Prime Minister Schemes For Boy Child

The Prime Minister Schemes for Boy Child stand as an important initiative aimed at nurturing the boy child and ensuring a better future for them. You can avail these schemes under post office savings schemes. Obviously, Prime Minister Schemes for Boy Child are one of the safest options given that they are backed by the government, enabling you to create a sizable corpus with zero risk to fund the needs of your boy child.

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What are the Best Post Office Savings Schemes for a Boy Child?

Given inflation in nearly every sector, when it comes to securing the financial future of a boy child, financial planning takes on a special significance. It provides a foundation for educational pursuits, career aspirations, and eventual financial independence. 

With the government introducing better savings options, it is important that you understand the best ones that you can use for your child’s needs. By doing so, you can make informed decisions about which schemes align best with your goals and resources. 

SECURE YOUR BOYCHILD'S FUTURE
(ULIP)
Unit Linked Insurance Plans
Invest in ULIP to get dual benefits of insurance and investment while securing your boychild's future.
(NSC)
National Savings Certificate
Invest in NSC for assured returns and tax benefits. Secure your boy child’s future
Tamil Nadu
Ponmagan Podhuvaippu Nidhi Scheme
Invest in this people-centric scheme for steady returns.
Post Office Recurring Deposit
Start a Recurring Deposit today and build wealth systematically for your little one.
(POMIS)
Post Office Monthly Income Scheme
Invest in POMIS for a regular monthly income. A reliable option for financial security and stability.
(PPF)
Public Provident Fund
Tax benefits and long-term growth for a worry-free return for your boy child.

Below is a list of top 6 post office savings scheme for boy child: 

  • Public Provident Fund (PPF)

  • Post Office Monthly Income Scheme (POMIS)

  • Kisan Vikas Patra (KSV)

  • National Savings Certificate (NSC)

  • Ponmagan Podhuvaippu Nidhi Scheme

  • Post Office Recurring Deposit (RD)

Best Government-Backed Savings Schemes For Boy Child In India

  1. Public Provident Fund (PPF)

    The Public Provident Fund (PPF) is a long-term savings-cum-investment scheme for boy child backed by the Government of India. It is a popular tax-saving investment option that offers attractive returns and a number of other benefits.

    Eligibility:

    • All Indian residents are eligible to open a PPF account.

    • Minors can open a PPF account with the help of a guardian.

    • Non-Resident Indians (NRIs) are not eligible to open a PPF account.

    Key information about PPF 

    Information Details
    Tenure 15 years
    Current Interest Rate 7.1% p.a
    Minimum Investment ₹500
    Maximum Investment ₹1.5 lakh per annum
    Opening Balance ₹100 a month
    Frequency of Deposit Deposits can be made in lump sum or in 12 installments
    Mode of Deposit Deposits can be made in cash, through cheque, or online transfer
    Mode of Holding Individual only
    Risk Factor Minimal
    Tax Benefit Interest and maturity amounts are tax-free u/s 80C
    Partial withdrawal Partial withdrawals are allowed from the 7th financial year onwards
  2. Post Office Monthly Income Scheme (POMIS)

    POMIS is a small savings scheme for the boy child offered by the Indian government through the Post Office Department. It is a low-risk investment option that provides a guaranteed monthly income to investors. 

    Key Information about POMIS

    Information Details
    Eligibility Indian citizens of all ages are eligible to open a POMIS account
    Current Interest Rate 7.40% per annum, payable monthly
    Minimum Investment Amount ₹1,500
    Maximum Investment Amount ₹9 lakh for a single account
    ₹15 lakh for a joint account
    Minimum Opening Balance ₹1,500
    Frequency of Deposit Lump Sum or installments (minimum deposit amount for each installment is ₹1,500)
    Mode of Deposit Cash or cheque
    Partial Withdrawal Allowed after 1 year, up to a maximum of 50% of the balance in the account. Premature closure penalty of 1% of the deposit amount is charged on all partial withdrawals
    Tax Benefit Interest income is taxable as per the income tax slab of the investor. No TDS on the interest income

    People also read: Best Child Plan

  3. Kisan Vikas Patra (KSV)

     Among Prime Minister Schemes for Boy Child, the Kisan Vikas Patra (KVP) is an important small savings scheme. It was introduced by the Indian government in 1988 to encourage long-term financial discipline. KVP certificates are issued by designated branches of the Indian Post Office and select public sector banks.
    Key Information about Kisan Vikas Patra

    Feature Details
    Eligibility Any individual, resident or non-resident Indian, can invest in KVP. There is no minimum age limit to invest in KVP. However, minor accounts can be opened only in the name of a guardian.
    Current Interest Rate 7.5% per annum
    Minimum Investment Amount Rs. 1,000
    Maximum Investment Amount No upper limit
    Minimum Opening Balance Rs. 1,000
    Frequency of Deposit One-time investment
    Mode of Deposit Cash, cheque, or demand draft
    Partial Withdrawal Not allowed before maturity
    Tax Benefit Interest earned is taxable, but the maturity amount is tax-free

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  4. National Savings Certificate (NSC)

    National Savings Certificate (NSC) is a small savings scheme offered by the Government of India for the boy child. NSC is a safe and low-risk investment option and is suitable for investors of all risk appetites.

