At 8.2% with full EEE tax exemption, SSY is the single best government scheme in terms of pure returns. Launched in 2015 under Beti Bachao Beti Padhao, it is designed to build a financial cushion for your daughter's education and marriage.
Any parent/guardian of a girl under 10 can open this account. Maximum 2 accounts — one per daughter. Third account permitted only for twins/triplets born as second birth event.
Deposit money for 15 years, then the account earns interest on its own for 6 more years until maturity at 21. If you invest ₹1.5 lakh yearly from birth, total deposit of ₹22.5 lakh grows to approximately ₹73.65 lakh by age 21 — all tax-free. More than ₹51 lakh in pure interest.
Available at post offices and authorized banks (SBI, BOB, PNB, ICICI, Axis). Need: girl's birth certificate, parent's Aadhaar/PAN, address proof, two photos. Takes about 30 minutes.