Investing in the future of a girl child is vital for both her personal growth and the overall development of society. The Government of India, along with various financial institutions, has introduced several financial security schemes exclusively for the girl child. These schemes aim to provide financial stability, support education, and empower young girls for a better future. This article explores some of the prominent financial security schemes for girl children in India, focusing on their benefits, features, and eligibility criteria.

 Sukanya Samriddhi Yojana (SSY)

Launched under the 'Beti Bachao Beti Padhao' campaign, Sukanya Samriddhi Yojana (SSY) is one of the most popular schemes for girl child in India. The scheme encourages parents to save for their daughters' future education and marriage expenses. Here are some key features:

- Eligibility: The scheme is only applicable for girl children below the age of 10 years.

- Account opening: A minimum deposit of ₹250 is required to open the account, and it can be opened by parents or legal guardians.

- Deposits: The annual deposit limit ranges from ₹250 to ₹1.5 lakh, and can be made until the girl child turns 15 years old.

- Interest Rate: As of October 2023, the interest rate is 7.6% per annum, compounded yearly and is tax-free.

- Maturity: The account matures when the girl child turns 21 or upon her marriage after age 18. Partial withdrawal of up to 50% of the accumulated amount is allowed for educational purposes after she turns 18.

 Balika Samriddhi Yojana (BSY)

The Balika Samriddhi Yojana (BSY) is another government initiative aimed at improving the status of girl children in India and promoting their education and health. The scheme provides financial assistance to girls from economically weaker sections.

- Eligibility: The scheme is targeted at girl children born on or after 15 August 1997 who belong to families below the poverty line (BPL).

- Benefits: A post-birth grant of ₹500 is provided along with annual scholarships ranging from ₹300 to ₹1,000 up to class X.

- Disbursal: The benefits are disbursed either through post offices or bank accounts in the girl child's name.

 Pradhan Mantri Jan Dhan Yojana (PMJDY)

While the Pradhan Mantri Jan Dhan Yojana (PMJDY) is not exclusively for girl children, it offers significant benefits that can contribute to their financial security.

- No minimum balance: Basic savings bank deposit accounts with zero balance.

- Interest: Interest on the deposit balance, ensuring growth of savings.

- Accidental Insurance: Coverage of ₹1 lakh, and life cover of ₹30,000 for account holders between 18 to 50 years.

- Withdrawal Facility: A RuPay debit card is provided for withdrawals and transactions.

 Pragati Scholarship

The Pragati Scholarship is a scheme specifically designed to support the education of girls pursuing technical education. Instituted by the All India Council for Technical Education (AICTE), this scholarship encourages girls to undertake technical education and build a career in this field.

- Eligibility: Girl students admitted to the first year of a degree or diploma program in an AICTE-approved institution.

- Scholarship Amount: An annual scholarship of ₹50,000 for up to four years for degree courses and three years for diploma courses.

- Number of Scholarships: Approximately 5,000 scholarships are offered annually.

- Ceiling on Income: The family's annual income should not exceed ₹8 lakh.

 National Scheme of Incentive to Girls for Secondary Education (NSIGSE)

The National Scheme of Incentive to Girls for Secondary Education (NSIGSE) motivates girls from disadvantaged sections to pursue secondary education.

- Eligibility: Applicable to SC/ST girls who pass class VIII and enroll in class IX, or girls who pass class VIII from Kasturba Gandhi Balika Vidyalayas and enroll in class IX.

- Benefits: A sum of ₹3,000 is deposited in the girl's account, which she can withdraw when she turns 18 and has passed class X.

 Calculation of Returns: Sukanya Samriddhi Yojana Example

To illustrate the potential returns from an investment in the Sukanya Samriddhi Yojana, assume a one-time investment of ₹1.5 lakh at the current interest rate of 7.6% per annum.

Using the compound interest formula:

\[ A = P \left(1 + \frac{r}{n}\right)^{nt} \]

Where:

- \( A \) is the amount on maturity

- \( P \) is the principal amount (₹1.5 lakh)

- \( r \) is the annual interest rate (7.6%)

- \( n \) is the number of times interest is compounded per year (1)

- \( t \) is the number of years

Substituting the values:

\[ A = 1,50,000 \left(1 + \frac{7.6}{100}\right)^{21} \]

\[ A = 1,50,000 (1.076)^{21} \]

\[ A ≈ 6,14,000 \]

Thus, an investment of ₹1.5 lakh would grow approximately to ₹6.14 lakh over 21 years.

 Summary

Investing in specialised financial security schemes for girl children in India ensures a stable and prosperous future for them. Schemes like Sukanya Samriddhi Yojana, Balika Samriddhi Yojana, Pradhan Mantri Jan Dhan Yojana, Pragati Scholarship, and the National Scheme of Incentive to Girls for Secondary Education are crucial in promoting the education, health, and overall development of girl children. The Indian government and other organizations have introduced these initiatives to support and empower young girls, encouraging their financial independence and aiding in their growth.

Disclaimer: 

The above-mentioned schemes are subject to various terms and conditions. Investors must carefully assess all the pros and cons and consider their financial situation before investing in any of these schemes. Past performance does not guarantee future results, and investments are subject to market risks.