Post office scheme for Boy Child : Save more for your Boy

(Last Updated On: August 10, 2017)

Post Offices have helped many citizens develop investment habits. In this blog post, we look specifically at the post office schemes for a boy child. We will specifically discuss ‘Ponmagan Podhuvaippu Nidhi’ and how other post schemes can be used for the boy child.

Indian Post offices have existed for a very long period. The post office has been the oldest organization which has helped the Indian citizen to cultivate and nurture the saving and investment habits. Indian Post office during the past few decades has provided many saving schemes to their account holders.

The post office offers specific girl child saving scheme offered named “Sukanya Samriddhi Yojana”. But there is no much male child saving scheme introduced in the market by post offices.

After many appeals from masses, TamilNadu post offices have released male child saving scheme called as “Ponmagan Podhuvaippu Nidhi”. The ‘Ponmagan Podhuvaippu Nidhi’ was launched during September 2015. This scheme encourages parents to open an account in the name of their male children.

Ponmagan Podhuvaippu Nidhi Scheme details:

  • The Ponmagan Podhuvaippu Nidhi can be opened any time before the boy child attains the age of 10 years.
  • The minimum contribution to be made each year is Rs.500, whereas the depositor parents can contribute maximum up to Rs.1.5 lakh under this scheme. A depositor can make a contribution only 12 number of times in a year (Any number of times but the maximum contribution of Rs.1.5 Lakh cannot be exceeded.
  • The rate of interest is decided annually based on market condition and government policies. The current ongoing interest is 8.70 per cent.
  • Any contribution made under this scheme, an individual can claim tax benefit and deduction up to a limit of Rs.1.5 Lakh in a year under the section 80C of Income tax act. Along with the invested amount, any interest earned on the investment (except for the interest earned in last year) can also be claimed as a tax deduction under section 80C up to an overall limit of Rs.1.5 Lac.
  • The depositor parent can pledge the scheme and obtain a loan for the period. This loan facility is available only after the 4 years from the date of account opening.

The above-said scheme is only applicable in TamilNadu and thus does not cover whole India.

So for other Indian citizens apart from people investing in TamilNadu post offices can save or investment under standard Post office saving scheme which allow investments in the name of minor as well. These standard Post Office Saving scheme are as:

READ  Child Plans: How to plan for your Child's Education
  1. Post Office National Savings Certificate (NSC)

National Savings Certificate (NSC) has been into the market since the early 1950s’. The NSC during the beginning was issued with an intention to raise money for helping the development of India. The transition of NSC from fund generating investment scheme to tax saving investment scheme was much later. The NSC accounts can be opened in the name of the minor male child by their parents or legal guardian.

  1. Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP) for a very long time has been a very popular investment scheme amongst lower and middle-income earners. The KVP scheme was first introduced in 1988 but was discontinued in 2011. But due to popular demands and request, the KVP was re-introduced in 2014. KVP is a government investment scheme wherein an individual can invest their saving in lump-sum and each year thereafter government pays interest at a predetermined rate. The parent or legal guardian can open KVP account on behalf of their minor male child.

You can read the scheme in detail at Post Office KVP

  1. Public Provident Fund (PPF)

The Public Provident Fund (PPF) Scheme was first launched in 1968. PPF is tax saving investment scheme wherein the interested individual investors’ invests their fund for 15 years. The individual also can claim income tax benefits for the amount invested under this scheme. The interested parents can open PPF account in the name of their male child.

You can know more about public provident fund in detail at Public Provident Fund in Details

We have also created a PPF Calculator for easy access.

  1. Post Office Monthly Saving Scheme (POMIS)

Post Office Monthly Income Scheme (POMIS) is an investment option that ensures that the investor would receive guaranteed monthly payment based on the investment amount made. MIS is said to be one of the safest options to invest funds as the investment and returns are government organized. POMIS can also be opened by a minor (individuals who have crossed 10 years of age but have not exceeded 18 years), with a condition that the minor opens a joint MIS account clubbing with a major guardian (individual whose age is more than 18 years).

