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      Child Saving Schemes in 2024

      • 5 min read
      • Last Modified Date: January 2, 2024
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      • A child is the most precious thing in your life, and it’s important that you take care of them. However, it can be hard to know how much money you should save for their future education, health, and insurance needs.
      • There are many different types of child saving schemes available for parents who want to safeguard their children from financial difficulties later in life.
      • Here are some examples:

      Different Child Saving Schemes

      1.Sukanya Samriddhi Scheme

      • The Sukanya Samriddhi Yojana is a child saving scheme specially made for girl children. It was launched by Prime Minister Narendra Modi on January 22, 2015.
      • The objective of this scheme is to promote the financial inclusion of girls in India by incentivizing them to save money through the Sukanya Samriddhi account.
      • The interest rate ordered by this scheme is 7.6% per annum, and the minimum and maximum investment amounts are ₹250 and ₹1.5 lakh per annum respectively.
      • Also, the maturity period of the Sukanya Samriddhi Scheme depends on the age difference between the girl’s legal marriage age and the year of the account opening.
      • The account can also be transferred with tax benefits up to ₹1.5 lakh.

      For more details: SSY – Sukanya Samriddhi Yojana Benefits & Interest Rates.

      2.Investments in Recurring Deposits

      • While recurring deposits are safe and secure, the returns offered by them aren’t as good as other schemes. The interest earned on these investments is taxable, which means you have to pay tax on it. You can also reinvest your whole deposit in another scheme with higher rates of interest (if one is available).

      3.Investments in National Savings Certificate or NSC

      • NSC is a long-term investment that can be purchased by anyone. It is also a safe and secure investment option for children and their parents.
      • NSC can be invested in any denomination, whether it be ₹100 or ₹10000. This means that you will never have to worry about losing money on this type of investment because the amount of your purchase depends on what you want to invest in, not what others might think about their purchases as well!
      • Also, the returns for the National Savings Certificate are pretty solid as it is sponsored by the Ministry of Finance’s Institute of Savings.
      • Additionally, unlike other types of investments such as stocks or bonds, where there are specific rules associated with them (such as minimums), no such rule exists when it comes to purchasing NSCs since they’re always bought on an individual basis.

      Suggested for you: NSC – National Savings Certificate.

      4.Investments in ULIP

      • ULIPs are a type of investment where you pay a premium to the insurance company and get an assured return. They’re like mutual funds, but instead of investing in stocks and bonds, they invest in insurance policies.
      • ULIPs can be used to save for your child’s education or help build up their savings account.
      • Bajaj Allianz Young Assure Child Plan
      • The Bajaj Allianz Young Assure Child Plan is a child saving scheme for children under 18 years of age. It provides an opportunity to save money for your child’s education and other expenses, such as medical treatment and travel.
      • The plan has three investment options: fixed deposits, mutual funds, and individual investments. You can choose from any of these investments based on your needs and preferences; however, you must invest at least Rs 5 lakh in each fund category through recurring deposits or EMI payments through post-office-based banking channels (online banking).
      • The minimum subscription amount for the fixed deposit is Rs 1 lakh per year; however, it varies depending on the type of account held by an individual under this scheme (fixed deposit versus equity).

      5.Birla Sun Life Insurance Vision Star Policy

      • The Aditya Birla Sun Life Insurance Vision Star Plan comes with a maturity benefit of Rs. 1.5 lakh and is available to individuals who have completed 25 years of age or more.
      • It also offers a maturity benefit of Rs. 2 lakh, which can be redeemed after you have attained the age of 50 and are not suffering from any chronic illness that may affect your health or complicate the treatment process (e.g., cancer).

      6.Bharti AXA Life Child Advantage Plan

      • Bharti AXA Life Child Advantage Plan is a good option for parents who want to invest in their child’s future. This plan allows you to save up to ₹1 lakh every year and offers tax benefits too.

      The plan has many benefits:

      • You can save up to ₹1 lakh every year
      • It’s possible that your child may not be able to participate in this scheme, but if he/she does, then it will help them get an education or marry later on.

      These child saving schemes let you plan for your child’s future

      There are many different child saving schemes available in India that let you save for your child’s future. You can save for their education, marriage, or even a house.

      The main idea behind savings plans is to build an emergency fund and use it when the time comes to buy something like a piece of land or start a business. The money should also be earmarked for rainy days so that you don’t have to worry about paying bills when things suddenly get tight.

      There are several options available when it comes to opening up these accounts:

      • You can open an account in your child’s name after they turn 18 years old;
      • Alternatively, if you want all this stuff done through one go (and don’t want any hassle), then open up two separate accounts under each person’s name (for example John Smith & Jane Doe).


      We hope this article has helped you find the perfect child saving scheme for your child. As we’ve seen, there are many options available for saving for your child’s future. The important thing is to make sure that you do your research and choose the one that works best for you. Also, you can avail yourself of a much higher rate of interest by investing in alternative investments like commercial and residential real estate.

      Real estate investments are very simple and require you to just get on board with a good real estate investment platform like Assetmonk, which will help you get strong returns with features like fractional ownership!


      The Sukanya Samriddhi Scheme is by far the best government-sponsored child savings scheme, especially targeted toward the girl child.

      These investments include a mix of SIPs, savings accounts, fixed deposits, PPFs, etc.

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