National Girl Child Day 2024: Best Six Investment Plans and a Scheme for Daughters

Girl child day

National Girl Child Day is observed on January 24 to raise public awareness about the injustices that girls face in Indian society as well as to point out the importance of empowering girls. It’s also necessary to address the need for financial independence. It is a day dedicated to celebrating girls’ strength, determination, and ability while also promoting their rights and opportunities. And this freedom can only be achieved if your girl child has some initial investment.

Girl child day
image credit: istock

The Need for Girl Child Day

The concept of NGCD began with the understanding that girls in India suffer from a wide range of issues, including gender-based violence, child marriage, and inadequate access to education and healthcare. The Ministry of Women and Child Development and the Government of India organized the day in 2008. Girls are more talented, obedient, hardworking, and responsible for their families. These obstacles not only limit girls’ personal growth and development but also hurt the country’s overall advancement and development.

National Girl Child Day 2024 Theme

The Indian government has not yet announced the subject for National Girl Child Day 2024. Previously, the slogans read, “Digital Generation, Our Generation, Our Time Is Now—Our Rights, Our Future.”

Also Read: Child Education Plan

Let’s look at several investment possibilities and plans for your girl child:

Sukanya Samriddhi Yojana (SSY)

The Sukanya Samriddhi Yojana Scheme allows you to develop an extensive collection for your girl child. This may prove to be one of the best ways to provide a good future for your girl child. India Post offers several savings schemes, including the Sukanya Samriddhi Yojana. Investments in the Sukanya Samriddhi Account are eligible for tax deductions under Section 80C of the IT Act. Its interest rates are revised quarterly. Currently, investors in the Sukanya Samriddhi Account (SSA) can earn 7.6 percent interest at an approved post office.

Balika Samridhi Yojana

The Balika Samriddhi Yojana would benefit girl children born on or after August 15, 1997, in rural and urban regions who come from families who fall below the poverty line (BPL) as defined by the Indian government. Financial aid is given in two sections. The first installment of financial help is given at the time of the birth of the qualifying girl child. The mother of such a girl child receives one-time cash support of Rs 500. The second installment of financial aid begins when the qualifying girl child begins formal education.

Children’s Gift Mutual Fund

Children’s Gift Funds are mutual fund plans that provide financial benefits to your children for purposes such as marriage expenses, future educational needs, and so on. This generates long-term capital appreciation and falls under the categories of hybrid funds or balanced mutual funds. Gift funds invest in both debt and equity instruments. Fixed-income securities are an example of a debt instrument, while shares are an example of an equity. These are further classified as “Hybrid-Debt Oriented” or “Hybrid-Equity Oriented” funds, depending on their exposure to equities. If the equity exposure is more than 60% and the remaining is invested in debt assets, the mutual fund is considered an Equity Oriented Balanced Fund.

LIC Kanyadan Policy

In our country, when a girl is born, the first thing that comes to mind is the cost of her education and marriage. However, to make things easier for you, LIC of India has introduced the LIC Kanyadan Policy, a taking part, oneself, life assurance plan that provides both protection and savings. The recently announced LIC Kanyadan Policy is a customized version of the LIC Jeevan Lakshya plan that focuses on protecting girl children. This savings plus protection plan provides good financial security for your girl’s future with low premiums.

Udaan: CBSE Scholarship Program

The Central Board of Secondary Education (CBSE) launched the project in collaboration with the Government of India’s Ministry of Human Resource and Development (MHRD) to address the low enrollment of female students in engineering institutions as well as the teaching gap between school education and engineering entrance examinations.

This plan aims to provide free offline or online study materials that are easy to understand for qualified female Class 11 students, allowing them to better prepare for engineering entrance examinations. The goal is to establish a platform that empowers female students and encourages their aspirations of attending top engineering universities, allowing them to play a vital role in nation-building. The objective is to strengthen the teaching and learning of science and math at the educational level.

Public Provident Fund (PPF)

PPF is another good long-term investing choice with tax advantages and guaranteed returns. It is appropriate for parents who desire to create a considerable fund for their daughter’s future needs, such as education, marriage, or business ventures.

Beti Bachao, Beti Padhao (Save and educate the girl child)

Beti Bachao, Beti Padhao is a Government of India campaign. Prime Minister Narendra Modi launched it in 2015. The government aimed to raise awareness and improve social services for females in India. The rise in crime against women, such as female infanticide, has prompted the launch of the Girl Kid, Educate Girl Child campaign. The project started with an initial funding of Rs 100 crore.

The program began in 2015 in Panipat, Haryana. Currently, it involves all of India’s districts. According to the scheme, it seeks to educate women while simultaneously ensuring their health. In India, the majority of women come from poor socioeconomic backgrounds and suffer from malnutrition. This advocate for the protection of girls under the Beti Bachao, Beti Padhao Scheme.

Conclusion

The best investment option for your daughter will be determined by your specific situation and willingness to take risks. It is critical to consult a financial advisor to review your options and select the best investments for you.

© Ruchi Verma

Disclaimer: This article is not published as financial advice or any other financial legal issue. This post is written as an informational part, please read all guidelines carefully before investing in financial transactions. We recommend you consult your financial planner before investing in any financial decisions.

Copyright: Unauthorized use or duplication without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to the original content.

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Ruchi Verma

Certified parenting teen practitioner, multiple Award winner, mother of two active kids believes in sharing the right source of information to readers which could help them in every possible way!!

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