The Sukanya Samriddhi Yoiana scheme was launched on 22 January 2015 by Prime Minister Narendra Modi. The scheme is aimed at the betterment of the girl child in the country for higher participation of girls in education and other fields.

The Interest rate was reduced from 8.4% to 7.60% pa . It is compounded on a yearly basis. Interest is not payable once the duration of the scheme is completed or if the girl becomes a Non-resident Indian (NRI) or a non-citizen. The rate of interest is decided by the government and is determined on a quarterly
basis.

Investment amount can be Minimum - Rs.250, Maximum Rs.1.5 lakh p.a.
In case the minimum amount of Rs.500 is not paid in a financial year, the account will be considered as default. However, the account can be brought back to the active status by paying a fine of Rs.50.

On the other hand, ELSS (Equity Linked Savings Scheme) is a type of a Mutual Fund which invests your money in Equity Instruments and allows you to reduce the income tax you are liable to pay.

You Invest in ELSS via Lumpsum or SIP. Your investment is locked-in for a period of 3 years. You can now claim Tax exemption on the invested amount up to a maximum of ₹1.5 Lakhs under Section 80C of the Income Tax Act, 1961 which enables you to save up to ₹46,800* in Income Tax every year.

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