Here are some of the top post office plans for a boy and girl:
Minimum amount of deposit
Maximum amount of deposit
Maximum amount that you can withdraw
Here are some of the top features of the post office savings account:
Any guardian and parent can open this savings account on their child’s behalf. Furthermore, any child who is over the age of 10 years can open their account in their own name.
It is one of the best post office plans for a child.
Duration for maturity
5 years after the date on which you have opened the account
Here are some of the top features of the post office recurring deposit account:
The interest that you will receive on the money deposited will be compounded on a quarterly basis. Any guardian and parent can open this recurring account on their child’s behalf.
If you do not make any subsequent deposits to this account, you will have to pay a default amount. If you default for four consecutive months, your account will be discontinued.
An amount up to 50% of the balance amount can be availed of as a loan (this is applicable only if you make 12 instalments of the deposit)
There is an option under which you can extend the account for a period of 5 years. For this, you will have to inform the branch of the post office that is servicing your area.
Can be 1,2,3 or 5 years (as per your choice)
Here are some of the top features of the post office time deposit account:
Any guardian and parent can open this time deposit account on their child’s behalf. Furthermore, any child who is over the age of 10 years can open their account in their own name.
For one child, there is no limit to the number of accounts that you can open.
Any deposits that you make under the 5-year time deposit account are eligible for tax * deductions under Section 80C.
There is an option under which you can extend the account after the maturity date. For this, you will have to inform the branch of the post office that is servicing your area.
You can make withdrawals only after 6 months after you make the deposit.
In the case of a single account, it is ₹4.5 lakhs
For joint accounts, the limit is ₹9 lakhs
Here are some of the top features of the post office monthly income scheme account:
You can open a joint account comprising up to three adults.
By making a deposit of ₹1000, any guardian and parent can open this time deposit account on their child’s behalf.
The interest amount is paid from the date on which you open the account till the maturity date.
You can make withdrawals only after one year after you make the deposit.
If you close the account before 5 years, up to 2% amount can be deducted from your principal amount.
21 years from the date on which you have opened the account
Here are some of the top features of the Sukanya Samridhhi Yojana:
This is a post office child plan for girls that addresses the needs of the girl child.
Any guardian and parent can open this account on their child’s behalf if the age is less than 10.
A maximum of two accounts can be opened for two girl children in a family.
After the date of opening your account, you can make deposits for a period of 15 years.
You can make a withdrawal of 50% of the account balance if the girl has passed the 10 th class or has reached 18 years of age.
Here are some of the top features of the National Savings Certificate:
Any guardian or parent can make an investment in this scheme to save for their children.
Any deposits that you make under the scheme are eligible for tax deductions under Section 80C.
The amount of interest is annually compounded and will be paid at the time of maturity.
You can close the account before 5 years, depending on the applicable rules.