7 Best Post Office Schemes for Boy Child

A Post Office Scheme for boy child offers a secure, flexible savings plan with guaranteed returns. It helps parents save for their son's education, milestones, and future needs that ensure their financial stability and a bright future. This article will discuss the best post office saving scheme for boy child in India and will highlight their key features.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is a Post Office Scheme for a Boy Child?

A Post Office Scheme for a boy child is a government-backed best investment plan designed to help parents or guardians secure their child's financial future. These schemes offer attractive interest rates, tax benefits, and a safe investment option, making them ideal for long-term savings like education or other future needs.

List of 7 Best Post Office Savings Schemes for Boy Child:

In India, there are various post office saving schemes available for the benefit of a boy child. These schemes aim to promote savings for the future education and financial security of the child:

  • Ponmagan Podhuvaippu Nidhi Scheme (PPNS)

  • Post Office Savings Account (SB)

  • Public Provident Fund (PPF)

  • National Savings Certificate (NSC)

  • Kisan Vikas Patra (KVP)

  • Post office Recurring Deposit (RD)

  • Post Office Monthly Income Scheme (POMIS)

The following sections will discuss the key features of the post office child plans in 2024:

  1. Ponmagan Podhuvaippu Nidhi Scheme (PPNS)

    The Ponmagan Podhuvaippu Nidhi Scheme, or PPNS Scheme, is a post office savings scheme by the Tamil Nadu government. The scheme was launched in 2015 to target male children belonging to economically weaker sections of the state. Through the Post Office, this scheme helps students build a fund for educational expenses by offering high interest on their savings.

    Feature Details
    Is a Minor Eligible? Boys who are permanent residents of Tamil Nadu. Minors can open an account with a guardian.
    Contribution Amount - Minimum: â‚ą100 per month and â‚ą500 per year;
    - Maximum: â‚ą5 lakhs per annum.
    Maturity Period 10 years
    PPNS Interest Rate 9.7% per annum (varies as per government notifications)
    Partial Withdrawals Allowed after 7 years
    Loan Facility Available against the balance after 3 years
    Tax Benefits on Investment Eligible for deductions under Section 80C

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  2. Post Office Savings Account (SB)

    The Post Office Savings Account (SB) is a government-backed savings account available through the Post Office. It offers a safe and convenient way for individuals to save money while earning interest. This account is ideal for those seeking a basic savings option with features like easy deposits, withdrawals, and a modest interest rate. It is accessible to people across urban and rural areas, making it a popular choice for small savers.

    Feature Details
    Is a Minor Eligible? Yes, with a guardian (for minors above 10 years independently)
    Contribution Amount Minimum â‚ą500 to open; no maximum limit
    Maturity Period No fixed maturity; operates as a savings account
    SB Interest Rate 4.0% per annum (subject to periodic revision)
    Partial Withdrawals Allowed anytime, subject to maintaining minimum balance
    Loan Facility Not available
    Tax Benefits on Investment Interest up to â‚ą10,000 per year is tax-exempt under Section 80TTA
  3. Public Provident Fund (PPF)

    The Public Provident Fund (PPF) is a long-term savings scheme backed by the Government of India, aimed at encouraging individuals to save for the future while earning tax-free interest. With a tenure of 15 years, the PPF offers attractive interest rates and provides the benefit of tax exemptions under Section 80C of the Income Tax Act.

    Let us look at some of the PPF Account Details:

    Feature Details
    Is a Minor Eligible? Yes, with a guardian operating the account.
    Contribution Amount - Minimum: â‚ą500 per year;
    - Maximum: â‚ą1.5 lakh per year.
    Maturity Period 15 years (with optional 5-year extensions).
    PPF Interest Rate 7.1% (subject to quarterly government revisions).
    Partial Withdrawals Allowed from the 7th financial year onwards.
    Loan Facility Available from 3rd to 6th year of account opening.
    Tax Benefits on Investment Up to â‚ą1.5 lakh under Section 80C; interest and maturity proceeds are tax-free.
  4. National Savings Certificate (NSC)

    The National Savings Certificate (NSC) is a fixed-income investment scheme offered by the Government of India, primarily aimed at small and medium savers. NSC is available with post offices in India and provides a safe investment option with guaranteed returns and attractive interest rates. The investment tenure is typically 5 years, and the interest is compounded annually but paid at maturity.

    Feature Details
    Is a Minor Eligible? Yes, with a guardian
    Contribution Amount Minimum â‚ą1,000, no upper limit (in multiples of â‚ą100)
    Maturity Period 5 years
    NSC Interest Rate 7.7% per annum (compounded annually)
    Partial Withdrawals Not allowed
    Loan Facility Available against the certificate
    Tax Benefits on Investment Up to â‚ą1.5 lakh under Section 80C of the IT Act

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  5. Kisan Vikas Patra (KVP)

    Kisan Vikas Patra (KVP) is a savings scheme offered by the Government of India to promote long-term savings among individuals, particularly in rural areas. It is a fixed-income investment option that provides a safe and secure way to invest money while earning guaranteed returns. KVP can be purchased from post offices across India and has a fixed maturity period.

