Details of the post office scheme for girl child
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The Sukanya Samriddhi Yojana (SSY) offers higher interest rates than other government-backed schemes, tax deductions up to Rs. 1.5 lakh annually, assured returns, flexible investment options, easy transfer between Post Offices, compounding benefits for long-term investment, and imposes a penalty of ₹50 for late payments.
The PLI Children Policy, known as Bal Jeevan Bima, is tailored for children aged 5 to 20 years. It’s purchasable by parents with existing coverage under PLI’s whole-life assurance and endowment assurance plans. Key features include premium waiver upon the parent’s demise and death/maturity benefits with accrued annual bonuses. PLI also offers other plans like post office savings scheme for girls and child plans, providing affordable premiums for securing family futures.
The Public Provident Fund (PPF) is a government small savings instrument in India, ideal for parents to secure their daughters’ future. Key features include a 15-year tenure, interest compounded yearly at 7.10%, and annual deposits ranging from Rs. 500 to Rs. 1.5 Lakhs. On maturity, the total amount, along with interest, is disbursed to the girl child. Additionally, parents can consider the post office savings scheme for girls as another financial security option.