Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the girl child launched as a part of the ‘Beti Bachao Beti Padhao’ campaign and Launched on 22nd January 2015.
It is currently (2017-18) fetching an interest rate of 8.3 per cent and provides income-tax benefit.
A Sukanya Samriddhi Account can be opened any time after the birth of a girl till she turns 10, with a minimum deposit of Rs 1,000. A maximum of Rs 1.5 lakh can be deposited during the ongoing financial year.
A Sukanya Samriddhi Account can be opened in any authorised Post Office branch or authorised branches of commercial banks. Generally, all banks that provide the facility to open a Public Provident Fund (PPF) account offer one for Sukanya Samriddhi Yojana (SSY) too.
The account will remain operative for 21 years from the date of its opening or till the marriage of the girl after she turns 18.
To meet the requirement of her higher education expenses, partial withdrawal of 50 per cent of the balance is allowed after she turns 18.