The Prime Minister Schemes for Boy Child stand as an important initiative aimed at nurturing the boy child and ensuring a better future for them. You can avail these schemes under post office savings schemes. Obviously, Prime Minister Schemes for Boy Child are one of the safest options given that they are backed by the government, enabling you to create a sizable corpus with zero risk to fund the needs of your boy child.
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Investing in your child's future:Investment will continue with or without you
Benefits of Investing In Child Plan
Waiver of Premium Benefit
Future Premiums are paid by the insurer upon death of policyholder
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It offers the flexibility to invest at regular intervals or as a one-time contribution
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Nothing Is More Important Than Securing Your Child's Future
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What are the Best Post Office Savings Schemes for a Boy Child?~
Given inflation in nearly every sector, when it comes to securing the financial future of a boy child, financial planning takes on a special significance. It provides a foundation for educational pursuits, career aspirations, and eventual financial independence.
With the government introducing better savings options, it is important that you understand the best ones that you can use for your child’s needs. By doing so, you can make informed decisions about which schemes align best with your goals and resources.
SECURE YOUR BOYCHILD'S FUTURE
(ULIP)
Unit Linked Insurance Plans
Invest in ULIP to get dual benefits of insurance and investment while securing your boychild's future.
(NSC)
National Savings Certificate
Invest in NSC for assured returns and tax benefits. Secure your boy child’s future
Tamil Nadu
Ponmagan Podhuvaippu Nidhi Scheme
Invest in this people-centric scheme for steady returns.
Post Office Recurring Deposit
Start a Recurring Deposit today and build wealth systematically for your little one.
(POMIS)
Post Office Monthly Income Scheme
Invest in POMIS for a regular monthly income. A reliable option for financial security and stability.
(PPF)
Public Provident Fund
Tax benefits and long-term growth for a worry-free return for your boy child.
Below is a list of top 6 post office savings scheme for boy child:
Public Provident Fund (PPF)
Post Office Monthly Income Scheme (POMIS)
Kisan Vikas Patra (KSV)
National Savings Certificate (NSC)
Ponmagan Podhuvaippu Nidhi Scheme
Post Office Recurring Deposit (RD)
Best Government-Backed Savings Schemes For Boy Child In India~
Public Provident Fund (PPF)
The Public Provident Fund (PPF) is a long-term savings-cum-investment scheme for boy child backed by the Government of India. It is a popular tax-saving investment option that offers attractive returns and a number of other benefits.
Eligibility:
All Indian residents are eligible to open a PPF account.
Minors can open a PPF account with the help of a guardian.
Non-Resident Indians (NRIs) are not eligible to open a PPF account.
Key information about PPF
Information
Details
Tenure
15 years
Current Interest Rate
7.1% p.a
Minimum Investment
₹500
Maximum Investment
₹1.5 lakh per annum
Opening Balance
₹100 a month
Frequency of Deposit
Deposits can be made in lump sum or in 12 installments
Mode of Deposit
Deposits can be made in cash, through cheque, or online transfer
Mode of Holding
Individual only
Risk Factor
Minimal
Tax Benefit
Interest and maturity amounts are tax-free u/s 80C
Partial withdrawal
Partial withdrawals are allowed from the 7th financial year onwards
Post Office Monthly Income Scheme (POMIS)
POMIS is a small savings scheme for the boy child offered by the Indian government through the Post Office Department. It is a low-risk investment option that provides a guaranteed monthly income to investors.
Key Information about POMIS
Information
Details
Eligibility
Indian citizens of all ages are eligible to open a POMIS account
Current Interest Rate
7.40% per annum, payable monthly
Minimum Investment Amount
₹1,500
Maximum Investment Amount
₹9 lakh for a single account ₹15 lakh for a joint account
Minimum Opening Balance
₹1,500
Frequency of Deposit
Lump Sum or installments (minimum deposit amount for each installment is ₹1,500)
Mode of Deposit
Cash or cheque
Partial Withdrawal
Allowed after 1 year, up to a maximum of 50% of the balance in the account. Premature closure penalty of 1% of the deposit amount is charged on all partial withdrawals
Tax Benefit
Interest income is taxable as per the income tax slab of the investor. No TDS on the interest income
Among Prime Minister Schemes for Boy Child, the Kisan Vikas Patra (KVP) is an important small savings scheme. It was introduced by the Indian government in 1988 to encourage long-term financial discipline. KVP certificates are issued by designated branches of the Indian Post Office and select public sector banks. Key Information about Kisan Vikas Patra
Feature
Details
Eligibility
Any individual, resident or non-resident Indian, can invest in KVP. There is no minimum age limit to invest in KVP. However, minor accounts can be opened only in the name of a guardian.
