8/11/22, 2:39 PM 6 Best Post Office Saving Schemes for Boy Child in India | PayBima

1. National Savings Certificate (NSC)

This is a low-risk with fixed income scheme offered by the government and is available with the post-offices across India. This post
office saving scheme for boy child is loaded with best features and benefits to aptly suit your child’s needs. It facilitates a fixed
income and definite returns to generate best revenues. This plan is currently available at 6.8% rate of interest per annum.

Features:

Minimum investment – Rs.1000

Maximum investment – no max. limit
Interest Rate – 6.8%
Lock in tenure – 5 years
Tax Benefits – Up to Rs.1.5 lakh (as per Section 80C of Income Tax)

Benefits

The plan offers fixed return on investment higher as compared to FDs.

Offer Tax benefits under section 80C.
Available at an initial investment of Rs 1,000, which is very less.
The Plan is available with a maturity period of 5 years.
No TDS allowed so the insured can obtain full value at maturity.

2. Ponmagan Podhuvaippu Nidhi Scheme

The department of post, Tamil Nadu introduced the Ponmagan Podhuvaippu Nidhi Scheme in the year 2015,especially meant for the
male child. The account for this post office saving scheme for boy child can be opened through a parent/guardian for a minor boy
below 10 years of age, while minor boys above 10 years can open the account on their own name. This special plan is limited to the
residents of Tamil Nadu only, and can be availed by parents before their son attains 10 years of age.

Features:

Minimum investment – Rs.500

Maximum investment –  1.5 lakhs
Interest Rate – 9.70%
Maturity period – 15 years
Tax Benefits – available under Section 80C of Income Tax

Benefits

The plan offers ways to increase your income.

Offer Tax benefits under section 80C.
Nomination facility available.
Payments can be made in lump sum or in 12 small installments.
Parents can avail loan facility from fourth year of the account.

3. Post Office Monthly Income Scheme (POMIS)

Post office monthly income scheme or POMIS is a saving scheme for boy child where you can earn a fixed monthly interest by
investing a certain amount. This scheme is easy to open in any post office across the country and is packed with features and
benefits. For this scheme, the one key requirement is to have a post office savings account.

Features:

Minimum investment – Rs. 1000

Maximum investment –  4.5 lakhs
Interest Rate – 6.6%
Maturity period – 5 years
Tax Benefits – TDS is not applicable but sum invested is not covered under Section 80C

Benefits

The plan offers capital protection until the plan matures

This is a low risk plan and safe.
It offers affordable deposit amount facility.
The scheme offers guaranteed returns.
Multiple ownership is also available under this scheme.
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8/11/22, 2:39 PM 6 Best Post Office Saving Schemes for Boy Child in India | PayBima

4. Kisan Vikas Patra (KVP)

Kisan Vikas Patra or KVP is an apt plan that suits perfectly to the low income as well as the middle-class income families in India.
This is a short-term post office saving scheme for boy child in India that permit parents to invest on a particular lump-sum money per
year.

Features

Interest Rate – 6.9%

Minimum amount – Rs.1,00
Maximum amount –  No Upper Limit
Maturity period – 10 years and 4 months
Lock-in period –  30 months

Benefits

The plan offers guaranteed returns with zero risks.

It helps accumulate savings for future your child.
Allow parents to get loans with low interest rates.
Nomination facility is available.

5. Post Office Recurring Deposit (RD)

This another good saving post office schemes for boy child in India. This is a recurring deposit plan that offer high rate of interest as
compared to regular saving account in a bank. Under this scheme, parents can save a particular amount in the account every month
for 5 years.

Features

Interest Rate – 5.8%

Minimum amount – Rs.1,00
Maximum amount –  No Upper Limit
Maturity period – 5 years

Benefits

The plan offers limited restrictions.

Nomination facility is available.
Transfer of funds is available from RD to savings account.
Allow parents to save enough for their male child’s future.

6. Public Provident Fund (PPF)

Public Provident Fund or PPF is a post office scheme for male child in India that help parents to save on taxes as well. PPF is a long
term plan of investment available at an attractive rate of interest and offers god returns on investment.

Features

Interest Rate – 7.1%

Minimum Amount – Rs.500
Maximum Amount – Rs 1.5 lakh
Tenure/Lock-in period – 15 years
Tax Benefit – available up to Rs.1.5 lakh under Section 80C

Benefits

The plan offers low risk.

Nomination facility is available.
Allow parents to take loans against the invested amount from 3rd of scheme.
Transfer of funds is available under this savings scheme.
Long term savings with attractive interest rate.

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