8Sukanya Samriddhi Yojana
Under Modi government’s flagship campaign “Beti bachao, Beti padhao”, a slogan that resonates with the heart and soul of our country and has struck a chord with indigenous as well as people all over the world, a savings scheme was launched which was endorsed by the government of India called “Sukanya Samriddhi Yojana”and as the name rightly alludes to, it is aimed at the growth and development of the girl child and it is needless to mention that India needed such a nudge from a long time and our government is not shy of providing that necessary nudge.
Though India has become progressive in various spheres, there still exists a section within our country that fans and nurtures feudal concepts of gender disparity, inequality ,female foeticide, dowry and other unspeakable vices. The Modi government has gone quite frank when it comes to colliding with such redundant theories that still plague our country. “Sukanya Samriddhi Yojana” was put in motion by Prime minister Narender Modi on 22nd January, 2015 and focuses on the parents of the girl child. Under this scheme, the parents of the girl child can open a savings account for their daughter so as to save funds for her future education and marriage. A Girl’s education and marriage continues to complicate scenarios amongst the economically weak and at times otherwise too. The fear of expenditure that education and marriage incur, still evoke repulsive feelings in the hearts of some parents of a girl child. The government has decided to intervene into these nitty grittes of our society and thus launched this scheme that allows the parents of a girl child to open an account at any Indian post office or branch of an authorized commercial bank. The account can be opened at any time after the birth and before the child turns 10. Only one account per girl child and two accounts per family are allowed with two girls, though there can be an exception in case of twins. The scheme offers a high interest rate of 8.5% on these accounts and there are tax benefits too, which makes it attractive for the parents. In a developing country like India, money management is a very important aspect and such benefits provoke the families to partake in such beneficial schemes.
There is a pre requisite of maintaining a nominal balance of Rs250 and the accounts can be transferred anywhere in India. From the time of opening of the account deposits can be made into it over a period of 14 years and the account becomes mature after 21 years of opening it. The girl child can start withdrawing money from the account when she is over 10 years old. 50 percent of the amount can be withdrawn for educational purposes when the girl reaches the age of 18.
The genesis of this scheme is hinged to the well being of a girl child in terms of financial security and prosperity. Though, India collectively as a nation has to come down crumbling over this gender inequality menace, but steps like this scheme are a very welcome step towards the right direction. These accounts cannot be opened without showing the birth certificate of a girl child hence there is no room for anybody to tweak and twist the benefits of this scheme.