Central Government Plans For Girl Child

Given the nature of bias in the Indian society towards a girl child, the Central Government of India has come up with new initiatives aimed at bettering the financial future of a girl. These schemes allow parents of a girl child belonging to any income strata to save and earn interest on the same. The total sum after maturity can then be used by the girl to finance any educational pursuits or other interests.

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There has always been a lack of financial support for a girl child when it comes to their education. While changes have been made, there are still people who would rather prioritize getting their daughters married over their education. The Govt. of India has taken heed of the situation and undertaken measures to nurture the dreams of a girl and enable them to achieve financial independence. 

Why Choose Central Government Plans For Girl Child?

Here are some reasons why you, as a parent, should consider investing in Central Government plans for a girl child. 

  1. Enjoy significant savings through tax exemptions

    A parent can enjoy significant tax savings considering that most government schemes offer an EEE tax benefit. Exempt-exempt-exempt or EEE essentially means that the deposit amount, the interest earned, and the maturity sum are all exempt from taxes. This ensures that the girl child receives the complete sum without any deductions to finance her dreams. 

  2. Increased earning with high interest rates

    The interest rates can go up to 7.6% on central government schemes for girl children. Although not sufficient to beat inflation, the interest is higher than in traditional savings accounts such as fixed deposits. The interest either compounds quarterly or annually and is payable as a lump sum song with the maturity sum. 

  3. Lock-in period and complete ownership by the girl child

    This central govt. introduced savings accounts for girl child come with a lock-in period of at least 5 years, meaning that nobody can withdraw any amount for that period. Further, the girl child in whose name the account was opened gets complete ownership of the account on turning 18 years of age. She can make use of the funds in whatever way she deems fit. 

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Popular Central Government Savings Schemes For Girl Child In India

The following sections discuss Central Government Plans for girl child. Parents should consider opening any of these accounts to save for their daughters’ future. 

  1. Sukanya Samriddhi Yojana

    This one is a popular government sponsored savings initiative for the girl child. The account helps parents save for their children’s education including their school tuition, college fees, studies abroad, etc. The deposits earn interest at the rate of 7.6%. The only condition to open an SSY account for your girl child is that she has to be below the age of 10. Other important features are:

    • If you have two daughters, you will need to open two separate accounts. 

    • You can deposit for a period of 15 years. 

    • The account matures after 21 years from the date of opening the account. 

    • A minimum sum of Rs. 250 has to be deposited. The maximum annual limit in a year is set at Rs. 1.5 Lakhs. 

    • Partial withdrawal of funds from the account is only allowed once the girl child reaches the age of 18. 

    • An account can be opened at the nearest post office or at any of the commercial banks. 

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  2. Balika Samriddhi Yojana

    It is a scholarship program designed to offer financial assistance to a girl child belonging to a below-poverty-line (BPL) family. Key features of this scheme are:

    • It can be opened by any parent on the birth of a girl child residing in either rural or urban areas. 

    • At the birth of the child, the mother is offered a cash benefit of Rs. 500. 

    • An annual scholarship in the range of Rs. 300 to rs. 1000 is offered to the girl child till she finishes the 10th standard. 

    • The girl child can withdraw the balance amount from the Balika Samriddhi Yojana when she turns 18. 

    People also read: Child Plan

  3. Beti Bachao Beti Padhao

    One of the benchmark initiatives by the PMO of India, the Beti Bachao Beti Padhao program is meant for the welfare of girl children in the country. This central government plan for girl child was started with the purpose of creating nationwide awareness across districts with a low child sex ratio. Key features of this initiative are:

    • The initiative attempts to enroll, retain more and more girl children in higher education. 

    • It supports the right to own and inherit property by women. 

    • It offers fee reductions in school tuition fees and registration to higher education to meritorious girl children. 

  4. National Scheme of Incentive For Girls Of Secondary Education

    Initiated in collaboration with the Department of School Education and Literacy, and the Human Resource Development Ministry, the Government of India encourages girls to pursue secondary education through this scheme. Key features of this scheme are:

    • A girl child if offered a fixed deposit of Rs. 3000 under this scheme which they can withdraw along with the accumulated interest once she turns 18 or completes 10th standard. 

    • The girl child has to be below the age of 16 years and unmarried to be eligible for this scheme.

    • The girl child should be enrolled in 9th standard in a Government run school at the time of registering for this scheme. 

  5. CBSE Udaan Scheme

    The Central Board of Secondary Education manages this schemes in collaboration with the Human Resource Development Ministry of the Central Government. The primary objective of the scheme is to encourage more girls to enroll in engineering and technical institutions in India. Important features of this scheme are:

    • Applicants should have secured a minimum of 80% in Science and Mathematics in their 10th Board examinations.

    • Eligible candidates will have access of free course materials to prepare for common entrance examinations in their 11th and 12th standards of secondary education. 

    • Weekend virtual courses, peer education, progress tracking, and other study assistance shall be conducted to deserving female students. 

    In addition to the above central government schemes for girl child, there are other financial instruments that parents can use to save and fund their daughters’ education. These are Public Provident Funds, Fixed Deposits, postal life insurance schemes, etc. These options can definitely help give wings to your daughter’s able pursuits. Given the backing of the Government of India, these schemes are reliable and you can expect guaranteed returns.

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^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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