Key features
SSY is a government-backed, fixed-income scheme. "It is designed to help parents accumulate funds for daughters' education and wedding," says Arnav Pandya, founder of Moneyeduschool.
It offers an interest rate of 8.2 per cent per annum. It is an EEE (exempt-exempt-exempt) product: contributions are taxdeductible (under Section 80C), interest earned is tax-free, and maturity proceeds are exempt from taxation. An account can be opened for a girl child below 10 years of age. It matures 21 years from the end of the financial year in which it was opened. Accounts can be opened for up to two daughters (three if the second and third are twins). A maximum of 1.5 lakh can be invested per child in each financial year.
Attractive tax-free return
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