    Feature Details
    Is a Minor Eligible? Yes, with a guardian.
    Contribution Amount Minimum â‚ą1,000, no upper limit (in multiples of â‚ą1,000).
    Maturity Period 124 months (10 years and 4 months).
    KVP Interest Rate 7.5% per annum (compounded annually).
    Partial Withdrawals Allowed after 2.5 years.
    Loan Facility Yes, available against the certificate.
    Tax Benefits on Investment No tax benefits; interest is taxable.
  6. Post Office Recurring Deposit (RD)

    The Post Office Recurring Deposit (RD) is the best investment option for parents to save money in a systematic manner by making regular monthly deposits for the future of their boy child. There is no maximum limit on the deposit amount, giving individuals the flexibility to save according to their financial capacity. The interest on RD is compounded quarterly, helping the savings grow over time.
    The Post Office Recurring Deposit is a convenient and flexible savings option, encouraging individuals to save regularly and enjoy the benefits of compounded interest while maintaining easy accessibility to their funds when needed.

    Feature Details
    Is a Minor Eligible? Yes, minors above 10 years can open an account through guardians.
    Contribution Amount Minimum: â‚ą100/month; No upper limit.
    Maturity Period Fixed at 5 years, extendable for an additional 5 years (total 10 years).
    RD Interest Rate 6.50% per annum, compounded quarterly.
    Partial Withdrawals Not allowed; funds are accessible only at maturity.
    Loan Facility Available against the RD account with interest of 2% above the RD rate.
    Tax Benefits on Investment Tax deductions are available under Section 80C (up to â‚ą1.5 lakh annually); interest is taxable.
  7. Post Office Monthly Income Scheme (POMIS)

    Post Office Monthly Income Scheme (POMIS) is a government-backed investment scheme offered by the post office. It is a fixed-income scheme that provides individuals with a regular monthly income. The scheme has a tenure of 5 years and offers capital protection, making it a low-risk investment option. 

    Feature Details
    Is a Minor Eligible? Yes, with a guardian's account.
    Contribution Amount Minimum: â‚ą1,500; Maximum: â‚ą4.5 lakh (individual); â‚ą9 lakh (joint).
    Maturity Period 5 years.
    POMIS Interest Rate 7.4% per annum (paid monthly).
    Partial Withdrawals Not allowed before maturity.
    Loan Facility Available after 1 year, up to 50% of the principal.
    Tax Benefits on Investment No tax benefits under Section 80C.

Conclusion

The Post Office Scheme for Boy Child is a government-backed initiative that helps secure the futures of young boys through savings and education. By encouraging families to save and invest in their children's education, these post office schemes promote financial literacy and empower parents. This initiative paves the way for greater opportunities, ensuring that every boy has a chance to succeed and thrive.

Frequently Asked Questions

  • Can I open a Sukanya Samriddhi Yojana account for my boy child?

    No, the Sukanya Samriddhi Yojana is primarily designed for girl children only.
  • What is the minimum and maximum age to open a Post Office Savings Account for a boy child?

    The minimum age to open a Post Office Savings Account for a boy child is 10 years, and there is no maximum age limit.
  • Can I open a Public Provident Fund (PPF) account on behalf of my minor boy child?

    Yes, as a parent or guardian, you can open a PPF account on behalf of your minor boy child.
  • Can I prematurely withdraw funds from a post office savings scheme for my boy child?

    Premature withdrawal rules vary for each scheme. For example, PPF permits partial withdrawals from the 7th year onwards, subject to certain conditions.
  • Can I transfer a post office savings account from one post office to another?

    Yes, you can transfer your post office savings account, including those opened for a boy child, from one post office to another by following the prescribed transfer procedure.
  • Which post office scheme is best for a boy child?

    The Post Office Recurring Deposit Account is a good option for a boy child, offering attractive interest rates and flexibility in contributions.
  • Which scheme is best for a baby boy?

    The Post Office Monthly Income Scheme (POMIS) is ideal for a baby boy, providing regular monthly income through fixed deposits.
  • Which scheme is best in the post office?

    The Public Provident Fund (PPF) is often considered the best post office scheme, as it offers long-term savings with tax benefits and attractive interest rates.
  • What is the post office 10,000 per month scheme?

    The Post Office Monthly Income Scheme (POMIS) allows investors to deposit a lump sum amount and receive a fixed monthly income, with an investment of around â‚ą4.5 lakh (for individual accounts) or â‚ą9 lakh (for joint accounts) generating approximately â‚ą10,000 monthly.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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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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