January 24 marks National Girl Child Day in India, a day dedicated to celebrating and empowering the girl child. When we talk about empowerment, it’s important to address the need for financial independence too. This independence can come only when your girl child has some investment in place from the very beginning.

Here are some key investment options available for girl children in India.

Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme.

Interest rates applicable to it are reviewed every quarter.

Currently, interest at the rate of 8.2% is available on the investment in the Sukanya Samriddhi Account (SSA) at designated post office branches.

A legal guardian/natural guardian can open SSA in the name of a girl child. An account can be opened up to the age of 10 years only from the date of birth, according to India Post.

Customers can set up a Sukanya Samriddhi account at a minimum investment of ₹250 and a maximum of ₹1.50 lakh per financial year. The subsequent deposits in the account can be made in multiples of ₹50.

Children Gift Mutual Fund

It is a type of mutual fund targeted toward achieving the different life events of a child, such as marriage, higher education, etc., Gift funds invest in a combination of Debt and Equity Instruments. An example of Debt Instrument is Fixed Income Securities and of Equities is shares.

LIC’s Jeevan Tarun

Life Insurance Corporation (LIC) of India offers the Jeevan Tarun plan, specifically designed for children, including the girl child. It provides a combination of savings and protection, with payouts available for the child’s educational needs from ages 20 to 25.

The plan also offers a lump sum at maturity and provides life cover.

Ladli Laxmi Yojana

Implemented by various state governments, the Ladli Laxmi Yojana aims to improve the social and economic status of girls.

Under this scheme, the government purchases National Savings Certificates in the name of the girl child, and periodic payments are made to her family.

Upon reaching 21 years, the girl can withdraw the entire maturity amount.

Balika Samriddhi Yojana (BSY)

The Balika Samriddhi Yojana is another government-backed initiative aimed at promoting the welfare of girls in India, particularly from economically weaker sections.

Under this scheme, a cash incentive is provided at the birth of the girl child, followed by yearly scholarships to ensure they receive education up to higher secondary school.

CBSE Udaan Scheme

It is one such scheme initiated by the Central Board of Secondary Education (CBSE) in association with the Ministry of Human Resource and Development (MHRD) of the Government of India. The objective is to enhance the rate of enrolment of female students in the country’s engineering colleges.