As a woman, you have the power to change the future of India. And with two schemes in place for your financial empowerment and security, there’s no reason why you shouldn’t make the most of them. The Beti Bachao Beti Padhao Yojana is a scheme that was launched by the government in 2015 with the aim of saving and educating the girl child. The Sukanya Samriddhi Yojana, on the other hand, is a saving scheme that was launched in 2016 for the benefit of the girl child. In this blog post, we will take a look at both these schemes in detail and explore how they can help you achieve financial stability and security.
What is the Beti Bachao Beti Padhao Yojana?
The Beti Bachao Beti Padhao Yojana is a scheme launched by the government of India in 2015 to improve the child sex ratio and empower girls. The scheme aims to address the declining child sex ratio and ensure the survival, protection and empowerment of the girl child. The scheme is being implemented in all states and union territories of India. Under the scheme, various awareness-raising activities are being conducted to create an enabling environment for the girl child. Financial assistance is also provided for interventions aimed at improving the health and education of girls.
What is the Sukanya Samriddhi Yojana?
The Sukanya Samriddhi Yojana is a saving scheme that was launched as part of the Beti Bachao Beti Padhao initiative. The scheme encourages parents to save for their daughter’s future education and marriage expenses. The account can be opened by the girl’s parents or legal guardian, in her name, at any post office or authorised bank branch.
The Sukanya Samriddhi Yojana account offers several benefits, such as:
– Attractive interest rate: The interest rate on the account is currently 8.4% per annum (w.e.f 1st October 2019). This is higher than the interest rates offered on most other fixed deposit schemes.
– Tax benefit: The interest earned and the maturity amount are both exempt from income tax under Section 80C of the Income Tax Act, 1961.
– Partial withdrawal allowed: After the girl reaches 18 years of age, she can make partial withdrawals from the account for her higher education expenses.
– Maturity period: The account matures when the girl turns 21 years old. At maturity, the account balance can be used for her marriage expenses.
What are the differences between the two schemes?
The Beti Bachao Beti Padhao (BBBP) scheme is a flagship programme of the Government of India that aims to address the declining child sex ratio and empower the girl child. The Sukanya Samriddhi Yojana (SSY) is a Saving Scheme for the Girl Child under which parents can open an account in the name of their daughter who is below 10 years of age.
The main difference between the two schemes is that while BBBP focuses on creating awareness and changing societal norms to improve the status of the girl child, SSY provides financial security to parents by encouraging them to save for their daughter’s future. Under SSY, parents can deposit up to Rs 1.5 lakh per year in an account in their daughter’s name, which accrues interest at a rate of 9.1% per annum. The account matures when the girl reaches 18 years of age, at which point she can use the funds for her education or marriage expenses.
Another key difference between the two schemes is that while BBBP is a nationwide initiative, SSY is only applicable in India. Finally, while BBBP is implemented by various ministries and departments, SSY falls under the purview of the Ministry of Finance.
Which scheme is better for you?
There are two main schemes in India that focus on the girl child – Beti Bachao Beti Padhao Yojana and Sukanya Samriddhi Yojana. So, which one is better for you?
Beti Bachao Beti Padhao Yojana is a scheme that was launched by the government in 2015 with the objective of improving the sex ratio in India. The scheme has three main components – creating awareness and ensuring institutional mechanisms for gender sensitive practices, prevention of gender-based violence and discrimination against the girl child, and empowerment of women.
Sukanya Samriddhi Yojana is a saving scheme specifically for the girl child, which was launched by the government in 2014. The scheme offers an interest rate of 8.5% per annum, which is higher than most bank deposit rates. The account can be opened from the age of birth till 10 years, and can be operated till the age of 21 years.
So, which scheme is better for you? If you want to focus on saving for your daughter’s future, then Sukanya Samriddhi Yojana is a better option. However, if you want to create awareness about gender issues and empower women, then Beti Bachao Beti Padhao Yojana is a better choice.
The Beti Bachao Beti Padhao Yojana and Sukanya Samriddhi Yojana are two important schemes launched by the Indian government to improve the status of women in society. While the former aims to save and educate the girl child, the latter scheme provides financial security for girls through a long-term investment plan. Both these schemes are important in their own right and have helped countless women across India. At our website you will get full details about these yojana.