Latest Post Office Schemes For Girl Child Offering High Returns

Post Office Schemes For Girl Child
Post Office Schemes For Girl Child

Investing in the future of your girl child is a thoughtful way to secure her financial independence and well-being. Parents do make financial preparations for a number of goals, including her marriage, health, education, and job objectives. Most parents prefer post office schemes for investment and savings plans. It not only offers a myriad of options but also is backed up by the Indian Government.

Is your daughter below the age of 18 and would you like to open an account for her? Then this article will help you explore the latest post office schemes for your girl child.

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List Of Government Post Office Plans For Girl Child

Here are the latest post office schemes for girl children offering high returns:

  1. Sukanya Samriddhi Yojana (SSY)
  2. PLI Children Policy- Bal Jeevan Bima
  3. Kisan Vikas Patra
  4. Post Office Savings Account
  5. National Savings Certificate (NCS)
  6. Post Office Time Deposit (POTD)
  7. Public Provident Fund (PPF)
  8. Post Office Recurring Deposit (PORD)
  9. Post Office Monthly Income Scheme

Best Post Office Schemes For Girl Child in India

Below you will find the best post office schemes for female children available in India. As well as each scheme’s interest rate, the minimum & maximum deposit amount, the maturity & lock-in period, benefits, etc.

1. Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is one of the most acclaimed post office schemes designed for girl child by the Indian government. SSY takes centre stage as it focuses on her education and marriage expenses. This initiation is a part of the “Beti Bachao Beti Padhao Yojana” (Save girls, Educate the girl child).

Girl Child’s Age Below 10 years
Interest Rate 8% p.a (FY 2023-24)
Minimum Deposit ₹250
Maximum Investment ₹1.5 lakh annually
Investment Period 15 years
Account Maturity 21 years
Tax Exemption Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961)

Based on government guidelines, a single family can open a maximum of two accounts for two daughters. Also, it takes 21 years for the SSY account to mature, either after the girl gets married or after the account reaches maturity. This national initiative was a collaborative effort of the Ministries of Human Resource Development, Women and Child Development, and Health and Family Welfare.

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2. PLI Children Policy- Bal Jeevan Bima

The purpose of this policy is to cover the lives of the children of rural postal life insurance policyholders. It is an investment and life insurance plan.

Girl Child’s Age Between 5 – 20 years
Annual Bonus Bonus of ₹58 for every ₹1000
Minimum Deposit ₹10,000
Maximum Investment ₹50 lakhs
Tax Exemption Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961)

A child does not need to pay the premiums after the parent dies (main policyholder). Upon completion of the policy term, the child will receive the sum assured and accumulated bonus amounts. In the event of the death of the child, the main policyholder (parent) will receive the entire sum assured amount along with any bonus accumulated.

3. Kisan Vikas Patra (KVP)

Kisan Vikas Patra is a highly flexible post office scheme for girl child with a relatively high rate of interest. It provides substantial returns on maturity. Here are the general details of the scheme:

Girl Child’s Age Less than 18 years
Interest Rate 7.5% p.a
Minimum Deposit ₹1000
Issued denominations ₹1000, ₹5000, ₹10,000 or ₹50,000
Maximum Investment No Upper Limit
Maturity Period 9 years 7 months (115 months)
Lock-in Period 2 years 6 months (30 months)
Tax Exemption Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961)

4. Post Office Savings Account

Similar to bank savings accounts, Post Office Savings Account is a secure and easily accessible savings option. It is specially designed to encourage parents and guardians of the girl child to save and secure her financial future.

Girl Child’s Age Above 10 years, Guardian on behalf of a minor
Interest Rate 4% p.a
Minimum Deposit ₹500
Maximum Investment No Upper Limit
Investment Period Withdraw the amount at any point of time
Tax Exemption Under Section 80C of IT Act, 1961
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Interest earned is tax-free up to Rs 10,000 per year. The account can be transferred from one post office to another.

5. National Savings Certificate (NSC)

National Savings Certificate

The NSC is a low-risk fixed income scheme with the highest rates of return. Due to the minimal minimum investment requirement, NSC investments provide flexibility to their investors.

Girl Child’s Age Less than 18 years
Minimum Deposit ₹1000
Interest Rate 7.6% & revised annually
Maximum Investment No Upper Limit
Maturity Period 5 years
Tax Exemption Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961)

The National Savings Certificate is an initiative to encourage individual saving by the Indian government.

6. Post Office Time Deposit (POTD)

The Post Office Time Deposit scheme aims at securing the financial future of girl children by promoting long-term savings and financial planning. Another benefit of this post office savings scheme is that it can be opened and transferred anywhere across the country.

