Secure your girl child’s future with 10 best investment schemes in 2023.
The assurance of a bright future is the best present you can gift your child. While making the appropriate investments with your hard-earned money is crucial, it is also very important to make investments to secure your child's future. Here are 10 investment strategies to secure the future of your girl child in 2023.
In 2015, the Indian Prime Minister introduced SSY as part of the Beti Bachao Beti Padhao initiative. By creating a financial reserve for the future, the scheme's primary goal is to protect the future of the child. It provides a 7.6% annual interest rate. This program allows parents or guardians to create an account for daughters who are less than ten years old. This investment plan has a 21-year maturity duration (or, till the girl is married post turning 18, whichever is earlier).
With a 15-year term, PPF is another fantastic investment choice for your girl child. Parents may build a solid financial foundation for their children, with the aid of this long-term investing strategy. Depending on the needs of the child, the money accumulated in the PPF account can be used for things like higher education or wedding. The bare minimum deposit is Rs. 500 every year. The interest rate is 7.1% per year.
The government created this low-risk program, which is accessible at post offices all around India. This investment plan for girls is packed with features and is ideal for all girl children in the country. It enables a set income and predictable returns to produce the highest levels of revenue. The current interest rate for this plan is 6.8% per year. The plan is offered with a 5-year maturity period.
The LIC Kanyadan Policy was introduced by the Life Insurance Corporation of India. This is a modified version of the LIC Jeevan Lakshya plan in order to place more emphasis on the safety of girl children. With reasonable charges, this savings and protection plan offers a respectable financial foundation for the future financial security of your female child. You may select the maturity duration under this plan from 13 to 25 years as you see fit.
The Children Gift Mutual Fund is another excellent plan for young girls in India. This plan combines debt ceilings and equity. This program has a restriction period of 18 years and prohibits premature withdrawal. The lock-in term does, however, contribute to the plan's high returns. It has a minimum lock-in time of five years and can be extended till the child reaches adulthood.
For parents who want to save money for their daughters’ future, a fixed deposit is another choice. FDs have very modest interest rates. The investment, however, is risk-free. Nevertheless, it is not feasible to make an early withdrawal during the lock-in period once the account has been opened. The term of the FD can be anywhere from 7 days and 10 years, depending on the bank you opened your account with. A short-term fixed-income deposit has a maturity period that ranges from seven days to twelve months.
This scholarship program enables girls from low-income families and their families to receive financial help. The scheme attempts to improve the social position of girls. People from both urban and rural locations can use it. Further, under this program, mothers of girl children receive a monetary prize at the time of the baby's birth. Additionally, when a girl enters school, she is offered an annual scholarship worth between INR 300 and INR 1000.
The Central Board of Secondary Education has partnered with the Human Resource Development (HRD) Ministry to establish and oversee the CBSE Udaan initiative for females. The concept intends to assist girls in enrolling in prestigious engineering and technical institutes throughout India. Additionally, it offers student helpline services to answer questions, track students' progress, and provide tech support.
Similar to bank FDs, this is another excellent investing plan for young girls. Under this scheme, you save money for a specific amount of time in order to receive guaranteed returns. The account must mature after five years, although this term may be extended on an annual basis for additional years. Return on investment and tax benefits are other features of this five-year Post Office Term Deposit Scheme.
Another investment choice is the Unit Link Insurance Plan, or more commonly known as ULIP. It is one of the top insurance policies available in the nation and can be used for your daughter. In order to provide additional benefits, this plan is available as a combination plan that combines life insurance with investment alternatives.