InvestorQ : What is a Sukanya Samriddhi Yojana (SSY)?
Tanu Shukla made post

What is a Sukanya Samriddhi Yojana (SSY)?

Manisha Mehta answered.
4 years ago

The Sukanya Samriddhi Yojana (SSY) is a small-savings scheme backed by the Government of India exclusively for the Indian girl child.

The scheme allows a parent or legal guardian to open an account in the name of a girl child until she becomes 10 years old.

The government announced the SSY scheme to encourage parents or guardians of girl child to create a corpus or a fund for the child’s future- education and/or marriage. A Sukanya Samriddhi Yojana (SSY) account can be opened in post offices and certain specifically designated banks.

Additionally, 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.