Yes. The government has provided tax benefits for those individuals who subscribe to the Sukanya Samriddhi Yojana (SSY). This is because the government wants to encourage parents or guardians of girl child to build a fund or corpus for the girl child’s future education and wedding expenses.

Thus, the SSY account offers income tax benefits by way of taxable income deductions under Section 80C for up to Rs 1.5 lakh along with a higher interest rate compared to other small savings schemes.