Sukanya Samriddhi Yojana (SSY) is a savings plan for women that was started in 2015 as part of the Beti Bachao, Beti Padhao campaign by the government. With this programme, guardians can open a savings account for their girl child at a commercial bank or India Post branch that has been approved.
The interest rate for the Sukanya Samriddhi Yojana is 8.5% per year. The amount will be paid back after 21 years. It's important to remember that each person needs to make at least one contribution a year in order to keep the scheme going for 14 years. Between year 1 and year 21, the person can choose not to put money into their SSY account if they want to. But the investments that were already in the account will continue to earn interest at the current rate. So, the final amount is equal to your net contribution plus the interest you earned.
You can use this calculator to identify the returns you can expect from the scheme.