The Beti Bachao Beti Padhao Yojana and Sukanya Samriddhi Yojana are two schemes that provide financial assistance to low-income families for the education of their daughters. These two schemes have been launched to help girls in the country reach their full potential and become leaders in their fields. Despite their importance, there are still many people who do not know what they are and how they can benefit from them.
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The Beti Bachao Beti Padhao Yojana and Sukanya Samriddhi Yojana have been launched by the Government of India to provide financial security to the girl child. These schemes are designed to help parents raise money for their girl child’s education, marriage and other expenses. Moreover, these schemes also offer tax benefits. Hence, they are an ideal option for investing in the long term.
Both the Sukanya Samriddhi and Beti Bachao Beti Padhao Schemes allow parents to open savings accounts for their girl child. In fact, the Sukanya Samriddhi Account provides a higher interest rate than fixed-benefit savings instruments. This is due to the power of compounding.
Under the Sukanya Samriddhi Scheme, a minimum deposit of Rs.250 is required. Once the amount is deposited, the account can be opened in any branch of a commercial bank. The deposit can be made for 15 years from the date of opening.
Interest earned on the contribution is credited to the account at the end of each fiscal year. The SSY accounts are eligible for tax deductions under Section 80C of the Income Tax Act. If the beneficiary does not deposit the required minimum amount in any financial year, the account will be considered as a default account.
Eligibility criteria
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The Beti Bachao Beti Padhao Yojana and Sukanya Samriddhi Yojana are small savings schemes launched by the Government of India to provide a financial security to girl children. In order to avail these benefits, the parents of a girl child must open an account in the name of her.
The Sukanya Samriddhi Account is available for girls who are under the age of 10 years. Parents can invest in the account in the form of an annual deposit. Once the account is opened, the girl can access it and begin making withdrawals. However, the maximum amount that can be withdrawn is fifty percent of the total amount deposited.
If you are interested in opening an account under the Sukanya Samriddhi Scheme, you must visit your nearest post office. After that, you need to fill up an application form and attach the required documents. You will also need to submit your photograph, as well as a passport size photograph.
Once you are registered with your bank, you can access your SSY account through its online platform. This way, you can check the account balance, make withdrawals, and transfer funds.
Investing in the BBBP and Sukanya Samriddhi accounts is risk free and you will earn interest on your deposits until your daughter turns 18. Withdrawals of accumulated amounts can be used for marriage expenses, business start-up, or higher education.
Impact on girl child
The government of India has introduced several schemes to promote the well-being of the girl child. One such scheme is Beti Bachao Beti Padhao. It is a national initiative that promotes gender equity and equality.
The scheme was launched by Prime Minister Narendra Modi on 22nd January 2015. The aim of the Beti Bachao Beti Padhao scheme is to reduce discrimination against girls in the society. The scheme is also aimed at increasing the number of meritorious girls.
Initially, the government allocated Rs.100 crore for the launch of the scheme. This is a small sum as compared to other projects which are being initiated by the Indian Government. However, it is enough to promote the welfare of the girl child in the country.
Sukanya Samriddhi Yojana is another Government of India-supported scheme, which promotes saving for the well-being of the girl child. Parents and legal guardians can invest money in this scheme. The account is meant to save for the girl’s marriage and education.
This Sukanya Samriddhi Account can be opened in any public or private sector bank. The account is also available in post offices. A fixed interest rate is applied to the amount deposited. Once the account matures, the principal will be awarded to the child.
