Post office scheme for boy child: Best investment options for guaranteed returns

For a long time, post office saving scheme for boy child are available that help parents secure their child's future. In today's time, when everything is skyrocketing, and inflation is affecting everyone, as a parent, you'd be worried about your child's future. You've succeeded if you can help him with a significant base amount to live his life after being mature. There are multiple post office savings schemes launched by different state and central governments to do this. Let's explore the top six such savings schemes.

Climbing the educational ladder remains a tried and tested path towards achieving one's goals. A degree can open doors to many opportunities in this fiercely competitive world. However, the costs of higher education have soared to staggering heights, reaching up to $300,000 and higher in some of the top colleges abroad. This upward trend shows no signs of relenting. Therefore, it becomes essential for parents to carefully plan and leverage suitable post office investment schemes for a boy child. Let's explore the top six post office schemes for boy child. 

Key highlights:

• POMIS offers assured interest returns of 7.4% per annum, payable monthly, and you can deposit as much as Rs 9 lakh in a single account and Rs 15 lakh in a joint account
• NSC comes with a maturity period of 5 years and an interest rate of 7.7 % compounded annually
• KVP offers a rate of return of 7.5 % compounded annually, which is better than bank FDs

List of post office saving schemes for a boy child

1. National Savings Recurring Deposit Account (RD)

The National Savings Recurring Deposit Account is a proven way to save money and build wealth for your children. This is a systematic deposit scheme with a maturity period of five years. In this post office child plan, you have to deposit a minimum amount of Rs 100 monthly, and you'll get up to 6.5% interest per annum on the capital, compounded quarterly. You can choose to keep the money in the account and let it compound, so when you withdraw at the end, there's a solid amount that can be used in higher education or marriage or any other thing. Alternatively, you can also close the account prematurely after three years.

2. Post Office Monthly Income Scheme (POMIS)

Coming with a lock-in period of five years, Post Office Monthly Income Scheme is another excellent post office savings scheme for boy child. In this post office scheme for boy child, you can get assured interest returns of 7.4% per annum, payable monthly, and you can deposit as much as Rs 9 lakh in a single account and Rs 15 lakh in a joint account. The scheme can be availed by opening a post office account in your nearby post office, and you can even transfer the account to other places when needed. 

If you have a good amount that’s lying idle, you should definitely invest that in this scheme as it gives the highest returns. 

Also Read: Why to invest in POMIS

3. Kisan Vikas Patra (KVP)

Kisan Vikas Patra is another viable post office investment for parents planning for their boy child’s future. The scheme has a minimum investment limit of Rs 1000 and no maximum limit. Moreover, the amount invested in the scheme doubles in 9 years and 7 months or 115 months. If you belong to middle-class and lower-middle-class families who want to keep depositing money for their boy child without any upper limits, then this scheme is the best.  

KVP offers a rate of return of 7.5 % compounded annually which is better than bank FDs, and the returns are assured with principal protection too.

4. Ponmagan Podhuvaippu Nidhi Scheme

Introduced by the Tamil Nadu state government, the Ponmagan Podhuvaippu Nidhi scheme is the best post office savings scheme for boy child. Under this scheme, parents can initiate an account for their male child who is a resident of Tamil Nadu. They can deposit a minimum of Rs 500 and a maximum of Rs 1.5 lakh in a year. With a 9.7% annual interest rate, this is the best scheme for your boy child. 

The savings account can be opened at any time before the child turns ten years old, but the scheme is limited to Tamil Nadu residents only. The interest rates can vary, but they will still hold pretty high-interest rates because of being backed by the state government.

5. Public Provident Fund (PPF)

A public provident fund is another post office child policy that also happens to be the most common savings plan. Money invested in the PPF account stays locked for 15 years, and for each year, you get a 7.1% interest rate. If you are looking at a long term time frame and you belong to the working class, you should definitely invest in this scheme. 

Also Read: How to invest in PPF and Earn One Crore?

6. National Savings Certificate (NSC)

Coming with a maturity period of 5 years and an interest rate of 7.7 % compounded annually, the National savings certificate is another top-class post office scheme for boy child. You can obtain the NSC from post offices or banks, and it can be used as collateral for loans too. 

Also Read: What’s better NSC or Bank FD?

If you’ve come this far, your boy child’s future is always secure. Take the first step today, and save in the plan of your choice to make your child’s dream a reality and create a solid base for them too.

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