Ensuring a Bright Future: Best Government Schemes for Girl Child Education and Savings
India, with its focus on promoting education for the girl child, has implemented various government schemes designed to encourage parents to educate their daughters. These initiatives aim to provide financial support and incentives for parents of single girl children, ensuring the education of the girl child and promoting gender equality. Prominent among these schemes is the Sukanya Samriddhi Yojana, known for its attractive interest rate and tax benefits.
This article explores the key govt scheme for girl child in India, with a particular focus on the Sukanya Samriddhi Yojana.
Prominent Government Schemes for a Girl Child
1. Sukanya Samriddhi Yojana (SSY)
One of the most popular schemes, the Sukanya Samriddhi Yojana (SSY), was launched as part of the ‘Beti Bachao, Beti Padhao’ campaign. This scheme is specifically designed to help parents build a fund for the future educational and marriage expenses of their girl child. The scheme can be availed at any post office or authorized commercial banks.
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Key Features of SSY:
a. Eligibility:
– The girl child must be below 10 years of age at the time of opening the account.
– The account can be opened by the parents or legal guardians of a girl child.
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b. Minimum and Maximum Deposits:
– A minimum deposit of INR 250 is required to open the account, with subsequent deposits in multiples of INR 50.
– The maximum deposit limit is INR 1,50,000 per financial year.
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c. Interest Rate:
– One of the main attractions of SSY is its competitive interest rate. The Sukanya Samriddhi interest rate is 7.6% per annum, compounded yearly.
d. Maturity and Withdrawal:
– The account matures after 21 years from the date of opening or upon the marriage of the girl child after she turns 18.
– Partial withdrawal of up to 50% of the balance is allowed for higher education purposes, provided the girl is at least 18 years old.
e. Tax Benefits:
– The scheme offers tax benefits under Section 80C of the Income Tax Act, 1961. The interest earned and maturity amount are also exempt from tax.
2. CBSE Udaan Scheme
The CBSE Udaan Scheme aims to address the low enrolment of girl students in engineering courses by providing free online resources and mentoring to prepare for engineering entrance exams.
– Eligibility: Girl students studying in class 11th.
– Benefits: Free study material, tutorials, and mentoring.
3. National Scheme of Incentive to Girls for Secondary Education (NSIGSE)
This scheme encourages girl students from SC/ST communities and those who pass class 8 to continue their education at the secondary level.
– Eligibility: Girl students who are unmarried and below 16 years.
– Benefits: INR 3,000 deposited in the name of the girl child, withdrawn after reaching the age of 18 and passing class 10.
4. Kanya Shiksha Pravesh Utsav
This initiative, launched by Education Minister Dharmendra Pradhan in collaboration with UNICEF, aims to bring girls who have dropped out of school back into the educational fold. The scheme focuses on the enrolment of girls aged 11 to 14 years.
Summary
India’s commitment to the education and welfare of the girl child is evident through various government schemes. The Sukanya Samriddhi Yojana (SSY) is one of the prominent schemes, offering a competitive interest rate of 7.6% per annum compounded annually, with tax benefits under Section 80C of the Income Tax Act. It allows parents to deposit up to INR 1,50,000 annually, ensuring significant savings for the child’s higher education and marriage expenses. Other notable schemes include the CBSE Udaan Scheme, providing free educational resources for aspiring engineers, and the NSIGSE, which incentivizes secondary education for girls from disadvantaged communities. The Kanya Shiksha Pravesh Utsav focuses on re-enrolling girls who have dropped out of school, reinforcing India’s commitment to female education and gender equality. Parents and guardians should carefully consider these schemes to support their daughters’ educational journey and future prospects.
Disclaimer:
Investors must gauge all the pros and cons of trading in the Indian financial market and consider their financial goals and risk tolerance before investing in any scheme.
