Sukanya Samriddhi Scheme: Those who want a lum sum big amount and do not want to put their money in a risky scheme, can invest in Sukanya Samriddhi Yojana (SSY). The Central Government is running Sukanya Samriddhi Scheme and it gives higher than interest rate than even PPF along with all benefits while filing Income Tax Returns (ITR). The biggest benefit in Sukanya Samriddhi Scheme is to get a big interest rate throughout the investment period as SSY Scheme unlike PPF remains unaffected by the change in interest rate after every three months.

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Speaking on the Sukanya Samriddhi Account benefits SEBI registered tax and investment expert, Jitendra Solanki said, "In Sukanya Samriddhi Yojana, one gets EEE benefit on investment up to Rs 1.5 lakh investment in a financial year. Means, one can invest 12,500 per month to get full Rs 1.5 lakh income tax exemption under Section 80C of the Income Tax Act." Solanki said that if someone has a low risk appetite, then Sukanya Samriddhi Yojana can be a better tax-saving option provided one has a girl child.

Using the Sukanya Sarmriddhi Yojana calculator, Kartik Jhaveri, Director — Wealth Management at Transcend Consultants said, "If someone has a girl child then they should start investing in the SSY account at the very birth. In that case, the parent will be able to deposit money in SSY for 15 years as one is not allowed to invest for more than this period."

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Jhaveri said that if a father of a girl child invests Rs 12,500 per month in SSY account, then at the time of maturity the girl will get Rs 63,97,855. Jhaveri said that it will allow investors to avail the entire Section 80C benefit and guaranteed fixed return on one's investment.

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Source: HDFC Bank SSY calculator

"Since it's related to the future of one's girl child, SSY is one of the most suitable investment tools for those investors who have low risk appetite," said Jhaveri.