India Post New Plans For Girl Child

India Post's new plans for girl child include new savings schemes such as Sukanya Samriddhi Yojana as well as insurance plans under PLI (postal life insurance) and RPLI (rural postal life insurance). Let’s discuss these schemes in more detail.

Post Office Savings Schemes For Girl Child

India Post offers a range of savings avenues that you can explore as parents of a daughter. These accounts earn an interest rate on the deposits made. The total amount can be claimed on the date of maturity to fund the future needs of your daughter. If your daughter is below the age of 10, you will have to open an account on their behalf. If they are aged 10 and above, they can have their own account. 

List Of India Post Plans For Girl Child

1. Sukanya Samriddhi Yojana

   It is a savings account specially introduced for girl children under the Beti Bachao Beti Padhao initiative by the Government of India. Parents of daughters aged below 10 years can deposit a fixed sum every month to earn interest on the sum. Its features include:

   • Deposits can be made for a period of 14 years. The account matures when the girl child gets married or on the completion of 21 years. 

   • Only 50% of the deposits can be withdrawn before the maturity date, and that too when the girl reaches the age of 18. 

   • The Sukanya Samriddhi Yojana account earns an interest of 7.6%. 

2. PLI Children Policy - Bal Jeevan Bima

   PLI Bal Jeevan Policy is an insurance scheme specifically for children in the age bracket of 5 to 20 years. This can be bought by any parent who has an existing cover under PLI’s whole-life assurance and endowment assurance insurance plans. Key features are:

   • It waives off premiums payable on the death of the parent. 

   • The death and maturity proceeds are inclusive of accrued annual bonus at the rate of Rs. 52 per Rs. 1000 sum assured. 

   There are several other insurance plans offered by Postal Life Insurance. These are available at reasonable premiums and can be bought by anyone looking to secure their family’s future. 

3. Public Provident Fund (PPF) 

   PPF is a small savings instrument by the government of India. Parents of young daughters can open a PPF account for them and save for their futures. On maturity, the full amount will be offered along with interest to the girl child. Some of its features include:

   • Parents can open a 15-year PPF account in the name of their girl child. 

   • The PPF account earns interest at the rate of 7.1% (compounded yearly) annually. 

   • A minimum and a maximum annual deposit of Rs. 500 and Rs. 1.5 Lakhs can be made in the account. 

4. National Savings Recurring Deposit Account

   It allows parents to save small amounts on a regular basis to help meet future needs. 

   Legal guardians or parents can open this India Post savings account for their girl child if she is a minor. 

   • Interest is paid on the deposit at a rate of 5.8% per year.

   • A monthly minimum deposit of Rs. 100 is required. The maximum amount that can be deposited is unlimited.

   • The account matures after 5 years from the date it was opened. However, it can be extended if you like.

5. Post Office Savings Account

   This India Post new plan for girl child can be opened by your daughter if she is above the age of 10 years. If not, you can open one on her behalf. 

   • When the child reaches the age of 18, she must submit a new application form and KYC documents.

   • The deposit earns 4% in interest per year.

   • When opening the account, a minimum deposit of Rs. 500 is required.

   • The maximum amount that can be deposited is unlimited.

6. Kisan Vikas Patra

   Introduced as a small savings scheme, Kisan Vikas Patra can double your deposits in 124 months. The account requires the parents of the girl child to submit PAN card if the investment is more than Rs. 50,000. Further, income source proof is required for investments above Rs. 10 lakhs. 

   • A girl child aged 10 and up can open an account in her name. A single child can have multiple KVP accounts under her name.

   • A minimum deposit of Rs. 1000 is required. There is no maximum amount that the parents of a girl child can deposit.

   • The annual compound interest rate is 6.9 percent.

7. National Savings Certificates (NCS)

   It is a savings instrument by India Post that allows parents to save for their daughters’ future while saving on taxes. Further, the lock-in period of 5 years ensures that no one can withdraw any sum before this period. 

   • The interest is compounded annually at a rate of 6.8%. The accrued interest is paid out at maturity. 

   • Parents shall have to deposit a minimum of Rs. 1000. There is no upper limit.

   • A minor over the age of ten, as well as the parents of a girl child, can invest in this India Post savings plan.

   India Post new plans for girl child can help you save small amounts while earning interest on the same. Your daughter will be entitled to the entire sum along with the accrued interest. She can use these funds to fulfill her dreams and aspirations, or you can use this to finance her higher education.