Adv. Mehwish Hilal
Children are the backbone of a country’s future, and their health, education, and development decide the vigour and wealth of society. Their development is not just food and shelter; it needs to be holistic where they get education, medical facilities, emotional well-being, and economic security. All children, be they girls or boys or come from socio-economic backgrounds, need an equal chance to bloom. But in most societies, particularly in developing countries, inequalities occur in treating and taking care of the children. Economic limitations may deny families a secure future for their children.
Girls, especially, are subjected to extra hardships because of entrenched gender prejudices that favour investment in boys’ education and welfare. Parents find it difficult to save money for their daughters’ education, health, or even their daily needs, resulting in financial dependence and restricting their potential. To overcome these hardships, governments across the globe introduce social welfare programs that ensure children have a better future. In India, one such program, the Sukanya Samriddhi Yojana (SSY), has been instrumental in bringing about a change and encouraging financial empowerment for the girl child.
The Sukanya Samriddhi Yojana (SSY) is a government-sponsored savings scheme initiated on January 22, 2015, under the Beti Bachao Beti Padhao initiative. Specifically targeted for the well-being of girl children, the scheme prompts parents to save for their daughters’ futures, so they have the money to educate them, study further, and even get them married if the need arises. The account may be opened in any India Post office or authorized branch of a commercial bank, providing a quarterly revised interest rate. The rate during the January-March 2024 quarter was 8.2%, ranking it as one of the best interest-bearing saving schemes. The parents or guardians may deposit as little as ₹250 or up to ₹1.5 lakh for every financial year, and the account becomes mature 21 years after it has been opened. Also, it is tax-exempt under Section 80C of the Income Tax Act, and the interest received is tax-free.
Since its introduction, SSY has picked up considerably throughout India, including Jammu and Kashmir, where families have adopted it as a means to secure the future of their daughters. More than 80,000 accounts were opened throughout the region by October 2015, with authorities aiming for 2.5 lakh accounts by the end of that fiscal year. As of the available data up to now, 1,458 Sukanya Samriddhi Accounts have been opened in Jammu & Kashmir, with a total deposit of ₹37,05,500.
For several families in Kashmir, economic uncertainty that prevents long-term planning means that accounts under the Sukanya Samriddhi Yojana (SSY) are a light of hope. Although these accounts have not matured yet, increasing savings spell a secure tomorrow for several little girls. For Firdousa’s family, who belonged to a rural village in Kupwara, information about formal savings was unknown until she was born. Her father was a small-farmer, and it was difficult for him to cover day-to-day expenses, let alone save money for the future. But through an awareness program in her neighbourhood, her mother came to know about SSY and started saving a small sum every month. Now, as Firdousa finishes school, her parents await the day when her SSY account matures, realizing that it will give her the financial backing she needs for further studies or her career.
At Sopore, Rukhsana’s family had earlier also been under social pressure to get their daughter married off early for want of money. But thanks to the SSY savings, they now had an option before them—the certainty that by the time the account matures, Rukhsana will have enough money to sustain her education and independence. Such was the inspiration that her parents decided to encourage her studies and not give in to social pressures.
Samreen’s father, a daily wage earner in Anantnag, had always hoped his daughter would pursue studies after school. But with uncertain income, it was not easy to plan. The SSY scheme helped him save in small instalments so that when Samreen would be ready for higher studies, the matured account will help her have a solid financial support for her future.
In Budgam, Mehnaz’s mother, a widow with no regular income, was always anxious about her daughter’s future. When she heard about SSY, she perceived it as an opportunity to establish a financial cushion. Although the account is yet to mature even after several years, the knowledge that Mehnaz will have these savings when she needs them most provides relief to her mother.
These tales embody the hope of SSY—not merely as a savings plan but as a family security net for those working towards their daughters’ emancipation. Though these accounts have yet to mature, the accumulating savings continue to hold out hope, that when the day arrives, these little girls will be able to utilize the financial assistance to dictate their own futures.
For those families who want to secure their daughters’ future using the Sukanya Samriddhi Yojana, the procedure is easy. They can go to their local post office or designated bank branch to open an account and begin saving for their daughter’s future.
These are only a few of the stories about the changes that can be wrought in lives by a disciplined savings plan, particularly in areas where financial insecurity is an everyday experience. The scheme has not only given financial security but also helped change attitudes. When parents realize the advantages of saving for their daughters, they start considering them an asset and not a liability. The promotion of organized financial planning promotes a culture in which the future of a girl child is no longer left to fate.
Though SSY has been revolutionary, its effectiveness is based on awareness and access. Most rural families are unaware of the scheme or are afraid to invest as they are economically backward. More robust financial education programs, especially in disadvantaged areas, are the need of the hour. Further, measures must be taken to avoid premature withdrawals and ensure the money is preserved for the education of the girl or future exigencies.
The authorities can stress increasing the programs of financial literacy, community mobilization at local levels, and applying internet-based banking services for easy maintenance of accounts by distance families. Enhancement of incentives for parents through, for instance, increased government subsidies for economically weaker sections would serve to improve the scheme. Interaction among government organizations, NGOs, and financial organizations will result in wider coverage and efficiency.
Universalization of child care is key to a modern society. The Sukanya Samriddhi Yojana is key to this vision, providing financial protection, facilitating education, and educating girls to stand on their own as contributors to society. Fostering saving habits and long-term planning habits, SSY not only guards individual futures but also contributes towards an inclusive country and a better nation. The scheme is not just about money—it is about hope, possibility, and a pledge to create a future in which each girl child is counted, educated, and economically self-sufficient. Enriching and enhancing schemes such as SSY will be instrumental in securing gender equality and long-term economic development in India.
