Girl or boy, it is essential to secure the future of your child. You can’t change destiny but can surely play your part right.
The days when spending on a boy’s future was seen as an investment, but that of a girl was looked down as wastage, now merely exist.
With women demanding and getting their rights, the orthodox patriarchal norms are clearly being smashed. Well, this has definitely questioned the financial structure of society.
With women now being more financially independent than ever, we are witnessing the emergence of equality. No doubt, there is still a long way to go, but the progress so far needs to be acknowledged.
Definitely, major government policies have played a central role in bringing about this change. Luckily, in India, with schemes like ‘Beti Bachao, Beti Padhao’, the conditions of female foeticide-struck states (like Haryana) have improved along with the sex ratio.
With a good investment policy, your girl child’s future can be secured. In case you are wondering why to not just set up something with your regular investment plans or why a girl-child centered scheme would be more helpful, here’s why:
- Child investment plans always generate much higher returns than a regular investment scheme.
- Child investment schemes are tax saving as they are often exempted from taxes.
- Terms and conditions are pretty straightforward, and these plans are super easy to handle.
So, to help you secure the future of your precious daughter, here are the best investment options we found:
Sukanya Samriddhi Yojana (SSY)
This investment plan was launched under the banner of ‘Beti Bachao, Beti Padhao’ by the government of India and is one of the best options.
Currently, it is available at 7.6% interest rate.
For a single family, the SSY account can be opened for at max two girl childs. The maturity is after 21 years.
This scheme also provides amazing tax benefits, and with just ₹250, you can start an SSY account.
The main aim behind this scheme is to support the higher education of the girl child.
In case you child's some special needs, the amounts can be prematurely withdrawn. Also, you deposit in this for 15 years, and while the maturity is in 21 years, you still continue to earn the interest.
Children Gift Mutual Fund
The next best scheme for your little princess is the Children Gift Mutual Funds. Under this scheme, you get to invest in a blend of equity and debt limits.
There are lock-in periods that make the returns pretty high under this scheme.
For those looking for long-term stability for their girl child, this scheme is the perfect option. Plus, there are no taxes applied until redemption, which makes handling this scheme further easier. Also, the taxes on maturity claims are very low.
Though there is no option for a premature withdrawal in this scheme, it instead comes with a restriction period of 18 years - long enough for you to plan your girl child’s future steps.
National Saving Certificate (NSC)
The benefits of this low-risk investment scheme can be availed across all post offices in India. Similar to SSY, this investment scheme for your girl child is currently available at 6.8% interest rate.
The fixed returns that this scheme offers are higher than the FDs. The main aim behind this scheme is to provide for a fixed income and definite returns. Under section 80C of the income tax act, you can also avail tax exemption benefits adobe the investments of INR 1,50,000.
With a maturity period of 5 years, this scheme can be started with just ₹1000.
Post-Office Term Deposit (POTD)
This scheme is quite similar to the bank FDs in the sense that under this scheme, you save money for a certain period of time and earn definite returns with low risks.
Basically, on maturity, you get to have the invested amount along with the interest earned.
Similar to other investment schemes, here, too, you can enjoy the tax exemption benefits under section 80C. With guaranteed returns, this small savings scheme is also low maintenance. Plus, the initial beginning amount is quite feasible for every Indian citizen.
CBSE Udaan Scheme
This scheme is the result of the collaboration between CBSE and the HRD (Human Resource Development) Ministry.
For the girls interested in engineering or any other STEM field, this scheme assists in getting enrolled in prominent colleges (engineering and technical studies) across the country.
If your girl child has secured 70% or higher (with minimum 80% or a CGPA or 8 or 9 specifically in science and maths) in 10th standard, then she is eligible for this scheme.
Benefits -
- This plan offers free and readily available course material and online resources for girls in 11th & 12th standard.
- To help in better preparation for the colleges, there is also a plan for weekend virtual courses.
- For deserving female candidates, there are career opportunities, too.
- Along with study assistance, this scheme also provides for a clarification toll-free number.
- To ensure that the benefits are being properly utilised, there are regular monitoring sessions and student progress trackers kept in place.
National Scheme of Incentive for the Girls of Secondary Education
This scheme was launched under a wing of the HRD ministry and targets the girls of deprived classes who wish to pursue secondary education.
After enrolling, once the girl child completes her 10th standard, she receives a fixed sum of ₹3000 which is enough to complete their secondary education.
At the time of application, the child must have completed 8th standard and must be enrolled in 9th standard.
The age of your girl child should not be more than 16 years. To avail of these benefits, she must be enrolled in a government aided school.
Upon reaching the age of 18 years, the girl child can withdraw the amount along with interest to continue further education.
Balika Samridhi Yojana
This is a one-of-its-kind scholarship scheme that provides financial aid to girls from economically deprived families and their families, too.
The main aim of this investment plan is to raise the social status of girls and increase the age of marriage while also increasing the years of education.
Available in both rural and urban areas, this scheme provides a cash reward to the mother of the girl child at the time of birth and further, when the child starts going school, she receives an amount between INR 300 & INR 1000 as the main annual scholarship.
To know more about this scheme, you should definitely surf through the website of the Ministry of Women & Child Development.
Bottomline
There are tons of insurance companies, investment plans, banks, etc. that are willing to help you secure the life of your girl child.
All you need to do is find the best one suited to your child’s needs.
For a better future, education is a must, and therefore, when you are searching for an investment plan, make sure to focus on educating your girl child.
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