Opt for these three best financial schemes for a girl child in India

If you are the parent of a girl child, then you should know that your daughter is eligible for many financial incentives. From her education right upto savings for her marriage, she can easily get subsidies, quotas and loans.

While such schemes are mostly targeted towards girls from financially poor backgrounds, it is not a necessity. These are benefits that anybody with a girl child can avail.

But what are these schemes and how can you apply for them? Let us take a look at the most important financial incentive schemes for a girl child in India.

3 best financial schemes for a girl child

#1 CBSE Scholarship Scheme 2016

Under this scheme, a single girl child who has completed class X is eligible to avail scholarships from the Central Board of Secondary Education (CBSE). However, she is only eligible if she has scored 60 percent or 6.2 CGPA in her 10th boards.

As per this scheme, girl child must carry on her further education from CBSE. The other criteria is that the tuition fee should not be more than Rs 1,500 per month. On this, she will get a relaxation of Rs 500 per month. But remember that this is for single girl child only studying in government schools.

#2 Sukanya Samriddhi Yojna

The Sukanya Samriddhi Yojna was launched by the government under the Beti Bachao, Beti Padhao Campaign last year in January. It’s purpose is to encourage parents to invest in their daughter’s higher education and marriage.

As per this scheme, in the first year, parents or legal guardians can invest a minimum of Rs 1,000. After the first year, they can also invest in multiples of Rs 100, upto a maximum of Rs 1, 50,000.

#3 Sivagami Ammaiyar Memorial Girl Child Protection Scheme

This particular scheme has been launched by the government of Tamil Nadu. Families with Rs 50,000 as the total annual salary are eligible for this scheme aimed at single girl child.

There are two sub schemes under this protection initiative.

• Scheme I: The state government will create a fixed deposit to the tune of Rs 22,000 for one girl child of the family
• Scheme II: The state government Rs.15,200 for each girl child where the family has two female children, only
• Under both schemes, an amount of Rs.150 as monthly incentive shall be given to the girl child on completion of 5 years from the date of deposit and upto 20th year of deposit for her educational purpose.

Apart from these schemes, our recommendation is that you invest in child plans (insurance in case of guardian's death), mutual funds (with children-specific schemes), and debt instruments (PPF or recurring deposits).

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(Image courtesy: Endian)