There are various lucrative saving schemes – post office child plans and prime minister schemes for boy child introduced by the Government of India for parents to secure the future of their children. If you are also looking for any such plan, i.e; post office scheme for boy child, we have all the details read on.
Intro to Indian Post Office Saving Schemes
Post Office Saving Schemes are introduced by IndiaPost, which is a government of India initiative. These post office schemes for boy child (पोस्ट ऑफिस चिल्ड्रन प्लान) are available in all the post offices spread across the country. Hence, these are easily accessible plans which cater to the needs of rural and urban populations. These schemes allow better interest rates on deposits and are zero risk plans offered by the Government. Many of these post office child plans for boy also allow tax benefits under Section 80C of Income Tax Act,1961.
In this blog, we are bringing to your knowledge some such postal saving schemes for minor boys in India to help you understand them and to plan for better investments for your child. Along with the national plans, there are many good plans introduced by the state governments across India to help parents make good investments.
Top 6 Post Office Scheme for Boy Child 2024 in India
Here we are bringing you the 6 best Post Office Saving Schemes for boy child to help you consider them as per your requirement as well as the risks and long-term returns available with the schemes.
You may note here that to open an account for a minor boy below 10 years, needs to be done through his parents/guardian. A minor boy who is 10 years or above can open the account in his name.
Also Read: Best Investment Plans for a Girl Child in India
1. National Savings Certificate (NSC)
This is a low-risk fixed income scheme offered by the government and is available with the post-offices across India. This post office saving scheme for boy child is loaded with best features and benefits to aptly suit your child’s needs. It facilitates a fixed income and guaranteed returns plan to generate the best revenues. This plan is currently available at 6.8% rate of interest per annum.
National Savings Certificate (NSC) Plan Details:
More details on National Savings Certificate (NSC) Plan:
2. Ponmagan Podhuvaippu Nidhi Scheme
The department of post, Tamil Nadu introduced the Ponmagan Podhuvaippu Nidhi Scheme in the year 2015, especially meant for the male child. The account for this post office savings scheme for boy child can be opened through a parent/guardian for a minor boy below 10 years of age, while minor boys above 10 years can open the account on their own name. This special plan is limited to the residents of Tamil Nadu only and can be availed by parents before their son attains 10 years of age.
Ponmagan Podhuvaippu Nidhi Scheme Plan Details:
More details on Ponmagan Podhuvaippu Nidhi Scheme Plan:
Also Read: How to double your money
3. Post Office Monthly Income Scheme (POMIS)
Post office monthly income scheme or POMIS is a saving scheme for boy child where you can earn a fixed monthly interest by investing a certain amount. This scheme is easy to open in any post office across the country and is packed with features and benefits. For this scheme, the one key requirement is to have a post office savings account.
Post Office Monthly Income Scheme (POMIS) Plan Details:
More details on Post Office Monthly Income Scheme (POMIS) Plan:
Also Read: How to surrender LIC policy
4. Kisan Vikas Patra (KVP)
Kisan Vikas Patra or KVP is an apt plan that suits the low income as well as the middle-class income families in India. This is a short-term post office saving scheme for boy child in India that permit parents to invest on a particular lump-sum money per year.
Kisan Vikas Patra (KVP) Plan Details:
More details on Kisan Vikas Patra (KVP) Plan:
Also Read: Best pension plan in India
5. Post Office Recurring Deposit (RD)
This another good saving post office schemes for boy child in India. This is a recurring deposit plan that offer high rate of interest as compared to regular saving account in a bank. Under this scheme, parents can save a particular amount in the account every month for 5 years.
Post Office Recurring Deposit (RD) Plan Details:
More details on Post Office Recurring Deposit (RD) Plan:
Also Read: LIC plan – 5 years double money
6. Public Provident Fund (PPF)
Public Provident Fund or PPF is the best saving plan for child that can be used as a post office scheme for a male child in India that helps parents to save on taxes as well. PPF is a long-term plan of investment available at an attractive rate of interest and offers good returns on investment.
