New Delhi, May 31 -- The Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme designed to help parents build a corpus for their daughter's future. It currently offers a competitive interest rate of 8.1%, which is the highest among small savings schemes. It also comes with tax benefits, which is why it remains a popular investment option for people.

Since the account has a lock-in period of 21 years (premature and partial withdrawal allowed), account holders may sometimes need to shift their SSY account to another bank due to relocation, better service, or convenience. The good news is that government allows transfer of SSY accounts between authorised banks and post offices without affecting the account's benefits. ...