Post Office Saving Schemes for Boy Child

Kisan Vikas Patra - With the Kisan Vikas Patra, also known as KVP, parents in lower- and middle-class families in India can invest a lump sum each year. There is no upper investment limit and a minimum deposit amount of Rs.100 for the scheme. One of the best saving plans for boys in India, it provides assured returns with no risks and will help raise income. The post office currently offers an interest rate of 7.5 % per year with a maturity of 10 years, 3 months. Parents will be able to obtain low-interest secured loans thanks to the program. In this arrangement, there is also a nomination option.

Post Office Recurring Deposit - For a boy child, India's post offices provide recurring deposit plans. They provide higher interest rates than a typical bank savings account. For a minimum of five years, parents can deposit a certain amount of money each month. On the other hand, one should be fully aware of the potential variations in interest rates. The interest rate charged is 6.7%.

Post Office Monthly Income Scheme - The POMIS, or post office monthly income scheme, is a simple to set up in a post office and offers a number of benefits. However, this plan requires a post office savings account. Parents cannot remove the money right away, and there is a 5-year lock-in period. The lowest deposit amount is Rs.1000, while the maximum deposit amount is is Rs.9 lakh and Rs.15 lakh in case of joint account. One of the best post office programs for boys is this one, which enables parents to transfer the account to any location in India. Parents can get a consistent income because to the 7.4% yearly interest.

National Savings Certificate - The National Savings Certificate, or NSC for short, is a fixed income product designed for boys. It has a five-year maturity duration and a 7.7% interest rate. The interest rates will also be revised annually by the Indian government, so parents should be well-informed about them. When parents need emergency loans from banks, they can use the NSC as collateral.

Public Provident Fund - A public provident fund or PPF is a post office program for kids that tries to reduce tax obligations. With a 15-year lock-in period, it is the ideal choice for a boy child. After the lock-in time is over, parents can even prolong the tenure by five years. They are permitted to invest between Rs.500 and Rs.1.5 lakhs. From the start of the third year, it offers methods to acquire loans against investments. On the other hand, the Indian government bases its determination of the scheme's interest rate on the state of the market. The 7.1% interest rate in effect right now could change.

Ponmagan Podhuvaippu Nidhi Scheme (PPNS) - The government of Tamil Nadu has launched the PPNS Scheme, designed with a focus on males, making it the first savings program tailored specifically for boys. This initiative requires a minimum deposit of Rs.500, and as of now, it is exclusively implemented in Tamil Nadu. Under this scheme, children under the age of ten, along with their parents, can open a savings account at the post office. The current rate of interest is 9.70% p.a.

Details of Post Office Saving Schemes for Boy Child

Kisan Vikas Patra

Post Office Recurring Deposit

Post Office Monthly Income Scheme

National Savings Certificate

Public Provident Fund

Ponmagan Podhuvaippu Nidhi Scheme (PPNS)

How to Open a Post Office Savings Account for Boy Child

Follow the steps mentioned below to open a post office savings account for boy child -

Step 1: Get a form at the nearby post office or online.

Step 2: Fill out the form completely, and then submit it with the necessary KYC paperwork and photos.

Step 3: You may deposit any amount, but it must be at least Rs.20.

Step 4: The minimum deposit required to create a post office savings account without a checkbook is Rs.50.

Step 5: The savings account is opened as soon as the required sum is paid.

Features and Benefits of Post Office Savings Account for Boy Child

The features and benefits of post office savings account for a boy child is mentioned below:

1.  As the post office account offers a fixed return on all investments, the risk component is quite low.
2.  If you have at least Rs.20 in your account, you can open a post office savings account.
3. Transferring the account from one post office to another is simple. 
4. The post office will create savings accounts for people from rural areas.