Is SSY Best Investment for your Girl Child? Or Should you look for another?

The Sukanya Samriddhi Yojana allows parents or legal guardians to invest in a savings account for the education or marriage of their girl child. 

To open such a savings account, your girl child should be below the age of 10 years. These accounts can be operated till your girl attains the age of 21. Also, these accounts can be operated by the girl child after she is of 18 years.

There are several benefits of this scheme, for example, it can be transferred to another city (within India) if the policyholder changes the residential address. The minimum and maximum investment amount vary from Rs. 250 to Rs. 1.5 Lac and investments can be made in the multiples of Rs. 100, which allows for better flexibility amongst policyholders. 

Also, Read Related Article: Should You Invest In Sukanya Samriddhi Yojana Or Fixed Deposits?

Alternatively, you can also invest in a fixed deposit which is a secured investment option with attractive returns. The returns do not depend on market fluctuations, and hence you can secure your child’s future with such investments. 

You can apply for an account under this scheme by downloading an application form and sharing your personal and financial details. You can submit the same after signing it to your preferred financial institution or post office.