List of 8 Best Post Office Saving Schemes for Girl Child in India 2022

The Government of India is introducing many welfare schemes for a girl child, and parents should know more about them in detail. They are suitable for providing good education to a girl and other expenses. The post offices in India offer various types of saving schemes with high-interest rates. Those willing to select a scheme can visit a nearby post office that will help to deposit money depending on their needs. Not only that, they can collect more details about the benefits and other things in detail to make the right decision.

Moreover, parents can choose the right schemes for a girl child based on their choices by addressing the essential needs. However, they should follow the eligibility and other instructions while opening an account. The post office scheme for girls involves different types allowing parents to ensure a bright future for them. Furthermore, they let a girl child accomplish goals when she wants to pursue higher studies.

List of 8 Best Post Office Saving Schemes for Girl Child in India 2022

Here are the 8 best post office saving schemes for a girl child in India as mentioned:-

1. Sukanya Samriddhi Yojana
2. Post Office Savings Account
3. Recurring Deposit (RD)
4. Post Office Time Deposit Account
5. Post Office Monthly Income Scheme
6. Public Provident Fund (PPF)
7. Kisan Vikas Patra (KVP)
8. National Savings Certificate (NSC) 

1. Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is a popular savings scheme meant for a girl child. This plan is available for a maximum of two girls until they attain 10 years of age. It offers a 7.6 % interest rate throughout the investment period that gives ways to increase the income. Parents can deposit a minimum of Rs.1000 and a maximum of Rs.1.5 lakhs. Moreover, a girl can get the maturity benefit after completing 21 years of age. At the same time, it is not possible to withdraw the amount till a girl turns 18 years old. It is a low-risk post office saving scheme for the girl child that gives ways to yield high returns. The scheme provides the flexibility to change anywhere in India when parents move to other states or cities.

2. Post Office Savings Account

A post office savings account is similar to a bank savings account that offers investors a 4% interest rate. Parents can open an account for a girl child who is below 10 years old. The minimum deposit for this account is Rs. 500, and there is no maximum limit. Only one savings account is available in a post office that will help increase the amounts. At the same time, the interest rates may change after some years, giving ways to provide financial security to a girl child. Depositors can withdraw money anytime, and they have to maintain a minimum balance of Rs. 50.

3. Recurring Deposit (RD)

Recurring deposit, shortly known as RD, is the best post office saving scheme for girl child in India, allowing parents to save money every month. The scheme is available for 5 years which offers a 5.8% interest rate per annum. Depositors can’t withdraw their money, and the minimum deposit is Rs. 100, and there is no maximum deposit.

4. Post Office Time Deposit Account

Term deposit (TD) is one of the best schemes available for a girl child in India, and the minimum amount required to deposit is Rs.1000. The finance ministry will determine the interest rates for this scheme every quarter based on the profits of government securities and other factors. Depositors can even choose a re-investment option on the interest rates after one year that will help yield good returns. Additionally, depositors can redirect the interest to a five-year recurring deposit scheme. The scheme also gives ways to qualify for the tax deductions under the income tax act.

5. Post Office Monthly Income Scheme

Post office monthly income scheme, shortly known as MIS, offers regular monthly income for parents. It is the right post office savings for a girl child and the Indian government will fix the interest rates every quarter. The scheme offers 6.6% interest rates and comes with a lock-in period of five years. Parents can deposit a minimum of Rs. 1500 and a maximum of Rs. 4.5 lakhs based on their choices. Besides that, MIS allows premature withdrawals with penalties.

6. Public Provident Fund (PPF)

Public provident fund (PPF) is a child-saving scheme available for a girl in a post office that offers guaranteed returns. The interest rate for this plan is 7.1 % and has a fixed tenure of 15 years. Investors can withdraw amounts at the end of 5 years, and they can opt for premature closure of the account with a 1% penalty. They can even avail of loans between the 3rd and 5th year during emergencies. However, the term loans may change from time to time.

7. Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP) is the best post office child policy designed for girls who offer guaranteed income with high-interest rates. It has a lock-in period of 30 months, and the minimum deposit is Rs.1000 and no maximum limit. However, those who want to invest more than Rs 10 lakhs should submit their income proof. The interest rates are taxable, and investors should know them while depositing money.

8. National Savings Certificate (NSC) 

National savings certificate (NSC) is one of the schemes available in a post office that comes with an interest rate of 6.8%. The minimum deposit is Rs.100 and has a tenure of 5 years, and there is no maximum deposit mentioned in the scheme. Investors can claim up to 1.5 lakhs as tax benefits under this scheme. But, on the other hand, they have to pay income tax on the interest schemes.

Also Read: Best Post Office Saving Schemes for Boy Child in India 2022

What are the advantages of investing in post office schemes?

Investing in post office schemes has zero risks when compared to other investments. Apart from that, they involve hassle-free documentation and procedures, thereby showing ways to save more time. Parents can choose both short-term and long-term plans which cater to their requirements. Those who want to meet their needs in financial planning can select them that will help gain more advantages. It is wise to know more about the features and other things from different sources before investing money. This, in turn, gives ways to protect a child from future financial debacles.