You're likely familiar with the Sukanya Samriddhi Yojana (SSY). This scheme allows an account to be opened in the daughter's name, into which you must deposit money every month. However, the 5th of every month is crucial. Many people deposit money regularly, but they don't realize that the date of their deposit can also affect their returns.

How much interest is earned ?

Currently, the Sukanya Samriddhi Yojana offers an annual interest rate of 8.2 percent. Deposits under this scheme can be made for a minimum of ₹250 and a maximum of ₹1.5 lakh per financial year.

Why is it important to deposit money before the 5th?

Under this scheme, interest is calculated based on the lowest balance in the account between the 5th of each month and the last day of the month. Simply put, if you deposit money by the 5th of the month, you'll start earning interest that month. However, if you deposit money on or after the 6th of the month, you won't earn interest that month. Interest calculations will resume the following month.

PC- Upstox.com