Investing in your child’s future is more than just a financial move, it’s a commitment to their dreams and the nation’s future. In India, post office schemes are backed up by the government. It makes post office schemes for children a more reliable and risk-free investment. There are over 1.5 lakh post offices throughout the country, making the schemes available to both urban and rural residents.
Investing In Your Boy’s Dream
Parents save money for their children for several reasons – marriage, health, education, career, and more. Post Office Schemes have stood the test of time. They provide safety, high interest on deposits, tax benefits, and increase your wealth. You are probably well aware of the schemes for a girl child offered by the post office, and if you have a boy child as well, you may be wondering, ‘are there any specific post office schemes for boy child?’ The answer is yes, and this blog will help you explore the best saving schemes for boy child in India.
Here is a list of 6 Best Post Office Schemes for Male Child In India
- National Savings Certificate (NSC)
- Ponmagan Podhuvaippu Nidhi Scheme
- Post Office Recurring Deposit (RD)
- Post Office Monthly Income Scheme (POMIS)
- Kisan Vikas Patra (KVP)
- Public Provident Fund (PPF)
Best Post Office Schemes For Boy Child
Find below the various post office schemes available for male child in India. Along with the interest rate, minimum & maximum amount deposit, maturity & lock-in period, benefits and its features in a tabular form.
1. National Savings Certificate (NSC)
The National Savings Scheme (NSC) is a reputable government savings programme that enables parents to make investments on their son’s behalf. It offers a safe and reliable way to build funds with fixed interest rates.
| Boy Child’s Age | Less than 18 years |
| Interest Rate | 7.6% & revised annually |
| Minimum Deposit | ₹1000 |
| Maximum Investment | No Upper Limit |
| Maturity Period | 5 years |
| Tax Exemption | Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961) |
| Benefit | A low-risk fixed income scheme designed for children |
2. Ponmagan Podhuvaippu Nidhi Scheme (Tamil Nadu)
The Ponmagan Podhuvaippu Nidhi Scheme is a significant welfare initiative created for boy children in Tamil Nadu. This is the best savings scheme for boy child that provides financial aid and support for their development, ensuring their future. It is popularly called a ‘saving programme for boys’.
| Boy Child’s Age | Less than 10 years |
| Interest Rate | 9.70% |
| Minimum Deposit | ₹500 |
| Maximum Investment | ₹1.5 Lakh per year |
| Maturity Period | 15 years |
| Tax Exemptions | Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961) |
| Parents can avail the tax exemption from 4th year | |
| Feature | Was launched specially in Tamil Nadu on Sep 2015 |
Note: Minor boys above 10 years can open the account on their own name.
3. Post Office Recurring Deposit (RD)
The Post Office RD plan is a great option for parents who want to make regular savings through children’s post office schemes for boy child to secure future requirements, such as education or other expenses. With reasonable monthly investments, it provides consistent returns over a short period of time.
| Minimum Deposit | ₹100 |
| Interest Rate | 6.5% p.a |
| Maximum Investment | No Upper Limit |
| Maturity Period | 5 years |
| Lock-in Period | 3 months |
| Benefit | This is a recurring deposit plan that offers a high rate of interest as compared to a regular savings account in a bank. |
4. Post Office Monthly Income Scheme (POMIS)
For parents who want to guarantee the best investment plan for a boy child in India with a consistent source of income, POMIS is a solid choice. It offers regular interest payments, which makes it a smart option for long-term financial planning.
| Boy Child’s Age | Less than 18 years |
| Interest Rate | 7.40% |
| Minimum Deposit | ₹1000 |
| Maximum Investment | ₹9 lakhs individually or ₹15 lakhs jointly for 5 years |
| Maturity Period | 5 years |
| Tax Exemption | Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961) |
| Feature | It’s a low-risk monthly income scheme that ensures steady income |
5. Kisan Vikas Patra (KVP)
The KVP scheme is usually used for agricultural savings, but it can also be used as a boy child’s investment choice. It provides a safe approach to increase returns over a set duration of time. This post office scheme for male children offers great interest rates with a longer investment period.
| Boy Child’s Age | Less than 18 years |
| Interest Rate | 7.5% p.a |
| Minimum Deposit | ₹1000 |
| Issued denominations | ₹1000, ₹5000, ₹10,000 or ₹50,000 |
| Maximum Investment | No Upper Limit |
| Maturity Period | 9 years 7 months (115 months) |
| Lock-in Period | 2 years 6 months (30 months) |
| Tax Exemption | Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961) |
| Benefit | The policy allows loan facility for parents at low interest rates. |
6. Public Provident Fund (PPF)
PPF is a flexible post office scheme for boy child where parents can open accounts in their son’s name. It contributes to the production of wealth and monetary security by combining tax advantages with long-term growth potential.
| Boy Child’s Age | No age limit |
| Minimum Deposit | ₹500 |
| Interest Rate | 7.1% p.a |
| Maximum Investment | ₹1.5 Lakh per year |
| Maturity Period | 15 years + 5 years extension |
| Tax Exemption | Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961) |
| Feature | A low risk plan & from 3rd year parents can take loan |
Note: The interest rates and lock-in period for each scheme can vary as per the government norms.
How to Open a Post Office Savings Account for Boy Child
To open a post office savings account for your boy child, just follow these simple steps.
Step1: Head to your nearest post office or online portal, and fill out the savings account form you want for your boy child.
Step 2: Submit the form by filling in the necessary KYC and attach recent passport-size photos of the boy and his guardian/parent.
Step 3: Make the initial deposit required to open the account. It can be as less as ₹20.
Step 4: For a savings account without a chequebook, you might need to pay a deposit of ₹50.
Step 5: Once the formalities are done, your boy child’s savings account will be activated. Also, you will receive a passbook to record the transaction & account balance.
If your son is below the age of 10, you will have to open the account on their behalf.
Understanding the Significance of Investment Plan for Boy Child in India
Investing in your boy child’s future is a crucial step in ensuring financial stability, it doesn’t stop there. The following points discuss the highlights of investing in your son’s future.
- Secures their education & dreams.
- Teaches financial discipline.
- Leverages compound growth.
- Shields from inflation’s impact.
- Builds a safety net for emergencies.
- Sets the path for long-term wealth.
Choose wisely from the children’s post office schemes provided for boy child. By securing their tomorrow today, you provide them with the tools to build a prosperous and secure future.
To Conclude
In India, investing in the best post office schemes for boy child is a reliable and secure way to lay a solid financial foundation for their future. These programs encourage savings from a very young age in addition to offering consistent returns. It is even more alluring to parents and guardians because many of the schemes come with tax advantages. Parents may confidently plan for their boy child’s education, career, and life objectives by utilising these reliable post office savings options, assuring a brighter and more secure future.
Frequently Asked Questions
Q. Is Sukanya Samriddhi Yojana applicable for boy?
A. No, Sukanya Samriddhi Yojana is exclusively designed for girl children.
Q. Can I open multiple post office accounts for my boy child?
A. Yes, you can open multiple post office savings accounts for your boy child.
Q. What is the best financial investment for a baby?
A. Consider long-term investment options like PPF, post office schemes, mutual funds, or any savings plans.
Q. What is the Pradhan Mantri scheme for boy child?
A. There isn’t a specific Pradhan Mantri scheme exclusively designed for boy children.
Q. Is there any post office scheme for boy children?
A. While post office schemes aren’t gender-specific, options like PPF, POMIS, Ponmagan Podhuvaippu Nidhi, NSC, and Kisan Vikas Patra are suitable for a boy child.
