List of 06 Best Post Office Saving Schemes for Boy Child 2022 in India

Nowadays, the Government of India is offering different types of saving schemes for parents to ensure a bright future for children. They are available in post offices and banks that come with the best features. On the other hand, it is wise to know more details about them from different sources that will help make an informed decision. The post offices in India provide various schemes for a boy child and parents can benefit a lot from them.

It is imperative to understand postal saving schemes for a boy in detail from different sources before investing money. Moreover, parents can use them for education and other purposes when a boy child grows up. Many state governments in India offer post office saving schemes for boy child with different names, thereby helping to meet the essential needs. Apart from that, they provide ways to save money for a body to overcome unwanted problems. However, one should consider long-term returns and risk factors before buying a scheme from a policy.

List of 6 Best Post Office Saving Schemes for Boy Child in India 2022

Here are the 6 best post office saving schemes for a boy child in India. The account for a child below the age of 10 years can be opened through a guardian. For minors above the age of 10 years, the account can be opened in their own name. The following post office saving options are available for a boy child as mentioned:-

1. Ponmagan Podhuvaippu Nidhi Scheme
2. Kisan Vikas Patra (KVP)
3. Post Office Monthly Income Scheme (POMIS)
4. Post Office Recurring Deposit
5. Public Provident Fund (PPF)
6. National Savings Certificate (NSC) 

1. Ponmagan Podhuvaippu Nidhi Scheme

Ponmagan Podhuvaippu Nidhi Scheme is a plan launched by the Tamil Nadu Government that is only limited to the state’s residents. Parents can open an account in the name of a boy child before he attains 10 years. The minimum amount required to open this account in a post office is Rs.500, and the maximum amount is 1.5 lakhs. It covers a 9.70% interest rate that gives ways to increase the income. 

The scheme allows parents to avail of a loan facility from the fourth financial year of opening of account. Parents can deposit money into this account only 12 times a year. Another thing about this scheme is that it gives methods to claim tax deductions under the income tax act. Apart from that, the interest rates may vary every year depending on the market conditions and government policies. 

2. Kisan Vikas Patra (KVP)

Kisan Vikas Patra, shortly known as KVP, is suitable for low and middle-class families of India, allowing parents to invest a lump-sum amount annually. The minimum amount to deposit in the scheme is Rs.100, and there is no upper limit instruction for investments. It is one of the best saving schemes in India for a boy child that offers guaranteed returns with zero risks that will help increase the income. 

The current interest rate offered by a post office is 6.9% per annum and comes with a maturity period of 10 years and 4 months. However, it comes with a lock-in period of 30 months, and encashing the scheme is not allowed. The scheme will enable parents to get secured loans with low interest rates. A nomination facility is also available in this scheme.

3. Post Office Monthly Income Scheme (POMIS)

Post office monthly income scheme, shortly known as POMIS, is easy to open in a post office that provides several advantages. However, a post office savings account is necessary for this scheme. It comes with a lock-in period of 5 years, and parents cannot withdraw the amount immediately. The maximum amount to deposit in the scheme is Rs. 4.5 lakhs and the minimum amount is Rs. 1500. It is one of the best post office schemes for boy child allowing parents to transfer the account to anywhere in India. The annual interest is 7.6 %, and parents can earn a steady income.

Also Read: 10 Best Child Insurance Plans in India 2022

4. Post Office Recurring Deposit

The post offices in India offer recurring deposit schemes for a boy child. They offer high-interest rates when compared to a standard bank savings account. Parents can deposit a specific amount of money every month for a minimum of 5 years. On the other hand, the interest rates may vary accordingly, and one should know about them in detail. 

5. Public Provident Fund (PPF)

A public provident fund is a post office scheme for the child that aims at saving taxes. It is the best option for a boy child that comes with a lock-in period of 15 years. Parents can even extend the tenure by 5 years after the lock-in period is over. They can invest a minimum of Rs. 500 and a maximum of Rs. 1.5 lakhs. It provides ways to take loans against investments from the beginning of the 3rd year. On the other hand, the Indian Government determines the interest rate for the scheme based on market conditions. The current interest rate is 7.1% which is subject to changes. 

6. National Savings Certificate (NSC) 

National savings certificate, shortly known as NSC, is a fixed income instrument meant for a boy. It comes with a maturity period of 5 years with an interest rate of 7.6 %. At the same time, the Indian Government will revise the interest rates every year, and parents should know about them properly. Parents can use the NSC as collateral when they want to get loans from banks during emergencies. 

They can even transfer the National Savings Certificate from one post office to another post office without any hassles. Since there is no TDS in the scheme, an individual will receive the full maturity value. However, he/she should pay the taxes by himself/herself during the withdrawal process. An investor can even nominate a member of his/her family based on the choices. The plan is mainly designed for a child who is below 18 years old, and the minimum amount for deposit is Rs. 100, and there is no maximum amount.

Buying a scheme for a boy child involves several challenges, and parents should select them wisely to ensure high returns. They should do proper research about schemes in post office India that will help a lot to protect a child from financial troubles when it comes to higher education and other things. The schemes allow parents to save more money and raise funds for a boy child that gives ways to ensure peace of mind. Also, they aim to secure the future of a child by addressing the essential needs.