1. This scheme is only for the girl child to encourage parents to save for their daughters from an early age.

2. The current interest rate is 7.6%.

3. A girl child can have only one SSY account in her name.

4. A parent or guardian is allowed to open only two SSY accounts except in the case of twins at the time of second birth or in case of triplets.

5. Maximum maturity period is 21 years and after the maturity the account will not earn interest and the amount will be kept idle with the government.

(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)

Read more: EconomicTimes

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