Sukanya Samriddhi Yojana (SSY) is a government savings scheme that was launched specially for the girl child. The scheme provides many benefits.
A parent or legal guardian can open an account in the name of a girl child under 10.
As part of the Beti Bachao Beti Padhao campaign, the SSY seeks to meet the educational and economic requirements of female children throughout India.
The sum invested, the interest received, and the withdrawal are all tax exempted.
After the account holder reaches the age of 18, you can withdraw up to 50 per cent of the amount for educational or marriage purposes.
The minimum deposit under SSY is Rs 250.
The maximum deposit is Rs 1.5 lakh.
The current interest rate is 8.2 per cent on the SSY account.
In SSY, the maturity period is 21 years from the opening of the account. The account can also mature upon a girl's marriage after attaining 18 years. Under SSY, the contributions can also be made for 15 years.
If the girl's parents deposit Rs 10,000 or Rs 1.20 lakh per year over 15 years, they can get Rs 55.61 lakh on maturity. This means the parents will contribute a total of Rs 17.93 lakh and they will earn an interest of Rs 37.68 lakh on the total deposit.