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The government has launched a small savings plan called the Sukanya Samriddhi Yojana that encourages parents to build a fund for the future expenses of their girl child.
Under this scheme, the account can be opened in post offices or any bank in the name of the girl child.
The Sukanya Samriddhi Yojana provides tax breaks under section 80C of the Income Tax Act and the returns are tax-free.
This account can be opened before the girl turns 10 and has a tenure of 21 years or until the daughter is married after 18 years of age. The current interest rate being offered is 7.6%, compounded annually. The interest rate will be revised every quarter.
A minimum deposit of Rs 250 should be made yearly and at the time of the opening of the account. A maximum of Rs 1.5 lakh can be invested in this scheme every year.
If in case, the minimum amount of Rs 250 is not deposited, the account will be in default.
Deposit in the SSY account can be made in lump-sum as well. Although, there is no limit on a number of deposits made in a month or a financial year.
The account can be operated by the girl herself after she turns 18. Till then, the account will be handled by her parents/guardians. Parents can open up to two savings accounts under the scheme and a third account can be opened in case of the birth of twins or triplets.
The account can be closed prematurely in case of the death of the girl child or the guardian. The account can also be closed prematurely if the girl is taking medical treatment for any life-threatening disease.