Sukanya Samriddhi Account (SSA) is girl child-centric post office scheme, where an account holder can build a corpus for education and marriage of their daughter.
The scheme provides 8.2 per cent interest rate compounded and calculated yearly. The minimum investment in the scheme in a financial year is Rs 250, and the maximum is Rs 1.50 lakh.
Deposits up to Rs 1.50 lakh in a financial year in SSA provide tax benefits under Section 80C of the Income Tax Act.
Interest earned in the scheme is tax free under the Income Tax Act, 1961.
Withdrawal may be taken from account after a girl child attains the age of 18 or passes the 10th standard. However, in such a situation, withdrawal can be taken up to 50 per cent of the balance available at the end of the preceding financial year.
If you invest Rs 1.50 lakh in a financial year for 15 years, your total investment will be Rs 22,50,000. The interest earned will be Rs 46,82,648, and the maturity amount will be Rs 69,32,648.