Sukanya Samriddhi Yojana is a government-backed small savings scheme aimed at the betterment of the girl child in India. It is a part of the Beti Bachao, Beti Padhao Yojana and can be opened by the parents of a girl child below the age of 10. The scheme provides investors with a range of benefits, including a higher interest rate and several tax benefits. Here are some key features of the scheme:

• Investment Period: The tenure of investment under SSY is 21 years, starting from the accounts opening date.
• Interest Rate: The interest rate on the Sukanya Samriddhi Yojana is fixed by the government and reviewed every quarter. The Sukanya Samriddhi Yojana interest rate for 2023 is 8% .
• Deposit Limit: The minimum annual contribution to the Sukanya Samriddhi Account is Rs. 250, and the maximum contribution is Rs. 1.5 Lakh in a financial year.
• Maturity Period: The account has a tenure of 21 years or until the girl child marries after the age of 18.

Investing in this child insurance plan allows parents or legal guardians to ensure financial security for a girl child aging ten years or below. The account can be opened in the name of the girl across any of the private and public sector banks for 21 years. The scheme was introduced to ensure a financially secure future for the girl child, and the corpus built can help in achieving goals such as education and marriage.