Post Office Schemes for Boy Child – 6 Post Office Saving Plans for Boy Child that You Can opt in 2024

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.

Securing a brilliant future for their children is what every parent seeks. To ensure a better future for your kids it is important that you save enough for their higher education to help them fulfill their career aspirations. For this, you must invest in a good savings plan so that you can have enough money for your children when required.  There are many investment plans for girl child, but in case you are looking for saving scheme for boy child offered by the Government of India, you can find some available with post offices spread across all the towns and cities in the country as well as with many commercial banks. These post office schemes for boy child (पोस्ट ऑफिस चिल्ड्रन प्लान) are loaded with the best features and benefits.

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.

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:

Features of National Savings Certificate (NSC)	Benefits of National Savings Certificate (NSC)
Minimum investment – INR 1000	The plan offers higher fixed return on investment as compared to FDs
Maximum investment – No Max. Limit	Offer Tax benefits under section 80C
Interest Rate – 7.7% Annum	Available at an initial investment of INR 1,000, which is very less
Lock in tenure – 5 years	The Plan is available with a maturity period of 5 years
Tax Benefits – Up to INR 1.5 lakh (as per Section 80C of Income Tax)	No TDS allowed so the insured can obtain full value at maturity

More details on National Savings Certificate (NSC) Plan:

Interest rate 2024	7.7 % per annum (Update it)
Risk profile	Low-risk plan
Loan	Available as loan collateral
Nomination facility	Available

 

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:

Features of Ponmagan Podhuvaippu Nidhi Scheme (PPNS)	Benefits of Ponmagan Podhuvaippu Nidhi Scheme (PPNS)
Minimum investment – INR 500	The plan offers ways to increase your income
Maximum investment – INR 1.5 lakh	Offer Tax benefits under section 80C
Interest Rate – 9.70%	Nomination facility available, so you can nominate your beneficiary
Maturity Period – 15 years	Payments can be made in lump sum or in 12 small installments
Tax Benefits – Available under Section 80C of Income Tax	Parents can avail loan facility from fourth year of the account

More details on Ponmagan Podhuvaippu Nidhi Scheme Plan:

Who is eligible?	– Should be a male child, a native of Tamil Nadu, and from an economically weaker section of society   – If below 10 years, a guardian can open the account on behalf of the child If above 10 years, the child can open the account on his own
Any age limits?	No
What is the account type?	Single account
What is the premium payment option?	Can be paid as a lump sum or in 12 installments
Is premature closure allowed before maturity?	No
Is partial closure allowed before maturity?	Only from 7th year of buying the plan

 

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:

Features of Post Office Monthly Income Scheme (POMIS)	Benefits of Post Office Monthly Income Scheme (POMIS)
Minimum investment – INR 1000	The plan offers capital protection until the policy matures
Maximum investment – Increased up to INR 9 lakhs	This is a low risk plan and allow safe investment option
Interest Rate – 7.4% Annum	The deposit amount is easily affordable and thus the policy suits people in fulfilling their needs
Maturity Period – 5 years	The plan allows guaranteed return on investment
Tax Benefits – TDS is not applicable but sum invested is not covered under Section 80C	Multiple ownership is also available under this scheme

More details on Post Office Monthly Income Scheme (POMIS) Plan:

Maximum investment	Increased up to INR 9 lakhs (Pls update it)
Tenure	5 years
Multiple accounts available	Yes, but the total deposited amount across accounts cannot exceed INR 9 lakh
Risk	Low-risk investment

 

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:

Features of Kisan Vikas Patra (KVP)	Benefits of Kisan Vikas Patra (KVP)
Minimum investment – Initial deposit INR 1000 and in multiples of 100 thereof.	This is a guaranteed returns plan with zero risks
Maximum investment – No Upper Limit	The Policy help in accumulating corpus for future of your children and for meeting other needs
Interest Rate – 7.5% Annum	The deposit amount is easily affordable and thus the policy suits people in fulfilling their needs
Maturity Period – 10 years and 4 months	The policy allows loan facility for parents at low interest rates
Lock-in Period – 30 Months	The policy comes with nomination facility

More details on Kisan Vikas Patra (KVP) Plan:

Maximum investment	Initial deposit INR 1000 and in multiples of 100 thereof. (Pls update it)
Are KVP certificates transferable?	Yes, can be transferred from one person to another
Tax benefits	Up to INR 1.5 Lakh under Section 80C
Risk factor	Risk-free

 

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:

Features of Post Office Recurring Deposit (RD):	Benefits of Post Office Recurring Deposit (RD):
Minimum investment – INR 100	The plan is available with limited restrictions
Maximum investment – No Upper Limit	Transfer of funds is also possible from RD account to savings account
Interest Rate – 6.2% Annum	The plan allows parents to save enough for their male child’s future, education etc.
Maturity Period – 5 years	Parents can save an amount in the account every month for 5 years (with no limitation)
Lock-in Period – 3 Months	The policy comes with nomination facility

More details on Post Office Recurring Deposit (RD) Plan:

Eligibility	Indian citizen over 18 years of age   Minors above 10 years
Payment	Cheque or cash
Withdrawal	50% can be withdrawn after 1 year of opening the account
Risk factor	Risk-free

 

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:

Features of Public Provident Fund (PPF):	Benefits of Public Provident Fund (PPF):
Minimum investment – INR 500	This is a low risk plan
Maximum investment – INR 1.5 lakh	Transfer of funds is also possible from RD account to savings account
Interest Rate – 7.1%	The plan allow parents to take loan against the invested amount from 3rd year of the policy
Tax Benefit – up to INR 1.5 lakh under Section 80C of Income Tax Act, 1961	Transfer of funds from PPF to other accounts is available under this savings scheme
Lock-in Period – 15 Years	The policy comes with nomination facility

More details on Public Provident Fund (PPF) Plan:

Opening balance	INR 100 per month
Deposit frequency	Once a year
Deposit mode	Cash, cheque, DD, online transfer
Partial withdrawal	Available after 7 years of buying the plan
Risk factor	Risk-free

 

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

Conclusion

Buying a savings scheme for your son involves the challenge of choosing the policy wisely so that you can ensure high returns and better opportunity for your kid. Hence, doing proper research regarding the various post office schemes for boy child in India is important. An investment in a good scheme helps in avoiding any financial crisis that might come in the way of higher education for your kid and his bright future.