Whether you have a boy or a girl, it is essential to ensure your child’s future. You can’t alter the course of events, but you can certainly do your part.
The days when investing in a boy’s future was regarded as an investment and that of a girl as waste are long gone.
The orthodox patriarchal norms are clearly being shattered by women demanding and obtaining their rights. We are witnessing the emergence of equality as women achieve greater financial independence than ever before. Despite the fact that there is still a long way to go, the progress that has been made must be acknowledged.
Certainly, major government policies have been a major factor in this change. Fortunately, programs like “Beti Bachao, Beti Padhao” have improved the sex ratio and the conditions in female foeticide-affected states like Haryana in India.
A Good Investment Option With The Added Benefit Of Borrowing In Need.
Good Investment Options
In order to assist you in safeguarding the future of your precious daughter, we have identified 6 good investment options here:
Sukanya Samriddhi Yojana (SSY)
This investment plan is one of the good investment options. It was launched by the Indian government under the slogan “Beti Bachao, Beti Padhao.”
It is currently available at a rate of 7.6% interest. For a single family, the SSY account can be opened for at max two girl children. 21 years are needed to reach maturity. This plan additionally gives amazing tax deductions, and with just Rs250, you can begin a SSY account. The primary objective of this plan is to provide financial support for girls’ higher education.
The amounts can be prematurely withdrawn, in case there is an urgent need of your child,. Also, you deposit money in this for 15 years, and while the maturity is in 21 years, you still continue to earn the interest.
Balika Samridhi Yojana
This is a scholarship scheme that gives financial aid to girls from economically deprived families. The primary objectives of this investment plan are to raise girls’ social status, raise marriage age, and increase education years.
This good investment option is available in both rural and urban areas and provides the mother of a girl child with a cash reward at the time of birth and a principal annual scholarship of between INR 300 and INR 1000 when the child begins attending school.
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National Scheme of Incentive for the Girls of Secondary Education
The HRD ministry launched the National Scheme of Incentive for the Girls of Secondary Education, which aims to encourage girls from underprivileged backgrounds to pursue secondary education.
After enrolling, the girl child receives a fixed sum of 3,000 yen when she completes her tenth grade, which is sufficient for their secondary education. The child must have completed eighth grade and be enrolled in ninth grade at the time of application.
The girl child should not be older than 16 years old. She must be enrolled in a school supported by the government in order to receive these benefits. In order to continue her education, the girl child can withdraw the money along with interest when she turns 18.
National Savings Certificate or NSC
This low-risk and good investment option is available at all Indian post offices. This investment plan for your girl child currently offers an interest rate of 6.8%, just like SSY.
This scheme’s fixed returns are greater than the FDs. The plan’s primary objective is to guarantee both a fixed income and definite returns. Investments above INR 1,50,000 qualify for tax exemption benefits under section 80C of the Income Tax Act. This plan has a five-year maturity period and can be started with just Rs 1000.
Post-Office Term Deposit
The Post-Office Term Deposit (POTD) is very similar to bank FDs in that it allows you to save money for a fixed amount of time and earn certain returns with low risks. Basically, upon maturity, you will receive the amount invested and the interest earned.
This small savings plan offers guaranteed returns, just like other investment plans. You can also take advantage of section 80C tax exemption benefits here. In addition, every Indian citizen can afford the initial investment which is quite feasible.
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CBSE Udaan Scheme
CBSE Udaan Scheme CBSE and the Ministry of Human Resources and Development worked together to create this program. This program helps girls interested in engineering or any other STEM field get into prestigious engineering and technical studies colleges all over the country.
This program is open to your girl child if she passes 10th grade with a grade point average of 70 percent or higher (minimum 80 percent or a CGPA of 8 or 9 specifically in science and math).
Benefits:
- Girls in the 11th and 12th grades can take advantage of this plan’s free and easy-to-access course materials and online resources.
- To help in better groundwork for the schools, there is likewise an arrangement for end of the week virtual courses.
- There are also career opportunities for deserving female candidates.
- This plan offers not only study assistance but also a toll-free number for clarification.
- Regular monitoring sessions and student progress trackers are in place to guarantee that the benefits are being properly utilized.
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Bottom Line
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.
Another way where you can save for child’s need is Money Club. Money Club is a digital committee platform which allows you to save a small amount month on month. Besides you earn 20%-25% p.a. on your savings which is much more than FDs and RDs. To know more about how the Money Club works see the video here.
