What is the scheme launched for raising funds by saving for higher education of girls?
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Answer:
There is a new entrant in the small savings scheme category. Sukanya Samriddhi Scheme, launched last month, is aimed at encouraging people to save for girl child's education and marriage. It is part of the government's efforts to encourage financial inclusion and increase domestic savings, which have fallen from 36% of gross domestic product in 2008 to 30% in 2013.
Under the scheme, parents and legal guardians can open accounts in the name of two girl children up to 10 years of age. However, as part of the initial offer, one-year grace period is being given. Now, any girl child born between 2 December 2003 and 1 December 2004 can have account opened for her till 1 December 2015.
The account can be opened in post offices or scheduled commercial banks. The minimum investment is Rs 1,000 a year. Further investments have to be in multiples of Rs 100. The maximum amount one can deposit is Rs 1.5 lakh, irrespective of the number of accounts. One has to deposit at least Rs 1,000 every year. An account where the minimum amount has not been deposited can be revived by paying a penalty of Rs 50 and the minimum amount for each year during which the account holder has not paid.
The scheme launched for raising funds by saving for higher education of girls is Sukanya Samriddhi Yojana.
This scheme is part of the Beti Bachao Beti Padao scheme. The account should be opened before the girl turns 10 years old. The minimum opening amount is Rs.250/-. You can pay up to Rs1.5 lakhs in a year. The account is valid until the girl is 21 years old or she is married after 18 years. It can be opened in post offices or branches of commercial banks.