Secure your daughter's future from the moment she is born

Summary: Learn the surest way to secure your daughter's future from the moment she is born.

26 Sep 2021 by Team FinFIRST

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IDFC FIRST Bank – securing your daughter's future from day one

The birth of a child is always a cause for celebration. And going by the old Indian adage that a boy takes away seven years of your life while a girl adds seven years to your life, the birth of a daughter is doubly so!

Unfortunately, one thing that causes parents much worry after the birth of their child is how to secure her future. Understanding how important this is and acknowledging the difficulties a daughter faces in her future, the government of India has launched the Sukanya Samriddhi Yojana under the 'Beti Padhao, Beti Bachao' initiative.

On the occasion of International Daughters Day (26 September), IDFC FIRST Bank is proud to announce that it is part of this initiative and is happy to assist in the education of girl children in India. After all, the best assurance of a child's future is to provide her with a good education!

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So, here is all you need to know about this excellent scheme and how you can utilise it to provide good education as well as a safety net for your daughter:

The minimum amount required to open the account is Rs 1000.
Subsequent deposits must be made in multiples of Rs 100.
The minimum amount that must be deposited each financial year is Rs 1000.
The maximum amount that can be deposited each financial year is Rs 1,50,000.
After attaining the age of 10, the girl child (in whose name the account is created) can operate the account.
The account can be closed prematurely in case the girl child marries after attaining the age of 18.
Within India, the account can be transferred from one bank to another or a post office (or vice versa).
The account will mature after a period of 21 years from the date of opening the account.
Deposits made in the account qualify for deduction under Section 80C of the IT Act.
Interest accrued in the account is free from income tax under Section 10 of the IT Act.

But why should you do it?

Apart from providing a perfect and reliable safety net for your daughter's future, Sukanya Samriddhi Yojana also offers some of the best interest rates today – as much as 7.6% per annum.

Moreover, this account can be operated by the individual whose name the account is created (your daughter) from the age of 10, thereby serving as an excellent introduction to the world of finance as well as the numerous responsibilities that come with it.

In case of an emergency, such as a medical condition or the demise of a guardian, the account can be prematurely closed, with all accrued interest being awarded to the girl child. The same can also happen in case the girl gets married after the age of 18.

To sum up

Sukanya Samriddhi Yojana is a beneficial scheme that will prove helpful for your daughter, irrespective of your current financial situation. Not only will it inculcate financial responsibility in your child, but it will also offer considerable freedom from financial worries, thereby giving your child the leeway to pursue whatever course and profession she wants.

Sukanya Samriddhi Yojana is a beneficial scheme that will prove helpful for your daughter, irrespective of your current financial situation.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.