SSY Scheme: The Central Government launched the Sukanya Samriddhi Yojana to make daughters financially self-reliant. Operated by the Post Office, this is an excellent long-term savings scheme.

Sukanya Samriddhi Yojana: The Central Government introduced the Sukanya Samriddhi Yojana to financially secure the future of daughters. Launched in 2015, this Post Office-run long-term savings scheme completely eliminates worries regarding expenses ranging from a daughter's education to her marriage.

Know the scheme's key features and interest rate.

The most significant feature of this scheme is its complete safety, as it is backed by a government guarantee. Currently, the scheme offers an interest rate of 8.2 per cent. Parents can open this account for daughters under the age of 10. Accounts can be opened with a minimum deposit of ₹250, and up to ₹1.50 lakh can be deposited annually.

What are the maturity and investment periods?

The total tenure of the scheme is 21 years, but parents are required to make deposits for only the first 15 years. The final 6 years constitute a lock-in period during which interest continues to accrue even without further deposits.

How can you build a fund of ₹72 lakh?

If you open the account within one year of your daughter's birth and invest the maximum amount of ₹12,500 per month, your total investment over 15 years will amount to ₹22.50 lakh. Upon the daughter turning 21, you will easily receive a total of ₹71,82,119 (approximately ₹72 lakh), calculated at an interest rate of 8.2 percent; the interest component alone accounts for ₹49,32,119 of this amount.

Additionally, this scheme offers tax benefits under Section 80C of the Income Tax Act. Notably, if a family has twin daughters following a first daughter, all three can avail themselves of the scheme's significant benefits. You can also easily withdraw 50 percent of the accumulated corpus for the daughter's education once she turns 18, without any hassle.