Outlook Money
NPS can be opened for both the male and the female child, while SSY accounts can be opened only for a girl child.
NPS aims for financial security while SSY aims at encouraging female education.
NPS allows for a total tax deduction of up to 2 lakh, while SSY offers a deduction of Rs 1.5 lakh.
NPS is a market-linked pension scheme, while SSY offers a guaranteed annual interest rate of 8.2 per cent.
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