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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.
List Of Government Post Office Plans For Girl Child
Here are the latest post office
schemes for girl children offering high returns:
- Sukanya Samriddhi Yojana (SSY)
- PLI Children Policy- Bal Jeevan Bima
- Kisan Vikas Patra
- Post Office Savings Account
- National Savings Certificate (NCS)
- Post Office Time Deposit (POTD)
- Public Provident Fund (PPF)
- Post Office Recurring Deposit (PORD)
- 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 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.
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 |
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)
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 |
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
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!
Frequently Asked Questions
Q. What are the post office schemes available for a girl child?
A. 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.
Q. What is Sukanya Samriddhi Yojana (SSY)?
A. Sukanya Samriddhi Yojana (SSY) is an exclusive government-backed savings scheme for the girl child’s education and marriage.
Q. What are the key features of Sukanya Samriddhi Yojana (SSY)?
A. Key features of SSY include attractive interest rates, tax benefits, locked until maturity, and focus on the girl child’s future.
Q. Is premature withdrawal allowed in Sukanya Samriddhi Yojana (SSY)?
A. it is allowed under certain conditions like higher education or marriage.
Q. What are the tax benefits of investing in post office schemes for a girl child?
A. Tax benefits include deduction up to ₹1.5 lakh under Section 80C for investments in SSY and other post office schemes.
Q. Which is the best scheme for a baby girl?
A. The best scheme for a baby girl often depends on financial goals, but SSY is popular for its tailored benefits.
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