Sukanya Samriddhi Yojana is the flagship scheme of the Central government to help secure the financial future of the girl child. The scheme also offers income tax relief to parents and guardians who start saving money in the name of their girl child under this scheme. While one can open Sukanya Samriddhi account with almost all leading commercial banks, it may be surprising to know for many that most of the accounts opened under the scheme are with Post Office. 

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Minister of State for Communications (Independent Charge), Manoj Sinha Tuesday said, "Of the 1.46 crore Sukanya Samriddhi Accounts opened in the country so far, 1.27 crore accounts reside with Post Offices." This massive number clearly shows that the scheme is more popular in rural areas, where people are more used to transacting with post offices. In urban centres, people do their financial transactions mostly through commercial banks.  

Sukanya Samriddhi Yojana is a government-backed saving scheme. The Union government had launched the 'Sukanya Samriddhi Account' programme in January 2015 for the welfare of the girl child under the "Beti Bachao Beti Padhao" programme. 

Five features/benefits of Sukanya Samriddhi Yojana

- Sukanya Samriddhi Yojana (SSY) allows parents, or legal guardians, to make deposits as low as Rs 250/per annum in the name of the girl children. The Sukanya Samriddhi Account offers one of the highest interest rates among all saving schemes of banks. 

- The rate of interest on SSY account at present is 8.5%. This is revised by the government every quarter. 

- The SSY deposit comes with triple tax benefits - There is no tax on the amount invested, amount earned as interest and amount withdrawn. 

- The SSY account can be opened by a natural or legal guardian on behalf of a girl child below 10 years of age.

- The SSY tenure of deposit is 21 years from the date of opening of the account. Deposits can be made for a maximum period of 15 years from the date of opening of the account.

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Until November 2017, over 1.26 crore accounts were opened in the name of girl-child, securing an amount of Rs.19,183 crore," Finance Minister Arun Jaitley had said while presenting the Union Budget early this year. 

One can open Sukanya Samriddhi Account as these banks as well (as approved by the Reserve Bank of India): State Bank of Patiala, Vijaya Bank, United Bank of India, Union Bank of India, UCO Bank, Syndicate Bank, Punjab & Sind Bank (PSB), Oriental Bank of Commerce (OBC), Indian Overseas Bank (IOB), Indian Bank, IDBI Bank, ICICI Bank, Dena Bank, Corporation Bank, Central Bank of India (CBI), Canara Bank, Bank of Maharashtra (BOM), Bank of India (BOI), Bank of Baroda (BOB), Axis Bank, Andhra Bank, Allahabad Bank.