Sukanya Samriddhi Yojana: By investing just Rs 1.5 lakh per year for 15 years, you can gift your daughter over Rs 70 lakh when she turns 21 and also save tax on the investment while filing the annual Income Tax Return (ITR). The flagship Sukanya Samriddhi Yojana, which was launched by PM Narendra Modi-led Union government in January 2015, aims at securing the future of the girl child. It provides triple tax benefits - no tax is levied on the amount invested, amount earned as interest and the amount withdrawn.

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One can invest as low as Rs 250/year up to maximum Rs 1.5 lakh per annum for a period of 15 years. The account matures after the completion of 21 years. 

The Sukanya Samriddhi account may be opened by the legal guardian or parents in the name of a beneficiary who has not attained the age of 10 years as on the date of opening of the account. Only one account can be opened in the name of one beneficiary. In one family, Sukanya Samriddhi Account can be opened for a maximum of two girl children. Deposits can be made in the account till the completion of a period of 15 years from the date of opening. 

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At present, the rate of interest on deposits made under the scheme is 8.1 per cent. This is revised every year. As per the current interest rate, one can get around  46,821 at maturity after the completion of 21 years by investing just Rs 1000 per year,  For a deposit of Rs 2000/year, one can get Rs Rs 93,642. 

By depositing Rs 5000 per year, one can get Rs 2,34,107 after 21 years. Similarly, for investments of Rs 10,000, Rs 20,000, Rs 50,000, Rs 1,00,000, Rs 1,25,000 and Rs 1,50,000 annually, one can get Rs.4,68,215, Rs.9,36,429,  Rs.23,41,073, Rs.46,82,146, Rs.58,52,683, Rs.70,23,219 in return respectively. 

You can open Sukanya Samriddhi Account in one of these banks: State Bank of India, State Bank of Mysore, State Bank of Hyderabad, State Bank of Travancore, State Bank of Bikaner & Jaipur, State Bank of Patiala, Vijaya Bank, United Bank of India, Union Bank of India, UCO Bank, Syndicate Bank, Punjab National Bank, Punjab & Sind Bank, Oriental Bank of Commerce, Indian Overseas Bank, Indian Bank. IDBI Bank, ICICI Bank, Dena Bank, Corporation Bank Central Bank of India, Canara Bank, Bank of Maharashtra, Bank of India, Bank of Baroda, Axis Bank, Andhra Bank and Allahabad Bank.