International Girl Child Day is celebrated every year on 11 October. This day is celebrated to create awareness about the rights, safety and importance of education of the girl child. Economic prosperity is the mainstay of the future of the girl child.
Girl Child Saving Plans: Today is International Girl Child Day. International Girl Child Day is celebrated every year on 11 October. This day is celebrated to create awareness about the rights, safety and importance of education of the girl child. Economic prosperity is the mainstay of the future of the girl child.
Along with awareness, if a plan is made for the financial strength of the girl child, then surely the daughter will be self-supporting and her future will also be secure. Many banks, including the central and state governments, have run many such schemes for daughters, by investing in which money can be collected from the education of daughters to business. Here we are discussing some such schemes in detail.
If you have not taken any investment plan for your daughter yet, then soon choose a plan according to your pocket and start investing in it. Surely this gift of yours will prove to be a priceless gift for your daughter.
Sukanya Samriddhi Yojana is a small savings scheme. It was started by the central government under the ‘Beti Bachao Beti Padhao’ campaign. Under this scheme, parents or legal guardians can open an account in the name of the girl child in a bank or post office. The age limit of the girl child should be less than 10 years to open the account. Separate accounts can be opened only in the names of two girls.
The maturity limit of the account in Sukanya Samriddhi Yojana has been fixed at 15 years. You can deposit a minimum of Rs 250 to a maximum of Rs 1,50,000 in this account every year.
The account can be closed when the daughter completes 21 years of age from the date of account opening. In case of any emergency or need of more money, according to the rules, you can withdraw up to 50 percent of the deposit amount. The current rate of interest in Sukanya Samriddhi Yojana is 7.6 percent.
LIC Kanyadan Policy
As the name suggests, this scheme is made for the marriage of the daughter. With the birth of our daughter, planning starts for her marriage. People go by collecting money for their daughter’s marriage according to their capacity.
The Life Insurance Corporation of India has come up with a Kanyadaan policy so that there should not be any financial disruption in the daughter’s marriage. After taking this policy, you can be free from the worry of daughter’s marriage.
In LIC Kanyadan Policy, you will have to deposit a premium of about Rs 3600 every month. By investing Rs 121 daily, you will get around Rs 25 lakh from this policy after 25 years. You can invest less than Rs.
The special feature of this policy is that if the daughter initiator of the policy dies in an accident, then the family will get a lump sum of Rs 10 lakh. If the death has happened under normal circumstances, then Rs 5 lakh will be given. Also, the family will continue to get Rs 50,000 every year till the maturity of the policy. After 25 years, the entire sum insured will be given to the nominee.
This policy is for 25 years, but premium has to be paid only for 22 years. No premium will have to be paid for the remaining 3 years.
Investment in Public Provident Fund (PPF)
Investing in Public Provident Fund (PPF) can also be a great plan for your daughter. If you start investing in PPF scheme right from the birth of a daughter, the fund will grow in 15 years and will benefit from compounding of interest. Investment in PPF is tax exempt under section 80C of the Income Tax Act. In PPF, you can deposit from Rs 500 to Rs 1,50,000 in a year