4 days ago

Six Financial Steps Women Can Take Toward Independence

The article gives women six ideas for becoming more financially independent.

It says they should save enough money to cover about six months of important expenses.

Some of that money should be kept in a bank account only they can operate.

The Public Provident Fund can help with long-term goals such as retirement.

Parents can use Sukanya Samriddhi Yojana to save for a daughter’s education or wedding.

Two government insurance schemes can provide basic life and accident protection.

Women are also encouraged to learn about their legal rights.

Finally, keeping investments and assets in their own names can give them more control over their money.

Key facts

Emergency reserve: Around six months of essential expenses; the article also suggests keeping six months of salary in a personally operated bank account.
Public Provident Fund: A government-backed long-term savings option with tax benefits; accounts can be opened with a minimum deposit of ₹500.
Sukanya Samriddhi Yojana: The article states that it offers an 8.2% return, requires a minimum deposit of ₹250 and has a 21-year maturity period.
Insurance premium: The annual premium for the two recommended government schemes is stated as ₹456.
Insurance coverage: The schemes provide ₹2 lakh in life cover and ₹2 lakh in accident cover, according to the article.
Legal awareness: The article cites a safeguard that a police officer cannot take a woman away between sunset and sunrise without written permission from a magistrate.
Asset ownership: Women are advised to hold savings, investments and assets in their own names.

businesstoday.in · 4 days ago