Banks and post offices in India offer some great investment possibilities that guarantee the greatest savings options for girls. However, it is important for parents to understand these options carefully so that they can analyze them and choose the best investments for their child.
Sukanya Samriddhi Yojana (SSY)
According to Sukanya Samriddhi Yojana (SSY), a parent or guardian of a girl between the ages of 0 and 10 can open an account in the child’s name. Deposits can be made monthly or annually for the next 15 years from the date of account opening. Currently, SSY offers an interest rate of 7.6%. According to Sukanya Samriddhi Account Rules (Amendment), 2018, the minimum amount to open an SSY account has been reduced from $1,000 to $250. The maximum amount you can invest in a year is $1.5 thousand.
“SSY, is the best investment program for girls. It’s a savings strategy designed specifically for young Indian women. Amit Gupta, MD, SAG Infotech, says the program helps female parents secure their daughter’s future financially by opening an account at a commercial bank or post office.
Children’s Gift Mutual Fund
The Children’s Gift Mutual Fund is another great plan for girls in India, ideal for your daughter. This plan combines a debt limit with equity.
National Savings Certificate (NSC)
The National Savings Certificate (NSC) is a government sponsored low risk scheme offered at post offices across India. This investment strategy for girls has many features and is ideal for girls in india.
Post Office Term Deposit
Post office term deposit (POTD), comparable to bank FD or fixed deposit, is another attractive investment strategy for girls. Interest rates for deposits with terms of 1 year, 2 years, 3 years and 5 years have increased to 6.6%, 6.8%, 6.9% and 7%, from 5.5%, 5. 7%, 5.8% and 6.7%. corresponding. 5 year interest recurring deposit and savings deposits were unchanged at 5.8% and 4% respectively.
Unit-linked insurance plan
According to Amit Gupta, another recommended investment option is the Unit Linked Insurance Plan, or ULIP, which is one of the best plans for girls in the country that you can apply for. her daughter.
The plan offers excellent return on investment and is offered as a combo plan (life insurance with investment alternatives) to offer a number of benefits, Gupta adds.
CBSE program Udaan
The Central Board of Secondary Education (CBSE) initiated and administers the CBSE Udaan program for girls in partnership with the Government of India’s Department of Human Resource Development (HRD).
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