Post Office Scheme for Boy Child - A Complete Guide

There are different kinds of priorities in everyone's life and securing your children's lives financially for their future education is considered a priority for every Indian parent. The Indian Government supports the people of its nation by giving them different kinds of schemes to invest money for good returns. Indian Postal Service offers various schemes through which parents can save money for their children's studies or marriage and create wealth for their children. Before doing all of these investments it is important to understand the various schemes of the post office that can be beneficial for your child in the future. This article will help you understand the same for a boy child.

What is a Post Office scheme for a Boy child?

There are different kinds of schemes available for boy child through which parents can save money for the future of their male child which will help him in higher education, business or marriage. This offer is available for all individuals of India across all branches of the Post Offices in India.

• It is designed for long-term investment which accumulates a good amount of savings for your male child which will help him in the future.
• Interest rates provided by the Post Office in these schemes are attractive compared to other plans, which will help in growing the invested amount.
• After investing money in these schemes one can take benefits of different sections of Income Tax Acts.
• Minimum and maximum limits of investments are fixed in these schemes.
• The maturity of this scheme depends on the age of the child 

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

1. PPF(Public Provident Fund)

PPF(Public Provident Fund) is one of the most popular schemes in India. It is a long-term investment scheme whose maturity period is 15 years. The public invests in these schemes due to their safety, return and tax benefits.

• The maturity period is after the completion of 15 years from the date of account opening in PPF.
• Loan facilities are available from the 3rd financial year till 6th financial year.
• Income tax benefits of Section 80C will be given to the beneficiaries.

2. Post Office Recurring Deposit (RD)

Post Office Recurring Deposit (RD) is one of the saving schemes the Government of India introduced. In this scheme, an individual can open an account in the name of their children to deposit money every month for 5 years.

• Tax benefits of the Income Tax Act 1961 section 80C are available for this scheme.
• Individuals can add nominees to their RD account.
• Available in all branches of the Post Office in India.

3. Ponmagan Podhuvaippu Nidhi Scheme

The Tamil Nadu government has taken the initiative to encourage savings among the men of their state by launching a scheme named Ponmagan Podhuvaippu Nidhi Scheme. In this scheme men who are a citizen of Tamil Nadu and are more than 10 years old can open their account under this scheme and men who are below 10 years of age can ask their parents to open their account.

• Applicants should be men and must be citizens of Tamil Nadu.
• Applicants must belong to the Economic Weaker Section(EWS).
• The interest rate is higher as compared to any other scheme.

4. National Saving Certificate (NSC)

National Saving Scheme (NSC) is the scheme introduced by the Government of India in 1989. Under this scheme, one can invest for a fixed return by keeping their money in safe hands. It is designed for small and middle-class investors to encourage their savings.

• A single account holder is allowed in this scheme and can be opened on behalf of a minor.
• A minor can also open an account after the age of 10.
• This scheme is available in all Post offices across India.

5. Kisan Vikas Patra (KVP)

Kisan Vikas Patra is a scheme introduced by the Government of India in 1988. This scheme is available for rural area people in all Post offices across India, to encourage long-term investment. Under this scheme, money gets doubled in 9.5 years. For example, if anyone has invested Rs.5,000 in it then after 9.5 years at the time of maturity it will be Rs.10,000.

• It is a fixed-income investment scheme.
• Any single individual can open an account in this scheme and a guardian can open an account on behalf of a minor or behalf of a person of unsound mind.
• Premature closure is allowed after 2 years and 6 months of account opening.

Conclusion

The Government of India has introduced different kinds of schemes and plans for boy child like the Public Provident Fund(PPF), Post Office Recurring Deposit(RD), Ponmagan Podhuvaippu Nidhi, National Saving Certificate(NSC), Kisan Vikas Patra(KVP). Parents can open accounts under these schemes for their male child to save and secure their future financially for their higher education, marriage and business.

FAQs

Ques 1. Which post office scheme is best for a boy child?

Ans. Ponmagan Podhuvaippu Nidhi Scheme is one of the best schemes for a boy child but this is only for the boy who is a resident of Tamil Nadu. Public Provident Fund(PPF) is also considered the best post office scheme for boys.

Ques 2. Can I double my money in 5 years in post office?

Ans. Yes you can double your money in the post office by investing your money in Kisan Vikas Patra(KVP) with a maturity period of 9 years and 5 months. It gives a guaranteed return.

Ques 3. What are the benefits given to a boy child by the government?

Ans. There are different kinds of benefits given to the boy child by the Government of India, one can avail of income tax benefits on the deposits paid for different post office schemes, good interest rates on investments, and minors can also invest in the different schemes in which minimum deposit is Rs 100 only.

Ques 4. What is the maturity period of the Public Provident Fund (PPF)?

Ans. 15 years is the maturity period for the Public Provident Fund (PPF).

Ques 5. What is the age for a Minor to open an account in Post Office Recurring Deposits (RD) in their name?

Ans. After the age of 10 years minors can open an account in their name.

Ques 6. Is premature closure before maturity allowed in Ponmagan Podhuvaippu Nidhi?

Ans. No premature closure is available in Ponmagan Podhuvaippu Nidhi.

Ques 7. What is the maturity period of a National Saving Certificate (NSC)?

Ans. 5 years is the maturity period of a National Saving Certificate (NSC).

Ques 8. Can we add a nominee in Kisan Vikas Patra (KVP)?

Ans. Yes we can add a nominee in Kisan Vikas Patra (KVP).