to insufficient funds or when a minimum amount of Rs. 250 is not deposited. One can activate the account by paying a penalty fee of Rs 50 at the bank or the post office. But if, for some reason, you are not able to deposit the minimum amount annually in it, the account is considered default. In such a situation, the account is closed.
 
 

Benefits of investing in Sukanya Samriddhi Yojana:
 

  • In Sukanya Samriddhi Yojana, one gets much higher interest than other saving schemes.
  • There are no market risks under Sukanya Samriddhi Yojana.
  • You get the benefit of compounding on the amount invested in Sukanya Samriddhi. That means, apart from the principal amount, you also get interest on the interest.
  • Whether you have opened this account at a post office or a bank, you can easily transfer it to other parts of the country.
  • The minimum investment is Rs 250 annually, and the maximum is Rs 1.5 lakh.
  • You also get the benefit of tax exemption in Sukanya Samriddhi Yojana.
  • Under Section 80C, a maximum exemption of up to Rs 1.5 lakh can be taken in a year.