Sukanya Samriddhi Yojana (SSY) is a government offered investment cum savings scheme targeted at the parents of a girl child. The main objective of the SSY scheme is to encourage parents to invest in a long-term plan for their daughters’ higher education and marriage.
Correspondingly, what is the best way to invest money for a child?
Fortunately, savvy parents can invest in their child’s future through a custodial IRA. Custodial IRAs come in two flavors: traditional and Roth IRA. The options almost mirror one another, allowing you and your child to put money in an investment account composed of stocks, bonds, and other securities.
| Plan Name | Entry Age | Maturity Age |
|---|---|---|
| PNB Metlife Smart Child Plan | Parent- 18/55 years Child– 90 days/17 years | 75 years |
| Pramerica Rakshak Gold Child Plan | 18/ 53,50, 47 years | 65 years |
| Sahara Ankur Child Plan | 0/13 years | 40 years |
| SBI Life – Smart Scholar | Parent- 18/57 years Child-0/17 years | 65 years |
Furthermore, what is the best investment for a child’s education?
Ans: Considering the investment horizon of a long term (minimum 5 years) for your child’s higher education, it is advised that you invest in large cap equity funds. Axis Bluechip Fund, Parag Parikh Long Term Equity Fund are a few of the given category that you may consider investing in.
What is the best account to open for a child?
- Best overall savings account for kids: Capital One. …
- Best savings account for college savings: Citizens Bank. …
- Best savings account for a young child: PNC Bank. …
- Best savings account for teens: Alliant Credit Union. …
- Best APY for a kid’s savings account: Spectrum Credit Union.
What is the best type of savings account for a child?
Compare the Best Kids’ Savings Accounts
| Category & Winner | Age limits |
|---|---|
| Capital One Best Overall | Up to age 18; checking available at 8 |
| USAlliance Financial Best for Young Children | Up to age 12; checking available at 13 |
| Alliant Credit Union Best for Teens | Up to age 18; checking available at 13 |
How can I make money at age 11?
10 Ways for Preteens to Make Money This Summer
- Work as a ‘mommy’s helper’ In the past, middle-school-age baby sitters were the norm. …
- Help a local senior. This was actually one of my earliest jobs. …
- Open a lemonade stand. Ah, a lemonade stand. …
- Do yard work. …
- Walk dogs. …
- Pet sit. …
- Provide tech support. …
- Wash cars.