10 Best Saving Scheme for Girl Child – Overview of Top Investment Plans for Girl Child in India

Best investment plans for a girl child in india

If you are parents to a girl child, it is your responsibility to secure her future with an investment policy. A policy will ensure that your girl child receives the best in life including the best education and care that she deserves. Several government and private investment policies are available in India for parents to secure their daughter’s lives. Many of these schemes are offered through government banks and post offices. Let us take a look at some of the best schemes in 2024 that you can invest in as parents of a girl child in India.

Best investment plans for a girl child in india

Are you willing to secure the future of your daughter with an investment policy? If yes, here are the 10 best scheme for girl child in 2023 India, you can choose as an investment or saving plan for your girl child.

Securing the life and future of your daughter with the best investment plan for girl child in India is as important as securing the future of your son. In fact, giving the girl child proper education to build a prosperous career is necessary so that she can be financially independent and stand on her own.

So, if you are a parent of a girl child, you must look for the best girl child investment plans or other options available in India to secure her future. The best saving plan for girl children should encompass features that help the child in availing greater opportunities in higher education and fulfilling their aspirations.

In India, there are many good girl child investment plans and options offered by banks and post offices that ensure the best saving scheme for girl child. But it is important for parents to know about such plans in detail so that they can evaluate them and can choose the best investment policy for girl child to gain maximum benefit from them as per their requirement.

In this post, we will read about some of these best saving scheme for girl child in detail. But before that let’s discuss the benefits of these investment plans in brief.

Benefits of Investment Plans and Policy for a Girl Child

  • Child investment plans allow higher interest rates as compared to many other schemes

  • These plans help is saving tax as they allow tax exemption
  • These plans come with easy terms and conditions to support a child’s future

Here is a list of the 10 Best Policy for Girl Child in 2023 Offering High Returns:

  1. Sukanya Samriddhi Yojana (SSY)
  2. Children Gift Mutual Fund
  3. Post-Office Term Deposit (POTD)
  4. Unit Linked Insurance Plan (ULIP)
  5. National Savings Certificate (NSC)
  6. CBSE Udaan Scheme
  7. National Scheme of Incentive for the Girls of Secondary Education
  8. Balika Samridhi Yojana
  9. Post-Office Recurring Deposit
  10. Fixed deposit (FD)

1. Sukanya Samriddhi Yojana (SSY)

SSY or Sukanya Samriddhi Yojana is the best investment policy for the girl child. This is a savings plan crafted especially for girl children in India. This scheme targets parents of girls and support them to financially secure the future of their daughter’s by opening an account in either a commercial bank or a post office. The SSY scheme was initiated by the Indian Government under the campaign named; ‘Beti Bachao Beti Padhao’ and is available at 7.6% current interest rate.

Since the interest rate of SSY keeps changing, it is better to ensure the same while planning to open an SSY account. As per government rule, a single family can benefit by opening maximum two accounts for 2 girls of the family. The maturity of SSY account takes place in 21 years.

Sukanya Samriddhi Yojana (SSY) plan eligibility, benefits, documents required, and other details:

Eligibility Documents Required Benefits
  • Girl child should be 10 years or below
  • The SSY account can be opened for a girl child only by her natural or legal guardian
  • Photo of applicant
  • Aadhaar number of parents/guardian
  • PAN of parents/guardian
  • Account holder’s (girl child) birth certificate
  • KYC documents (ID proof/ Address proof)
  • SSY accounts allow the highest return on tax deduction, and it comes with the EEE status
  • The contributions per year in this account (Rs. 1.5 lakh/year) is qualified for tax deduction under Section 80C of Income Tax Act
  • The sum received after the account matures is non-taxable
  • It presents incredible Tax Benefits
  • It requires a small amount (Rs. 250) to open a SSY account
  • The scheme help parents to save for their daughter’s higher education costs
  • You can deposit for 15 years, while the account matures in 21 years and allow you to earn continued interest on the amount you deposited

The account allows premature withdrawal in case of special needs of your daughter.

2. Children Gift Mutual Fund

Another best scheme for girl child in India suitable for your daughter is the Children Gift Mutual Fund. This scheme offers a blend of debt limits and equity. This scheme doesn’t allow premature withdrawal and is available with a restriction period of 18 years. However, the lock-in period helps in creating high returns on the plan.

