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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.
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.
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.
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