What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana (SSY) is a flagship savings scheme launched under the 'Beti Bachao, Beti Padhao' campaign. It is specifically designed to help parents build a substantial corpus for their girl child's higher education or marriage. SSY currently offers one of the highest guaranteed interest rates (around 8.2%) among all small savings schemes.
SSY Deposit Rules & Tenure
You can open an SSY account for a girl child below the age of 10. Deposits are mandatory only for the first 15 years, but the account matures after 21 years or upon the girl's marriage after age 18. The interest continues to compound heavily during those final 6 years even without active deposits!
Tax Benefits of SSY
Like PPF, SSY enjoys the prestigious EEE (Exempt-Exempt-Exempt) tax status. The annual deposits (up to ₹1.5 Lakhs) qualify for Section 80C deductions, the interest accrued is tax-free, and the massive maturity amount is completely exempt from income tax.