Children Gift Mutual Fund plan eligibility, benefits, and other details:

Eligibility Benefits
  • The account can be opened in the name of a minor daughter/girl child by her parents/guardians
  • Parents are required to submit documents to prove their relationship with the girl.
  • Investing in this plan will help accumulate long-term financial security
  • It allows parents to plan better for their daughter’s future life events
  • It is easy and uncomplicated to monitor funds under this policy
  • The plan incurs no tax until redemption
  • Tax applied at maturity is minimal

3. National Savings Certificate (NSC)

This is a low-risk scheme initiated by the government and is available with the post-offices across India. This investment scheme for girl child is loaded with features and suits aptly for girl child in India. It facilitates a fixed income and definite returns to generate best revenues. Similar to SSY, this plan is currently available at 6.8% rate of interest per annum.

National Savings Certificate (NSC) plan eligibility, benefits, and other details:

Eligibility Benefits
  • Minimum investment – INR 1000
  • Maximum investment – No Maximum Limit
  • Interest Rate – 6.8%
  • Lock in tenure – 5 years
  • The plan offers higher fixed return on investment as compared to FDs
  • Tax Benefits – Up to Rs.1.5 lakh (as per Section 80C of Income Tax)
  • Available at an initial investment of Rs 1,000, which is very less
  • The Plan is available with a maturity period of 5 years
  • Easy to purchase from a post office


4. Post-Office Term Deposit (POTD)

This is another good investment scheme for girl childern which is similar to a bank FDs or fixed deposit. Here, you save money for a particular period of time to earn definite returns. The maturity amount under this plan includes the amount deposited along with interest earned on it.

Post-Office Term Deposit (POTD) plan eligibility, benefits, and other details:

Eligibility Benefits
  • Minimum deposit – INR 1000
  • Maximum Deposit – No Max. Limit
  • Lock-in period – 5 years
  • Transfer – Parents can move the account all across India
  • ROI – The Rate of Interest keeps changing. Check at the time of account opening
  • These are low risk schemes that ensure guaranteed returns
  • They are also small savings and low maintenance schemes
  • Offer income tax benefits under section 80C.
  • Offers Lucrative returns
  • Available at low minimum deposits

5. Unit Linked Insurance Plan (ULIP)

The Unit Link Insurance Plan or ULIP as they are normally called is another recommended investment option and is one of the best policies for a girl child in the country that you can adopt for your daughter. This plan presents high returns on investment and is available in the form of a combination plan – life insurance + investment options – to offer multiple benefits. You can also use the ULIP calculator to check the premium amount and returns.

Unit Linked Insurance Plan (ULIP) plan eligibility, benefits, and other details:

Eligibility Benefits
  • Minimum Age – 18 years Maximum Age – 60 years maximum Maturity Age – 75 years
  • In the event of the death of parent/guardian, the insurer allows premium waiver option regarding the payment of the future premiums
  • Also, in the above case. the insurer facilitates the nominee with a month-based income to support her education
  • The girl child receives a total amount as payout in the event of sudden death of the guardian to meet regular expenses.


6. CBSE Udaan Scheme

The Central Board of Secondary Education (CBSE) has collaborated with the Human Resource Development (HRD) Ministry, Government of India to initiate and manage the CBSE Udaan scheme for girls. The plan aims to support girls in getting enrolled in prominent colleges of engineering and technical studies across India.

CBSE Udaan Scheme eligibility, benefits, and other details:

Eligibility Benefits
  • Applicants who have secured 70% average marks in class 10 can enroll for the plan
  • The applicant must score 80% minimum marks in Science and Mathematics
  • The applicant must score a minimum of 8 and 9 GPA in Maths and Science
  • The plan offers online resources and free course material for girls in their 11th and 12th grades
  • Weekend virtual courses for girls in their 11th and 12th grades
  • Career opportunities for deserving female students
  • Study assistance and clarification facilities via a toll-free number
  • Consistent monitoring and tracking of students’ progress

7. National Scheme of Incentive for the Girls of Secondary Education

This is another pan-India scheme initiated by the Department of School Education & Literacy, which is a wing of the HRD Ministry, Government of India. The scheme supports girls of deprived classes of India who want to pursue secondary education. Under this scheme, girls of economically low classes receive INR 3000 as a fixed amount that can be used to complete their secondary education. The amount can be withdrawn after the girl completes her 10th grade.

