Kanyadan Yojna V/S Sukanya Samridhi Yojna
Kanyadan Yojna and Sukanya Samriddhi Yojana are both initiatives aimed at supporting the financial needs and future of the girl child in India. Here’s a comparison of the two:
Kanyadan Yojna
Kanyadan Yojna is a term used for various state government schemes in India, which are aimed at providing financial assistance to families for the marriage of their daughters. The specifics of the scheme can vary from state to state, but generally, they include:
- Financial Assistance: A lump sum amount is given to the family of the bride to support marriage expenses.
- Eligibility: Typically, the schemes are aimed at families below the poverty line or from economically weaker sections. Specific criteria might include the age of the bride, her educational status, and family income.
- Purpose: The main aim is to alleviate the financial burden of marriage and promote the welfare of the girl child by ensuring a dignified marriage.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is a central government savings scheme launched as part of the “Beti Bachao Beti Padhao” campaign. The key features of this scheme are:
- Savings Scheme: SSY is a long-term savings scheme that offers high-interest rates compared to other government-backed savings schemes.
- Eligibility: The account can be opened for a girl child up to the age of 10 years. Only one account per girl child is allowed.
- Deposits: A minimum of ₹250 and a maximum of ₹1.5 lakh can be deposited annually.
- Maturity: The account matures after 21 years from the date of opening or when the girl gets married after turning 18, whichever is earlier.
- Tax Benefits: Contributions to the SSY account are eligible for tax deduction under Section 80C of the Income Tax Act. The interest earned and maturity amount are also tax-free.
- Purpose: The aim is to encourage parents to save for their girl child’s education and marriage expenses.
Comparison
- Objective: Kanyadan Yojna focuses on providing immediate financial assistance for marriage, while Sukanya Samriddhi Yojana focuses on long-term savings for the girl child’s education and marriage.
- Scope: Kanyadan Yojna is often state-specific and can vary widely in terms of benefits and eligibility, while Sukanya Samriddhi Yojana is a nationwide scheme with uniform rules.
- Financial Benefit: Kanyadan Yojna provides a one-time financial grant, whereas SSY provides a systematic savings mechanism with compounded interest benefits over time.
- Eligibility: Kanyadan Yojna typically targets economically weaker sections, whereas SSY is open to all girl children under 10 years of age.
- Tax Benefits: SSY offers significant tax benefits, making it a favorable option for long-term financial planning.
Both schemes have their unique benefits and can complement each other if used together. For instance, parents can use SSY for long-term savings while availing of Kanyadan Yojna benefits for immediate marriage expenses.