Sukanya Samriddhi Yojana (SSY) is one of the most popular central government schemes that is now providing the highest interest rate jointly with Senior Citizen Savings Scheme at 8.2 per cent. The scheme centred around girl education and marriage was earlier giving an interest rate of 8.0 per cent.
 

Sukanya Samriddhi Yojana (SSY): Conditions 

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The scheme encourages parents/guardians to save money for their daughter for a maximum of 15 years.

The minimum age of the girl child at the time of starting investment in the SSY scheme should be five years while the maximum should be 10 years.

The account can be opened with a minimum initial deposit of Rs 250.

The SSY account matures when the girl child turns 21.

However, when she turns 18, the amount can also be withdrawn from the account for her education or marriage. 

The minimum investment in the scheme if Rs 250, while the maximum limit is Rs 1.50 lakh in a financial year.

If one fails to deposit Rs 250 in a financial year, the account can be treated as defaulted, which can also be revived.

The account can be closed prematurely under certain conditions five years after opening it.

The interest is credited to the account at the end of every financial year.

The interest rate that one earns in the SSY scheme is tax free under the Income Tax Act.  

 

Sukanya Samriddhi Yojana (SSY): How Rs 10K investment becomes Rs 55.84 lakh

If one begins investing in the SSY scheme in today's time, they can get a good fund after the completion of the scheme.

If you start investing Rs 10,000 a month from today onwards, your total investment in a year will be  Rs 120,000 a year.

If you invest that money till the completion of maturity, i.e. 15 years, you will invest Rs 18 lakh in that period.

After 15 years of investment, you will get Rs 37.84 lakh as the interest rate and your total return will be Rs 55.84 lakh.

You can use that money for your daughter's education or marriage.