Current Interest Rate
7.5% per annum
Minimum Investment Amount
Rs. 1,000
Maximum Investment Amount
No upper limit
Minimum Opening Balance
Rs. 1,000
Frequency of Deposit
One-time investment
Mode of Deposit
Cash, cheque, or demand draft
Partial Withdrawal
Not allowed before maturity
Tax Benefit
Interest earned is taxable, but the maturity amount is tax-free
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National Savings Certificate (NSC)
National Savings Certificate (NSC) is a small savings scheme offered by the Government of India for the boy child. NSC is a safe and low-risk investment option and is suitable for investors of all risk appetites.
Key Information about NSC:
Feature
Details
Eligibility
Indian residents of all ages, including minors
Current Interest Rate
7.7% (as of July 2023)
Minimum Investment Amount
Rs. 100
Maximum Investment Amount
No limit
Minimum Opening Balance
Rs. 100
Frequency of Deposit
One-time investment
Mode of Deposit
Cash or cheque at any post office branch
Partial Withdrawal
Not allowed
Tax Benefit
Investment in NSC is eligible for deduction under Section 80C of the Income Tax Act, 1961, up to a maximum of Rs. 1.5 lakh per annum. Interest earned on NSC is taxable as per the investor's income tax slab.
Ponmagan Podhuvaippu Nidhi Scheme
The Ponmagan Podhuvaippu Nidhi Scheme is a social welfare scheme launched by the Government of Tamil Nadu in 2015. It is a savings scheme aimed at providing financial assistance to boy child belonging to economically weaker sections of the society. The scheme is operated through the Post Office.
Key Information about Ponmagan Podhuvaippu Nidhi Scheme for Boy Child:
Feature
Details
Eligibility
Male child below 10 years of age
Current Interest Rate
9.70% p.a.
Minimum Investment Amount
₹100
Maximum Investment Amount
₹5 lakhs per year
Minimum Opening Balance
₹100
Frequency of Deposit
Monthly, quarterly, half-yearly, or yearly
Mode of Deposit
Cash or cheque
Partial Withdrawal
Allowed after 5 years
Tax Benefit
Deposits up to Rs. 1.5 lakhs per year are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.
Post Office Recurring Deposit (RD)
The Post Office Recurring Deposit (RD) is a savings scheme that allows individuals to save a fixed amount of money every month for a predefined period for the boy child. The interest on the deposits is compounded quarterly.
Key Information about Post Office Recurring Deposit Scheme:
Feature
Details
Eligibility
Indian citizens above 10 years of age can open a Post Office RD account.
Current Interest Rate
6.7% p.a., compounded quarterly
Minimum Investment Amount
Rs. 100
Maximum Investment Amount
No maximum limit
Minimum Opening Balance
Rs. 100
Frequency of Deposit
Monthly
Mode of Deposit
Cash, cheque, or electronic transfer
Partial Withdrawal
Allowed after 6 months, subject to a penalty of 1% of the amount withdrawn.
Tax Benefit
Interest earned on this Prime Minister Schemes for Boy Child is up to Rs. 10,000 in a financial year is exempt from tax under Section 80TTA of the Income Tax Act, 1961.
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What are the Benefits of Prime Minister Schemes for Boy Child?
Here are the benefits of Prime Minister Schemes for Boy Child:
In brief, by leveraging the strengths of post office saving schemes, Prime Minister Schemes for Boy Child offer a straightforward and accessible avenue for parents and guardians to secure their child's financial future. These schemes enable families can take proactive steps towards ensuring a stable and prosperous future for their boy child.
FAQ's
Is Sukanya Samriddhi Yojana applicable for boy?
No, the Sukanya Samriddhi Yojana (SSY) is not applicable for boy. It is a government-backed savings scheme for girl children.
What is the post office scheme for children in 2023?
There are a number of post office schemes for children in 2023, including:
National Savings Certificate (NSC)
Public Provident Fund (PPF)
Post Office Savings Account (POSA)
Post Office Monthly Income Scheme (POMIS)
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in *All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs. ++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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