Which post office scheme is best for boy child?

Which is the best investment for child?

4. PUBLIC PROVIDEN FUND (PPF)/ DEBT FUND OR FIXED DEPOSIT (FD): PPF is the most popular tax-saving investment plan and long term investment scheme which can be opened in post office or banks. The interest rate on the PPF is market linked now and one can invest up to Rs 1 lakh in a year.

Which is the best saving scheme in post office?

3. Comparison of the various Post office savings schemes

Scheme Interest Rate Maximum Investment
National Savings Certificates (NSC) 6.8% p.a. (Compounded annually) No limit
Kisan Vikas Patra (KVP) 6.9% p.a. (Compounded annually) No limit
Sukanya Samriddhi Accounts 7.6% p.a. (Compounded annually) Rs 1.5 lakh per financial year

Can Sukanya samriddhi account be opened for boy child?

Any parent or legal guardian can open an NSC account in the name of the minor male child if he is below 18 years of age. The minimum amount to be invested under the NSC scheme is ₹100.

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Which scheme is best in Post Office 2020?


Small Savings Scheme Interest Rate Interest Taxable
Post Office Time Deposit (5 year)* 7.7% Yes
Kisan Vikas Patra (KVP) 7.6% Yes
Public Provident Fund (PPF) 7.9% No
Sukanya Samriddhi Yojana 8.4% No

How do I invest money for my child’s future?

Ways to Save For Your Kids

  1. 529 College Savings Plans. If you think higher education is in your child’s future, consider a 529 savings plan. …
  2. 529 Prepaid Tuition Plan. Want to save money for your child’s college education without the risk of investing? …
  3. Roth IRA. …
  4. UGMA/UTMA Account. …
  5. Brokerage Account. …
  6. Savings Account.

How do you plan your child’s future?

Invest in direct mutual funds

  1. Use the Power of Compounding To Your Advantage.
  2. Start Early.
  3. Have A Comprehensive Insurance Policy In Place.
  4. Take Inflation Into Account While Planning.
  5. Protect And Prioritise Vital Goals.
  6. Select A Premium Waiver Plan.
  7. Invest In High Yielding Schemes.

29 сент. 2019 г.

Can I double my money in 5 years?

Similarly, if you want to double your money in five years, your investments will need to grow at around 14.4% per year (72/5). … PPF at an annual interest rate of 7.1% will take around 10 years to double your money assuming the interest rate remains at 7.1% (72/7.1 =10.14).

Is money safe in post office?

“Irrespective of the amount of deposit, the safety in post office FD is the highest as they are backed by a government guarantee,” say experts. … The minimum amount required to open a post office FD account is Rs 200 and in multiple thereof. However, there is no maximum limit.

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Which is better MIS or FD?

The cash flow earnings from a MIS can vary over time as the earnings vary with market fluctuations. So if you are looking to get surety in terms of interest, an FD is right for you; if you are open to ups and downs in the money you make, choose MIS.

Which bank is best to open Sukanya samriddhi?

The Reserve Bank of India has authorized the following banks to open Sukanya Samriddhi Savings accounts (SSA).

  • Axis Bank Sukanya Samriddhi Yojana.
  • Andhra Bank Sukanya Samriddhi Yojana.
  • Allahabad Bank Sukanya Samriddhi Yojana.
  • State Bank of India Sukanya Samriddhi Yojana.
  • Bank of Maharashtra Sukanya Samriddhi Yojana.

Can we have 2 Sukanya samriddhi account?

Sukanya Samriddhi Yojana (SSY): Interest Rate 2021, Eligibility, How to Open Account. Did you know that you can now open up to two Sukanya Samriddhi Yojana accounts for girls and a third account can be opened in case of the birth of twins/triplets?

Is Ssy tax free?

Investments made in the SSY scheme are eligible for deductions under Section 80C, subject to a maximum cap of Rs 1.5 lakhs. The interest that accrues against this account which gets compounded annually is also exempt from tax. … The proceeds received upon maturity/withdrawal are also exempt from income tax.

What is the interest of 1 lakh in post office?

India Post Office FDs have tenures ranging from 3 years 1 day to 5 years with maximum rate of interest of 6.70%.

India Post Office FD Rates, Mar 2021.

Tenure Rates Maturity Amount for ₹ 1 Lakh
1 year 1 day to 2 years 5.50% to 5.50% ₹ 1,05,630 – ₹ 1,11,544
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Is NSC or KVP better?

Unlike KVP, NSC provides tax advantages. … The NSC, known as the National Saving Certificate, is an investment pool that includes both assured returns and tax benefits. Whereas the government is also supporting both schemes, there are many gaps if we compare both these schemes.

What is the FD rate in post office?

Post Office FD Interest Rate

Tenor (years) Post Office FD Interest Rates Bajaj Finance FD Interest Rates
1 year 5.5% 6.40%
2 year 5.5% 6.85%
3 year 5.5% 7.25%
5 year 5.7% 7.25%