Question

I'm a poor farmer. I would like to save money every month for my daughters higher education. what type of account do you recommend. can you please explain with an example ​

Answer 1

Answer:

The cost of education in India is increasing at a fast pace. From primary to secondary to higher education, parents are increasingly finding it difficult to meet the growing fee structure and other costs associated with education. Aniruddha Bose, Director & Business Head, FinEdge Advisory says, “Education costs are inflating at an above-normal rate, and the returns on your child education fund need to outpace inflation.”

According to National Sample Survey Office (NSSO), between 2008 and 2014, the average annual private expenditure for general education (primary level to post graduation and above) shot up by a staggering 175 percent while during the same period, the annual cost of professional and technical education increased by 96 percent. The expenses typically include course fees, books, transportation, coaching and other related costs.