Public Provident Fund (PPF) Plan Details:
More details on Public Provident Fund (PPF) Plan:
Benefits of Post Office Saving Schemes for Your Boy Child
The biggest benefit of availing the post office savings schemes is that they are backed by the Indian government. This sovereign guarantee of the government is the best thing about Post Office savings schemes.
Here are some benefits of Post Office Saving Schemes for Your Boy Child:
These schemes are simple to purchase and need minimal documentation
These schemes offer fixed returns
They are easily accessible for both rural and urban investors
They are mostly risk-free avenues of investments and future-oriented as well
They are well-suited to serve your future investment purposes like pension plans as some of the schemes are of 15 years term
These schemes are mostly risk-free and offer interest rates within 4 to 8%
These schemes cater to the needs of different investors with benefits like tax savings and guaranteed returns
Post Office Schemes for Boy Child 2024 in India
Below are the Best Post Office Saving Schemes for Boy Child in India in 2024:
# Ponmagan Podhuvaippu Nidhi Scheme.
# Kisan Vikas Patra (KVP)
# Post Office Monthly Income Scheme (POMIS)
# Post Office Recurring Deposit.
# Public Provident Fund (PPF)
# National Savings Certificate (NSC)
To open a post office account in his own name, a boy child has to be above the age of 10 years. Children below the age of 10 can have their accounts opened by parents on behalf of their boy child. While opening the account, you need to have a minimum deposit of at least Rs. 500, while there is no maximum limit of amount to be deposited.
Below are the key benefits:
# The Interest earned in a post office savings account is tax free up to Rs 10,000 per year.
# Income tax benefits can be earned under section 80L of the Income Tax Act.
# You can transfer the account from one post office to another.
# You can convert your single accounts into joint accounts and vice versa.
Different policies of the post office are available at different interest rates that can range from 4% to 7.6 % depending on the policy.
Below are some of the best Child Investment Plans in India in 2024:
# Child Insurance Plans.
# Gold ETF/ Funds.
# Fixed Deposits(FD)
# Unit Linked Insurance Plan (ULIP)
# Post Office Savings Schemes.
# Public Provident Fund (PPF)
# Stocks & Mutual Funds.
The monthly income scheme interest rate of the post office is up to 6.6% annual interest every month that an investor can earn.
In terms of interest rate below are a few best schemes for post offices in 2024:
# National Savings Monthly Income Account with 6.6% interest rate per annum.
# National Savings Recurring Deposit Account with 5.80% interest rate
# National Savings Time Deposit Account with interest rate between 5.5% – 6.7%
# Public Provident Fund Account (PPF) with 7.1% interest rate per annum
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Other Life Insurance Products
Latest Post
Showing care and love towards your loved ones can come in different forms, and purchasing a family health insurance plan is one of them. While there are several benefits of purchasing a family health insurance plan, finding one that suits your family’s needs can be confusing. Let’s walk through the top family health insurance plans to give you an insight.
Health insurance has become a household name in recent years, especially after the worldwide pandemic outbreak. People have understood the importance of having health insurance the hard way. This has significantly enhanced its popularity.
When it comes to financial planning, people often want to choose the best of both worlds: returns and security. If you have been looking for these two elements under one plan, then you would have come across ULIPs and Guaranteed Return Plans. While ULIP plans offer high returns, guaranteed return plans ensure stability and security. Which one is the most suitable for you? That's a topic worth discussing.
.png)
What about investing in a policy that promises the dual benefit of life cover and maturity benefit? That's exactly what an endowment policy does. All you need to do is save regularly to reap a lump-sum maturity benefit. Simultaneously, the policy also provides life cover to the assured. However, financial experts suggest that not every policy can be suitable for every financial goal.
When 29-year-old Shravan Kapoor planned to buy an endowment plan, he was quite sure he would be able to do that in a few minutes. However, when he opened the insurer’s website, he felt lost in the maze of endowment policies. Guaranteed returns, bonuses, maturity benefits, premium paying tenure, etc, all seemed a little too much to handle.
Speak to our Advisor
+91