National Scheme of Incentive for the Girls of Secondary Education plan eligibility, benefits, and other details:

Eligibility Benefits
  • The applicant must be unmarried
  • The girl child must be below 16 years of age
  • The candidate should be 8th pass and should have enrolled in the 9th grade
  • Must be studying in a school aided by Government
  • It is a centrally Sponsored Scheme
  • The girl child can withdraw the amount with interest upon reaching 18 year

8. Balika Samridhi Yojana

This is a scholarship scheme that allows financial support to girls who are economically deprived and to their families. The scheme aims at raising the social status of girls. Besides, the scheme also works at increasing the age of marriage of girls and to increase their enrolment in school. This scheme is available for people of both rural and urban areas. Under this scheme, mothers of girl child are given a cash reward at the time of birth of the child. Further, the girl child is given an annual scholarship of an amount ranging between INR 300 to INR 1000 when she reaches school. Application form for this scheme can be downloaded from the website of Women & Child Development.

Balika Samridhi Yojana plan eligibility, benefits, and other details:

Eligibility Benefits
  • The girl child should be from a below poverty line (BPL) family
  • The girl child should be born on or after August 15, 1997
  • Annual scholarship for girlsA sum is offered at the time of birth of girl child

9. Post-Office Recurring Deposit

A post-office recurring deposit is another good investment policy for a girl child. The plan comes with a tenure of 5 years, which can be extended further by parents to generate high returns. This is a zero risk investment plan that can support the parents of girls to secure their future.

Post-Office Recurring Deposit plan eligibility, benefits, and other details:

Eligibility Benefits
  • Tenure of a post office RD is 5 years
  • Applicant should be an Indian National above the age of 18 years
  • Interest rate provided per annum is compounded quarterly
  • Investors must deposit a fixed amount at regular intervals

10. Fixed deposit (FD)

Fixed deposit is another option for parents to save enough for their daughters. This plan helps parents to enhance their income. However, the interest rates of FDs are very low. But, it is a risk-free option for girl child investment. However, once you open the account, it is not possible to withdraw money early within in the lock-in period.

Fixed deposit (FD) plan eligibility, benefits, and other details:

Eligibility Benefits
  • Any applicant less than 60 years of age can apply.Parents of gild child can apply on behalf of their daughters The applicant must be a citizen of India
  • Better interest rates than regular savings account The plan allow tax benefits

Benefits of Girl Child Savings Schemes in India

Higher rate of Interest As compared to the interest rates offered by other national and state banks, FDs and deposits in SSY are higher, which results in more money being saved
Tax Benefits Many schemes offered by the government exclude Income Tax benefits. However, with SSY, you can have savings in the form of tax-exemptions. This comes as a huge benefit in the long run
Simple Terms and Conditions The terms and conditions of SSY are plainly stated, which hardly leaves any speculation. Scheme doesn’t allow any early withdrawals due to the lock-in period. This ensures that the amount saved is used for the girl’s higher education or marriage

Child Plan vs Sukanya Samriddhi Yojana vs PPF

Feature Child Education Plan Sukanya Samriddhi Yojana Public Provident Fund
Entry Age Up to 18 years Up to 10 years No age limit
Tenure 5 years 21 years 15 years
Rate of Interest 12 – 19% 8% 7.1%
Minimum amount required to open an account Depends on the plan INR 250 INR 100
maximum amount invested per year No limit 1.5 lakh 1.5 lakh
can be awaited by Both girl and boy child Girl child only Both girl and boy child
premature withdrawal conditions Can be withdrawn after 5 years Can be withdrawn under sensitive conditions Can be withdrawn in case of any critical illness or for education purposes
Penalty on premature withdrawal No penalty if withdrawn after 5 years Rate of interest reduced to normal post office saving schemes 1% Reduction in ROI
Paperwork at withdrawal Low High Low
Availability of lump sum payment to child in case of parents' death Available Not available Not available
Monthly payment for child's education in case of parents' death Available Not available Not available
Nomination facility Not available (parents receive the amount) Not available (parents receive the amount) Available
Premium waiver facility Available Not available Not available
Risk factor Low-risk investment Low-risk investment Low-risk investment

To Conclude

FAQs: Best Policy and Saving Schemes for Girl Child in India 2023

One of the best investment plans for girl child at present is SSY or Sukanya Samriddhi Yojana which is available at a rate of interest of 7.6%. Other top investments suitable for girl child include:

Children Gift Mutual Fund
National Saving Certificate (NSC)
Post-Office Term Deposit (POTD)
Unit Linked Insurance Plan (ULIP)

