Post Office Schemes For Boy Child : What options are available ?



  • Hello,

    GoI has been on the forefront of giving schemes for the Girl Child in India. Are there any post office saving schemes for the boy child in India. I was looking at Ponmagan Podhuvaippu Nidhi Scheme but it seems that the scheme is available only in Tamil Nadu Post Office.

    Can someone guide on various investment schemes available in India for the future of Boy Child in India ?

    Thanks.



  • Hello,

    Yes you are right in saying that there are not many dedicated schemes for saving for boy child in India. Post offices in Tamil Nadu offer a scheme called as Ponmagan Podhuvaippu Nidhi scheme for Boy child. Apart from that, you have to save for your boy child using the combination of existing saving and other schemes. The features are almost similar to Center Govt's Sukanya Samriddhi Yojana. Here are some salient features for Ponmagan Podhuvaippu Nidhi scheme for Boy Child:

    • The account can be opened before the Boy child attains the age of 10 years.
    • Max amount that can be deposited per year is 1.5Lac rupees. Maximum number of installments per year is 12.
    • The amount deposited can be claimed for tax benefits under section 80C of income tax.
    • You can pledge the amount to avail the loan in the scheme after you have operated the account for atleast 4 years

    As you can see Tamil nadu Govt has thought quite something for the boy child. The scheme however is not available in any other post office in other state across India.

    Apart from that if you have to save for your boy child, you have to save using many other small saving schemes available in India for long term. Some of them are :

    • National Saving Certificates
    • Kisan Vikas Patra
    • Post Office Monthly Income Scheme(MIS)
    • Mutual Funds (subject to your risk appetite)
    • Public Provident Fund (PPF)
    • National Pension Scheme (NPS)

    Each of them have their own pros and cons and their own way to manage funds. I suggest to study each of them and invest as per your requirements and need.



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