SSY, or Sukanya Samriddhi Yojana, is a government savings scheme created specifically for the future of a girl child, which parents or guardians can open in her name any time before she turns 10. It offers one of the highest interest rates among small savings schemes, declared by the government every quarter, and like PPF, it enjoys triple tax-free status — contributions, interest, and the final withdrawal are all exempt from tax.
You can deposit between ₹250 and ₹1.5 lakh each financial year, and contributions are required for 15 years from account opening, after which the account continues to earn interest until it matures 21 years after opening, or until the girl marries after turning 18, whichever comes first. Partial withdrawal is allowed once she turns 18, for higher education or marriage expenses. It's widely used by Indian parents specifically to build a dedicated corpus for a daughter's education or wedding.