Prime Minister Narendra Modi Thursday launched the 'Sukanya Samridhi Yojana' which will enable parents to open bank accounts of girls under 10 years of age.
Giving away the passbooks and other documents to five small girls during the function to launch the nationwide 'Beti Bachao-Beti Padhao' (save girl child and educate her) campaign from Panipat in Haryana, the prime minister said the Sukanya Samridhi Yojana was aimed at providing social security for girls.
"This is for girls under 10 years of age. Parents can deposit any amount from Rs.1,000 to Rs.1.5 lakh. There will be more interest (by banks) in this scheme compared to others. No income tax will be levied. When the girl is 21 years old, she will get the entire amount," the prime minister said.
Urging people to plant five trees to celebrate the birth of a girl child, Modi said the family can cut the trees when the girl is to get married.
"This will help in covering the cost of the marriage," he said.