It actually depends on various things like your budget, economical background and your preferences in terms of investments. However, when it comes to investing for child plans, below are the options that one can seek to secure the future of their child:

National Saving Certificates (NSC)
Post-Office Term Deposit (POTD)
Unit Linked Insurance Plan (ULIP)
Sukanya Samriddhi Yojana (SSY)
Money Back Insurance Plans

For a girl child in India, Sukanya Samriddhi Yojana is one of the best plans to secure her future. This plan is available with a good rate of interest and allows several benefits. Besides, there are several other plans that cater to children, such as, child insurance plans, Endowment Plans, Equity Fund, Money Back plans, ULIPs, Children Gift Mutual Funds, etc.

It is better to start investing for the child from his/her birth onwards. Try to open a good investment account for your child, which could cater to his/her higher education goals. Also, you can buy term life insurances to secure the future of the child in case of any untoward situation that takes place with you. There are many good investment plans to start with depending on your budget and preference. You can start with one of the below mentioned plans:

National Saving Certificates (NSC)
Post-Office Term Deposit (POTD)
Unit Linked Insurance Plan (ULIP)
Sukanya Samriddhi Yojana (SSY)
Money Back Insurance Plans

Also, look for plans that offer tax deductions so that you can save some tax and the maturity amount is also tax free. This will help the child with a lump sum amount at maturity to cater to his/her career and life needs.

SSY or Sukanya Samridhhi Yojana is one of the best schemes that is available at post offices as well as banks including some private banks.

No, the SSY account doesn’t offer any loan option. However, it allows the insured to withdraw up to half of the accumulated sum once the girl child turns 18 years or has passed her 10th exam.

Sukanya Samridhhi Yojana is an affordable savings scheme that is aimed at families with low income. Under this scheme, the girl child can avail a specific amount of money at plan maturity.

The key aim of the scheme is to save the girl child from issues prevalent in the society such as abortions of girl fetuses as well as no proper means of education offered to the girl child etc.

Author Bio

Paybima Team

Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

Choose from India’s top insurers

Latest Post

Expectations are abuzz in the Insurance sector as the newly elected government is gearing up to present its first Union Budget on July 23, 2024. The budget this year is likely to offer a vital opportunity for the Insurance sector to get a step closer to the 'Insurance for All by 2047' goal set by IRDAI. It is likely to address the key challenges towards achieving this goal while enhancing economic significance and growth in the future. Penetrating the rural market will remain a priority while emphasizing life insurance as a way of mobilizing savings.

Let us take a look at the highlights of the Union Budget 2024 and other previous year's Budgets and how they influenced the insurance sector.

See nowSee now

Policyholders purchase Health Insurance plans to avail medical coverage against diseases and accidental injuries. The policyholder pays a premium in exchange for the coverage offered by the health insurance plan and it includes features like hospitalization expenses, daycare treatments, domiciliary costs, critical illnesses, AYUSH treatments, and other benefits like free medical check-ups among others.

Depending on the policy and the policy provider, health insurance plans cover several features, while it excludes some. Different health policies may cover different features. However, some common features are covered by almost all policies. In this post, we will discuss the common features and health insurance coverage available.

See nowSee now

In today's busy world, it is easy for people to forget their car insurance renewal date. However, missing the timely renewal of your car insurance makes you vulnerable to several penalties for driving an uninsured car on the road.  Also, in case of an accident, your vehicle will not be covered by your car insurance provider. Hence, it is very important to keep a tab on the validity date of your vehicle insurance. The government of India provides several ways for vehicle owners to check their vehicle renewal status online. Let us learn about them in this post.

See nowSee now

Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy, which are combinedly referred to as AYUSH is an alternative branch of medicine and treatment that is used to cure several diseases. All the treatments that come under AYUSH have been in use for thousands of years now. These treatments are rooted in the ancient culture of India and were used by early human civilizations to cure many health conditions in the past. Even today, AYUSH treatments are widely available and popular among many, which is the reason why insurance companies cover AYUSH treatments under most insurance plans.

See nowSee now

With each passing year, as people tend to grow older, the constant anxiety of having age-related and other diseases scares them. Further, the increasing cost of medical treatment is another scary situation that most people dread. In such a situation, having a life insurance policy is a must to ensure safety from the frequent costs of medical treatment and hospitalization that an individual or a family might suffer. India has several health insurance providers offering good and comprehensive policies. In this post, let us discuss them to help you buy the best policy.

See nowSee now