This Investment Is Something You Must Consider If You Have A Daughter

The money can be paid onlineAccount can be transferred anywhere across IndiaFinancial independence: The account can be operated by the girl child if she wishes to provide herself with much needed financial independenceYou may also like: How a simple birthday gift can teach your kids the value of moneyKey featuresTill a girl attains an age of 10 years, this account can be opened under her nameOnly one account under this scheme is permissible for every girl child. Walk into any post office or authorized banks to open the accountTo open an account under SSY, Birth Certificate of the girl child would be required to submitYou have to pay in this scheme for 14 yearsThe maturity duration of the account is 21 years from the date of opening the account.

When you have a daughter, you want to give her the world. You want to pick up all the pinks and frills and hair bands and tutus and roll them up into a ball of love and shower it on the little angel. You want to make the world a better place for her – one where she will be safe and happy. You want to make sure she’s strong enough to stand tall and independent and at the same time you know she’s a delicate little petal.

But how can you – all of “one troubled sleep deprived mommy” who can barely make enough milk to fill one growling tummy do so much?

The easiest way to start off is choosing the right savings scheme. A no-brainer and a must have is the Sukanya Samriddhi scheme which is a special saving scheme created by the Government of India for the girl child.

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What’s so special about Sukanya Samriddhi Yojana Scheme (SSY) ?

High-interest rate: The current interestÂ rate is 8.3 pct which is much higher than prevailing FD rates

Tax benefits: Any deposits up to 1.5 lac annually are tax-free. The interest earned on deposits as well as maturity amount is also totally tax-free

Flexibility: There is no fixed amount that must be deposited annually. The depositor can deposit in denominations of 100 throughout the year with no limit on deposits. The money can be paid online

Account can be transferred anywhere across India

Financial independence: The account can be operated by the girl child if she wishes to provide herself with much needed financial independence

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Key featuresÂ

Till a girl attains an age of 10 years, this account can be opened under her name
Only one account under this scheme is permissible for every girl child.
Walk into any post office or authorized banks to open the account
To open an account under SSY, Birth Certificate of the girl child would be required to submit
You have to pay in this scheme for 14 years
The maturity duration of the account is 21 years from the date of opening the account.
Partial withdrawal for girl child education can be done when she has cleared 10th Class or turned 18 years. The Full tenure is 21 years

However…

– long lock-in period

– interest rates may change in the future

– This scheme is available for a maximum of two girl Children

The verdict:

This scheme is a must have for every girl child and can definitely be an integral part of your savings portfolio. The flexibility, ease of operation and low risk, high return nature of the scheme works well for any parent.

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