    Key Information about NSC:

    Feature Details
    Eligibility Indian residents of all ages, including minors
    Current Interest Rate 7.7% (as of July 2023)
    Minimum Investment Amount Rs. 100
    Maximum Investment Amount No limit
    Minimum Opening Balance Rs. 100
    Frequency of Deposit One-time investment
    Mode of Deposit Cash or cheque at any post office branch
    Partial Withdrawal Not allowed
    Tax Benefit Investment in NSC is eligible for deduction under Section 80C of the Income Tax Act, 1961, up to a maximum of Rs. 1.5 lakh per annum. Interest earned on NSC is taxable as per the investor's income tax slab.
  5. Ponmagan Podhuvaippu Nidhi Scheme

    The Ponmagan Podhuvaippu Nidhi Scheme is a social welfare scheme launched by the Government of Tamil Nadu in 2015. It is a savings scheme aimed at providing financial assistance to boy child belonging to economically weaker sections of the society. The scheme is operated through the Post Office.

    Key Information about Ponmagan Podhuvaippu Nidhi Scheme for Boy Child:

    Feature Details
    Eligibility Male child below 10 years of age
    Current Interest Rate 9.70% p.a.
    Minimum Investment Amount ₹100
    Maximum Investment Amount ₹5 lakhs per year
    Minimum Opening Balance ₹100
    Frequency of Deposit Monthly, quarterly, half-yearly, or yearly
    Mode of Deposit Cash or cheque
    Partial Withdrawal Allowed after 5 years
    Tax Benefit Deposits up to Rs. 1.5 lakhs per year are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.
  6. Post Office Recurring Deposit (RD)

    The Post Office Recurring Deposit (RD) is a savings scheme that allows individuals to save a fixed amount of money every month for a predefined period for the boy child. The interest on the deposits is compounded quarterly.

    Key Information about Post Office Recurring Deposit Scheme: 

    Feature Details
    Eligibility Indian citizens above 10 years of age can open a Post Office RD account.
    Current Interest Rate 6.7% p.a., compounded quarterly 
    Minimum Investment Amount Rs. 100  
    Maximum Investment Amount No maximum limit 
    Minimum Opening Balance Rs. 100
    Frequency of Deposit Monthly
    Mode of Deposit Cash, cheque, or electronic transfer
    Partial Withdrawal Allowed after 6 months, subject to a penalty of 1% of the amount withdrawn.
    Tax Benefit Interest earned on this Prime Minister Schemes for Boy Child is up to Rs. 10,000 in a financial year is exempt from tax under Section 80TTA of the Income Tax Act, 1961.
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What are the Benefits of Prime Minister Schemes for Boy Child?

Here are the benefits of Prime Minister Schemes for Boy Child:

  • Easy investment process, requires minimal paperwork.

  • Post offices Prime Minister Schemes for Boy Child are prevalent across rural and urban areas.

  • Long-term investment options (up to 15 years).

  • Government-backed, providing security.

  • Range from 4% to 8%, rivaling banks.

  • Varied tax implications, investment horizons, and expected returns.

  • Deposits qualify for tax deductions under Section 80C of the Income Tax Act. 

  • The interest earned is tax-free. 

  • Loans can be availed after the expiry of the first 5 years of opening the account. This varies across different schemes. 

  • The schemes allow you to make premature withdrawals in case you are in urgent need of liquidity.

People also read: Sukanya Samriddhi Yojana

Conclusion

In brief, by leveraging the strengths of post office saving schemes, Prime Minister Schemes for Boy Child offer a straightforward and accessible avenue for parents and guardians to secure their child's financial future. These schemes enable families can take proactive steps towards ensuring a stable and prosperous future for their boy child.

FAQ's

  • Is Sukanya Samriddhi Yojana applicable for boy?

    No, the Sukanya Samriddhi Yojana (SSY) is not applicable for boy. It is a government-backed savings scheme for girl children.
  • What is the post office scheme for children in 2023?

    There are a number of post office schemes for children in 2023, including:
    • National Savings Certificate (NSC)

    • Public Provident Fund (PPF)

    • Post Office Savings Account (POSA)

    • Post Office Monthly Income Scheme (POMIS)

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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