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.