Post Offices have helped many citizens develop investment habits. After many appeals from masses, Tamil Nadu post offices have released male child saving scheme called as “Ponmagan Podhuvaippu Nidhi”. Which investment plan is best? The SSY account can be opened any time before the girl child reaches the age of 10 years. One can enrol themselves and their child in any of the investment scheme based on their choices and capabilities. The parent or legal guardian can open KVP account on behalf of their minor male child. Thus, above are a few mentioned child saving plans offered and managed by Post Offices. You can have a quick look at the new interest rates on Post Office Schemes in India. Sukanya Samriddhi Yojana account can be closed only on these two conditions. Which feature plan is better, can u tell? I want a monthly plan for my son (age 2 years), which one is best for investment, please suggest better one. I have one baby and was looking for a good investment plan to save money for him. In Sukanya Yojana Sukanya Samriddhi Yojana account of two daughters of a family is opened. For information, tell us that the daughters are under 10 years of age, the account is opened under Sukanya Samriddhi Yojana. Parents are especially concerned about daughters all over the country because their wedding expenses are a huge burden to the parents after their education. Any subsequent contribution can be made in multiples of Rs.100. Mumbai, Right! How Loan Moratorium Might Impact the Economy? This post office small savings scheme was first launched in 2015 under Beti Bachao Beti Padao campaign. Save my name, email, and website in this browser for the next time I comment. The KVP scheme was first introduced in 1988 but was discontinued in 2011. Parent or legal guardian): Passport, Ration Card, Electricity Bill, Telephone Bill, Driving License. You can invest under standard Post office saving scheme which allow investments in the name of minor (male or female) as well. SSY account is very much similar to saving deposit account. The documents required to be submitted for opening an SSY account are: Note: The account opening application form is available in downloadable form online on all post office websites. In this blog post, we look specifically at the popular post office schemes for a boy child. It is targeted to empower and secure future expenses like education and marriage. I want to invest for my son’s education. A lot of fruitful schemes have been launched to benefit both female and male children in India. The SSY account holder would be allowed to prematurely close the SSY account subject to certain conditions. SSY account can be opened and maintained by parents or legal guardians of a girl child on behalf of the girl child. Which feature plan is better, can u tell? I need a monthly plan for my 4 years old child. The new rate each year is decided by government based on market fluctuation and government policy. The SSY can be closed and all accumulated amount can be withdrawn only when the girl child attains the age of 21 years. On general basis the rate of interest is provided each year by 1st April. But due to popular demands and request, the KVP was re-introduced in 2014. Required fields are marked *. How Loan Moratorium Might Impact the Economy? Your email address will not be published. When the daughter attains the age of 21, a provision has been made to withdraw the entire money. We discuss about Post office Sukanya Samriddhi Yojana Scheme Details, how to open an account and tax benefits in this blog. The SSY scheme provides not only provides a good opportunity for the girl child to be financial independent when she reaches majority (i.e. Get FREE Share ​​​​Investment Account, Zero Brokerage on Equity Delivery/Long Term Stock Investment, *Powered by Zerodha: The No.1 Discount Broker in India*, A Quick Link to Open Free Equity Investment Account with Zerodha. The NSC accounts can be opened in the name of the minor male child by their parents or legal guardian. Which feature plan is better? When the daughter attains the age of 21, a provision has been made to withdraw the entire money. Public Provident Fund (PPF) Scheme was first launched in 1968. The name of this scheme launched for daughters is Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana). So, for other Indian citizens apart from people investing in Tamil Nadu post offices, there are a bulk of options. I need a monthly plan for boy child wherein the minimum amount must be Rs.500 only. Sukanya Samriddhi Account Yojana in Post Office (SSA or SSY) Sukanya Samriddhi Account Yojana has brought in a lot of relief to the Indian parents and guardians as it promises a viably secure future for the girl child at the time of her higher education and marriage and she would no more considered a financial burden on the family. Kisan Vikas Patra (KVP) for a very long time has been a very popular investment scheme amongst lower and middle-income earners. 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). I want to open Ponmagan Podhuvaippu Nidhi for my son 7 years old. ‌ With this, after the daughter turns 18. Any suggestions. Meaning, Types & How it Works? The ‘Ponmagan Podhuvaippu Nidhi’ was launched during September 2015. Learn how your comment data is processed. You can close Sukanya Samriddhi Yojana account. Aggregator’s services-Caught in the Service tax net ! The NSC during the beginning was issued with an intention to raise money for helping the development of India. Indian Post Office also offers their customers with an option to open a 5-year Post Office recurring deposit (RD) account. Your email address will not be published. Note: The above-said scheme is only applicable in Tamil Nadu and thus does not cover whole of India. Parent or legal guardian): PAN card, Ration card, Driving License, Passport, Address Proof of depositor (i.e. What is TDS ? Designed by Elegant Themes | Powered by WordPress, Wait!! Under Sukanya Samriddhi Yojana (Sukanya Samriddhi SSY Yojana Information ), parents (Sukanya Samriddhi SSY Yojana Information) have to invest in their daughter for 14 years after opening their account. Thus government preposition has been a fruitful campaign for all girl child. After many appeals from masses, Tamil Nadu post offices have released male child saving scheme called as “Ponmagan Podhuvaippu Nidhi”. This partial withdrawal is allowed only in cases where the money is required for higher education of the girl child or to pay off marriage expense of the girl child or in case of serious medical reasons.

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