Sukanya Samriddhi Yojana Vs NPS Vatsalya: Key Differences

Outlook Money

 Eligibility

NPS can be opened for both the male and the female child, while SSY accounts can be opened only for a girl child.

Objectives

NPS aims for financial security while SSY aims at encouraging female education.

Tax Benefits

NPS allows for a total tax deduction of up to 2 lakh, while SSY offers a deduction of Rs 1.5 lakh.

Profits

NPS is a market-linked pension scheme, while SSY offers a guaranteed annual interest rate of 8.2 per cent.

Maturity Period

An NPS account can be converted into a normal account after the child turns 18, while SSY has a maturity period of 21 years or when the girl turns 18 or gets married.

Compiled By Himani Verma

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