One of India’s largest health networks announced they will be making a fixed deposit worth Rs.11, 000 for every girl born in the country. Oxxy made the announced hot on the heels of the female athletes decorated at this year’s Rio Olympics.
According to a report in Times of India (TOI), Sheetal Kapoor co-founder of Oxxy said, "Oxxy's vision is to have next generation in India extremely healthy where girls are treated with respect and at par with the boys. After the bronze and silver medals in the recent Olympics, Oxxy is helping every girl child born in India to aim for gold."
The plan from Oxxy is said to require no financial commitment from the parents and Oxxy will be making the entire contribution and are said to be in the process of deciding which banks they will be partnering with for the nationwide operation.
TOI further reported Pankaj Gupta, director, Oxxy, as saying "Keeping in mind that everyday approximately 50,000 children are born in India, we are expecting about 5,000 registrations per day. We will be opening savings accounts for all of them and make an FD for baby girls which they will be able to encash when the girl will turn 18. This plan was developed with a specific agenda and unlike the PPF, its time frames and mode of working are designed keeping a girl's need in mind. It’s absolutely free to avail the benefits of this plan."