Below are the different options of post office scheme for boy child India :
1. National Savings Certificate (NSC)
2. Ponmagan Podhuvaippu Nidhi Scheme
3. Post Office Monthly Income Scheme (POMIS)
4. Kisan Vikas Patra (KVP)
5. Post Office Recurring Deposit (RD)
6. Public Provident Fund (PPF)
Features:
This is a low-risk with fixed income scheme offered by the government and is available with the post-offices across India.
1. Minimum investment – Rs.1000
2. Maximum investment – no max. limit
3. Interest Rate – 6.8%
4. Lock in tenure – 5 years
5. Tax Benefits – Up to Rs.1.5 lakh (as per Section 80C of Income Tax)
Benefits
1. The plan offers fixed return on investment higher as compared to FDs.
2. Offer Tax benefits under section 80C.
3.Available at an initial investment of Rs 1,000, which is very less.
4. The Plan is available with a maturity period of 5 years.
5. No TDS allowed so the insured can obtain full value at maturity.
Features:
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.
1. Minimum investment – Rs. 500
2. Maximum investment – 1.5 lakhs
3. Interest Rate – 9.70%
4. Maturity period – 15 years
5. Tax Benefits – available under Section 80C of Income Tax
Benefits
1. The plan offers ways to increase your income.
2. Offer Tax benefits under section 80C.
3. Nomination facility available.
4. Payments can be made in lump sum or in 12 small installments.
5. Parents can avail loan facility from fourth year of the account.
Features:
POMIS is a saving scheme for boy child where you can earn a fixed monthly interest by investing a certain amount.
1. Minimum investment – Rs. 1000
2. Maximum investment – 4.5 lakhs
3. Interest Rate – 6.6%
4. Maturity period – 5 years
5. TDS is not applicable but sum invested is not covered under Section 80C
Benefits
1. The plan offers capital protection until the plan matures
2. This is a low risk plan and safe.
3. The scheme offers guaranteed returns.
4. It offers affordable deposit amount facility.
5. Multiple ownership is also available under this scheme.
Features:
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.
1. Interest Rate – 6.9%
2.Minimum amount – Rs.1,00
3. Maximum amount – No Upper Limit
4. Maturity period – 10 years and 4 months
5. Lock-in period – 30 months
Benefits
1. The plan offers guaranteed returns with zero risks.
2. It helps accumulate savings for future your child.
3. Allow parents to get loans with low interest rates.
4. It offers affordable deposit amount facility.
5. Nomination facility is available.
Features:
This is a recurring deposit plan that offer high rate of interest as compared to regular saving account in a bank.
1. Interest Rate – 5.8%
2. Minimum amount – Rs.100
3. Maximum amount – No Upper Limit
4. Maximum amount – No Upper Limit
5. Maturity period – 5 years
Benefits
1. The plan offers limited restrictions.
2. Nomination facility is available.
3. Transfer of funds is available from RD to savings account.
4. Allow parents to save enough for their male child’s future.
Features:
Public Provident Fund or PPF is a post office scheme for male child in India that help parents to save on taxes as well.
1. Interest Rate – 7.1%
2. Minimum Amount – Rs.500
3. Maximum Amount – Rs 1.5 lakh
4. Tenure/Lock-in period – 15 years
5. Tax Benefit – available up to Rs.1.5 lakh under Section 80C
Benefits
1. The plan offers low risk.
2. Nomination facility is available.
3. Allow parents to take loans against the invested amount from 3rd of scheme.
4. Allow parents to save enough for their male child’s future.
5. Long term savings with attractive interest rate.