Best Post Office Scheme for Boy Child in India
When it comes to providing financial security for a boy child in India, the post office savings schemes, which offer a wide range of options, are the best. These schemes offer assured returns and are a safe investment mode for long-term financial planning.
The popular schemes provide unique benefits for meeting financial goals, whether for marriage, higher education, or other events. Choosing the right post office savings scheme allows parents to meet their child's future financial needs.
Continue reading this blog to learn more about the different post office or government schemes for boy child.
What is Post Office Scheme for Boy Child
The Post Office Savings Scheme for Boy Child is a savings plan designed specifically for a male child to provide a stable and secure financial foundation. These schemes are available through the vast network of post offices across the country, catering to the unique financial needs of a boy child.
Opting for the best post office scheme lets parents and guardians choose the right scheme for securing the future needs of their child, which includes meeting education expenses or building up a new business.
6 Post Office Schemes for a Boy Child
In India, there are different types of post office schemes for boy child. These schemes help promote savings for future education and enable financial security.
Let’s look into the top 6 post office schemes for a boy child:
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Public Provident Fund (PPF)
The Public Provident Fund (PPF) is the most popular long-term investment plan implemented by the Government of India. This scheme promotes financial security and wealth with a combination of tax advantages and long-term growth potential.
Launched in 1968, PPF provides a safe and secure savings option to parents or legal guardians of boy children.
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Ponmagan Podhuvaippu Nidhi Scheme
Ponmagan Podhuvaippu Nidhi Scheme, popularly known as a ‘Saving Programme for Boys', is a welfare initiative designed particularly for the boy child in Tamil Nadu. This scheme targets children belonging to the weaker sections of society.
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National Savings Certificate (NSC)
NSC is the most reputable government savings scheme that allows parents to invest on behalf of their boy child. It offers a reliable platform for building funds with a fixed interest rate.
This certificate, with a fixed maturity period of 5 years, is easy to purchase from post offices across India.
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Post Office Recurring Deposit (RD)
If any parent is looking to invest monthly for the financial security of their child, the Post Office Recurring Deposit is an ideal scheme. This scheme provides consistent returns over a short period of time.
There is no maximum limit to the deposit amount, thereby allowing individuals to save as per their financial capacity.
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Kisan Vikas Patra (KVP)
Kisan Vikas Patra is a popular savings scheme for promoting savings targeting male children in rural areas. The Government of India launched this scheme to provide a safe and secure way of investing money with guaranteed returns.
KVP has a fixed maturity period and is available in almost all post offices across India.
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Post Office Monthly Income Scheme (POMIS)
The Post Office Monthly Income Scheme is a well-known government-backed scheme launched to provide regular monthly income to individuals.
It has a fixed tenure of 5 years. This scheme offers regular interest payments, making it a safe and convenient option for long-term financial planning.
The Bottomline
As a responsible parent, you must maintain a proper balance to understand your financial goals and meet your boy child's desired future objectives.
With distinguishing tax benefits, assured returns, and competitive rates of interest, the Government of India has launched several government schemes for the child to accumulate wealth over time. Choosing the right scheme is important.
Investing in these schemes helps provide a sound financial base for your child.
Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.
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Research Analyst - Aakash Baid