Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched in 2015 for the benefit of the girl child in India. The scheme is targeted towards the parents or legal guardians of girl children aged 10 years or below and is intended to help with their education and marriage expenses.

The main features of the scheme include:

  1. Eligibility: The scheme is open to girl children aged 10 years or below at the time of opening the account. Only one account can be opened per child.
  2. Deposits: Deposits can be made in the account until the girl child turns 14 years old. The minimum deposit is Rs. 250 and there is no maximum deposit limit.
  3. Interest: The scheme offers a higher interest rate than regular savings accounts and the interest rate is compounded annually.
  4. Maturity: The account matures 21 years from the date of opening or when the girl child reaches 18 years of age, whichever is earlier.
  5. Withdrawals: Partial withdrawals are allowed for the girl child's education after she turns 18 years old. The account can be closed before maturity in case of the death of the account holder or if the girl child gets married before 18 years of age.
  6. Tax Benefits: Deposits and interest earned in SSY account are eligible for tax benefits under Section 80C of the Income Tax Act.
The scheme is intended to help parents plan and save for their girl child's future and is intended to change the mindset towards the girl child. This scheme is also a savings option for small depositors and is available at all India Post Offices and authorized branches of commercial banks.