Read in detail about Post Office Monthly Income Scheme.

  1. Post Office recurring deposit

Indian Post Office also offers their customers with an option to a 5-year recurring deposit (RD) account wherein the account holder can add their saving on monthly basis and earn fixed interest on same. The parent and minor male child can open the joint recurring deposit account.

Read in Detail about Post Office Recurring Deposits

Thus above are a few mentioned male child saving plans offered and managed by post offices. One can enroll themselves and their male child in any of the investment scheme based on their choices and capabilities.

How have you been saving for your boy child? Do let us know in comments and we are happy to discuss regarding the same !!

22 Comments

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  • I have a 11week old little girl and I want to start a savings account with the post office for her education but I have no clue on how to go about it .please help.

    louise craven 1 month ago Reply


  • Wrong information. There is no such scheme in Tamil Nadu post office.

    Sree 1 month ago Reply


  • i like boy saving plan i paying online payment

    parthiban 2 months ago Reply


  • Plese suggest best boy child plan.

    RANJAN KUMAR MONDAL 2 months ago Reply


  • Write your comment here I have one boy child 6month old. please suggest me best policy for my child

    ravindra shriram bagade 2 months ago Reply


  • Can we apply thanga magan scheme in online . We have any option atleast to send money in online after opening account ?

    Lakshmipriya 3 months ago Reply


  • Am interested in boy child saving scheme’s… Which scheme is the best for boy child….

    Bhavani 3 months ago Reply


  • Can some one please suggest the child plan for the Baby Boy…

    Basavaraj 4 months ago Reply


  • Wrong info. I have enquiried in post office in Tamilnadu.
    At present some. People are advised wrongly. They are actually PPF account.

    Soundr 4 months ago Reply


  • Need more scheme for boys….

    Saravanan Velu 5 months ago Reply


  • I have enquired 4 post offices in Madurai about Ponmagan scheme for boy child but everybody says there is no such scheme is introduced only PPF scheme is there. If anybody knows how to open the Ponmagan scheme account please let me know.

    DINES BABU TG 5 months ago Reply


  • I like the post Its has nice article It’s really effective and very impressive, We hope this information will help everyone.We are interested in looking for more of such topics.

    legalconclave 5 months ago Reply


  • How to invest in mutual funds

    janardhanan 6 months ago Reply


  • I want to Save for my child, please recommend me for good policy

    Saravanakumar 7 months ago Reply


  • I have one daughter of 5 years and a son of 11 months. I have opened a sukanya samrudhi yojana in name of my daughter prior to 2 years, but I want to open a similar one in name of my son also, but there is no scope. TN is offering scheme for male child, but in one India, in rest part of there is no such scheme, is a matter of regret and tragedy. There should not be so such descriprancy in one nation, so far india post is concerned.

    bhabani prasad jyotishray 8 months ago Reply


  • please suggest for boy best saving scheme for the future

    tarun 9 months ago Reply


  • Very nice

    Jibin George 10 months ago Reply


  • Hey Prajith have you looked at using mutual funds as an investment option to save for your child’s education or marriage. I believe they are better then any policy available in the market. Drop me a mail sarab@bodhik.com. If you need any help.

    Sarabdeep Singh 11 months ago Reply


  • I want to Save for my child, please recommend me for good policy

    K.Prajith 11 months ago Reply


  • Have you considered using mutual funds to create corpus for your Childs education, marriage etc? I believe this is the best way to grow your money

    Sarabdeep Singh 11 months ago Reply


  • I am interested in boy child , there are hell a number of schemes for girl child but I want to know the schemes for boy child for Andhra Pradesh

    Koteswara Rao Annu 11 months ago Reply


  • Interested to know about boy child plans from postal

    Sanjib Kumar Roy 11 months ago Reply


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