6 Post Office Saving Schemes, Saving Plans for Boy Child in India 2022-23

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Updated on Jan 19, 2023

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 looking for any such plan, we have all the details.

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 are loaded with the best features and benefits.

Post Office Saving Schemes (POSS) – Prime Minister Scheme, Saving Plans for Boy Child in India

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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 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.

Also Read: Different Types of Child Plans Available in India

Types of Post Office Saving Schemes

  1. Post Office Savings Account
  2. Post Office Recurring Deposit (RD) Account​​
  3. Public Provident Fund Account
  4. Senior Citizens Savings Scheme Account​
  5. Post Office Monthly Income Account
  6. Post Office Time Deposit Account
  7. National Savings Certificates ​(NSC) Account​
  8. Sukanya Samriddhi Account
  9. Kisan Vikas Patra (KVP) Account

Guide to Post Office Savings Scheme and State Government Scheme for Boy Child (Minor Boys)

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 Post Office Scheme for Boy Child 2022-23 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

List of 6 Post Office Schemes for Boy 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:

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 – 6.8% 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

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

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 – INR 4.5 lakh This is a low risk plan and allow safe investment option
Interest Rate – 6.6% 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

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 – INR 100 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 – 6.9% 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

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 – 5.8% 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

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

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.

Also Read: Sukanya Samriddhi Yojana (SSY)/सुकन्या समृद्धि योजना

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

FAQs: Post Office Schemes for Boy Child 2022-23 in India

Which post office saving scheme is best for a boy child?

Below are the Best Post Office Saving Schemes for Boy Child in India in 2022-23:

# 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)

What are the Steps to open a post office account for a boy child?

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.

What are the benefits of a post office savings account?

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.

What is the interest rate of post office schemes?

Different policies of the post office are available at different interest rates that can range from 4% to 7.6 % depending on the policy.

Which is the best investment plan for a boy child in India?

Below are some of the best Child Investment Plans in India in 2022-23:

# 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.

What is the monthly income scheme interest rate of the post office?

The monthly income scheme interest rate of the post office is up to 6.6% annual interest every month that an investor can earn.

What is the best scheme in Post Office 2022-23?

In terms of interest rate below are a few best schemes for post offices in 2022-23:

# 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

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Mar 08, 2022
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