6 min read
Securing a brilliant future for their child 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 kid when required. There are many lucrative plans for girl child, but in case you are looking for saving schemes for boy child offered by the Government of India, you can find some available with the 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.
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 investment for your child. Along with the national plans, there are many good plans introduced by the state governments across India to help parents for making good investments.
Here we are bringing you 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. For a minor boy who is 10 years or above can open the account on his name.
This is a low-risk with 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 definite returns to generate best revenues. This plan is currently available at 6.8% rate of interest per annum.
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 saving 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.
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.
Kisan Vikas Patra or KVP is an apt plan that suits perfectly to 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.
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.
Public Provident Fund or PPF is a post office scheme for male child in India that help parents to save on taxes as well. PPF is a long term plan of investment available at an attractive rate of interest and offers god returns on investment.
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 a higher education of your kid and his bright future.
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.
Below are the Best Post Office Saving Schemes for Boy Child in India in 2022:
# 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 2022:
# 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 2022:
# 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
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.
Money Back Policy is one of the best insurance policies for people who want to secure the future of their loved ones. Read on to.
Child Insurance Plans and Their Tax Benefits 2022 in India Do you know that child insurance plans allow several tax benefits? Would you like to.
Difference Between a Child Insurance Policy and Term Insurance Plan When we become parents for the first time, along with a heap of joy, also.
Best LIC Policy/Plan for Girl Child, 2022 - Guide to Best Plans and Their Features LIC has a number of child plans to help secure.
What are the Best Investment Options for Senior Citizens 2022 in India Enjoy your golden age without any worry of stable income with these 5.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2022 Mahindra Insurance Brokers. All Right Reserved.