Girl Child’s Age 10 years
Interest Rate 7.5% for 5th year
Minimum Deposit ₹200
Maximum Investment No Upper Limit
Lock-in Period 5 years
Tax Exemption Under Section 80C of IT Act, 1961

There is also the option for depositors to convert the interest into recurring deposits of five years. As small savings and low maintenance schemes, they offer lucrative returns as well

7. Public Provident Fund (PPF)

PPF is a government post office scheme for girl child that aids in retirement planning and tax reduction. Entirely risk-free & guaranteed returns.

Girl Child’s Age No age limit
Minimum Deposit ₹500
Interest Rate 7.1% p.a
Maximum Investment ₹1.5 Lakh per year
Maturity Period 15 years + 5 years extension
Tax Exemption Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961)

8. Post Office Recurring Deposit (PORD)

Another best post office scheme for girl child with parents having a steady income and who want to build up their savings through regular monthly installments, this scheme is ideal.

Minimum Deposit ₹100
Interest Rate 6.5% p.a
Maximum Investment No Upper Limit
Maturity Period 5 years
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Account holders can choose to extend post office recurring deposits for an additional 5 years on an annual basis when they reach maturity after 5 years (60 months).

9. Post Office Monthly Income Scheme (POMIS)

Online post office monthly income plans feature no market capitalization risk and ensure a steady income. In short, it secures the capital invested.

Girl Child’s Age Less than 18 years
Interest Rate 7.40%
Minimum Deposit ₹1000
Maximum Investment ₹9 lakhs individually or ₹15 lakhs jointly for 5 years
Maturity Period 5 years
Tax Exemption Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961)

Note: The interest rates, minimum balance, and lock-in period for each scheme can vary as per the government norms.

How to Open a Post Office Savings Account for Girl Child

To open a post office savings schemes for girl child, just follow these simple steps:

Step 1: Head to your nearest post office or online portal, and fill out the savings account form you want for your daughter.

Step 2: Submit the form by filling in the necessary KYC and attach recent passport-size photos of the girl and her guardian/parent.

Step 3: Make the initial deposit required to open the account. It can be as less as ₹20.

Step 4: For a savings account without a chequebook, you might need to pay a deposit of ₹50.

Step 5: Once the formalities are done, your girl child’s savings account will be activated. Also, you will receive a passbook to record the transaction & account balance.

If your daughter is below the age of 10, you will have to open the account on their behalf.

Significance of Investment Plan for Girl Child in India

Investment Plan for Girl Child

Investing in post office schemes isn’t just about accumulating numbers, it is more than that. A post office scheme for girl child also:

  • Ensures education
  • Financial safety
  • Supports her dream
  • Inflation protection
  • Early financial liberty & planning
  • Marriage preparedness
  • Gender equality

The very nature of saving & investment helps your daughter learn the importance of saving money, having self-control, and planning as she watches the growth of her assets. It nurtures their financial responsibility. These are priceless lessons that will guide her in making sensible financial decisions for the rest of her life.

Final Note

By now, you must have learned when, why, and how to invest for your daughters. A crucial step towards your girl child’s financial independence is investing in post office initiatives. With options such as SSY, PPF, NSC, KVP, and more available, you can select the best post office schemes that support your financial objective. You can provide your cherished daughter a bright and secure future by utilising these government-sponsored programmes.

Invest today & secure her tomorrow!

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Frequently Asked Questions

What are the post office schemes available for a girl child?

Post office schemes for a girl child include Sukanya Samriddhi Yojana (SSY), PLI, PPF, NSC, Kisan Vikas Patra, RD, Post Office Monthly Income Scheme, and more.

What is Sukanya Samriddhi Yojana (SSY)?

Sukanya Samriddhi Yojana (SSY) is an exclusive government-backed savings scheme for the girl child’s education and marriage.

What are the key features of Sukanya Samriddhi Yojana (SSY)?

Key features of SSY include attractive interest rates, tax benefits, locked until maturity, and focus on the girl child’s future.

Is premature withdrawal allowed in Sukanya Samriddhi Yojana (SSY)?

it is allowed under certain conditions like higher education or marriage.

What are the tax benefits of investing in post office schemes for a girl child?

Tax benefits include deduction up to Rs1.5 lakh under Section 80C for investments in SSY and other post office schemes.

Which is the best scheme for a baby girl?

The best scheme for a baby girl often depends on financial goals, but SSY is popular for its tailored benefits.