There is no doubt that in today's landscape, women are achieving financial independence; however, some studies reveal that a large population of women in India still lack financial literacy. This stems from the fact that women are not provided with equal financial avenues and are often sidelined when it comes to investing opportunities. A significant female population struggle with investing and tax-saving practices due to lack of knowledge. It’s crucial to become financially smart especially if you are a woman to not stay dependent on anyone. Let’s learn about some government schemes that provide the opportunity for securing your future. 

Mahila Samman Savings Certificate

The government introduced Mahila Samman Savings Certificate Scheme as a great investment opportunity for businesswoman and even minor girls. Under this scheme, you can start making deposits ranging from Rs 1000 to 2 lakh. It offers a decent interest rate of 7.5 percent. While there is no tax exemption provided, the interest earned is not subject to taxation. However, this scheme is available only until March 2025. 

Sukanya Samriddhi Yojana

Parents can open a bank account in the name of their daughter before she turns 10 years old. You can open accounts for only two daughters in a family. Deposits can be made to this account for up to 15 years, starting from the daughter’s birth. There is a lock-in period of 6 years during which no additional deposits are made. Upon reaching the age of 18, the daughter can withdraw 50 percent of the maturity amount, and the rest can be withdrawn after she turns 21. Investors can avail a tax exemption under Income Tax Section 80C.

LIC’s Aadhaar Shila Scheme

LIC’s Aadhaar Shila Scheme is another lucrative investment opportunity. It is personal life insurance policy. Girls as young as 8-year-old are eligible for the scheme. The maximum age of women investing in this policy is 55 years. The policy term ranges from a maximum of 10 years to a maximum of 20 years. Upon maturity, a fixed sum assured is provided. In the event of demise of the investor, the family receives the entire amount. 

More tips

To become financially smarter, stay informed about changes in tax laws, financial markets, and economic trends. If you are a complete beginner, educate yourself. There are plenty of resources available online, learn from those resources and make your own financial strategies. For future security, consider investing in insurance policies like health, life, and property insurance. These practices will protect your financial well-being.