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Top 6 Post Office Saving Schemes for Your Boy Child in 2023

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October 7, 2022


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What are Post Office Saving Schemes?

Every parent wants to secure a brilliant future for their children. In order to ensure a better future for your kids, saving enough money for their higher education is important, enabling them to fulfill their career aspirations. To achieve this, investing in a good savings plan that will provide you with enough funds for your children is a must.

In this blog, we will explore the top 6 post office savings schemes the Government of India made available for a boy child. Let’s dive in!

Important Note: In order to open an account for a minor boy below 10 years requires the consent of his parents/guardian. A minor boy who is 10 years or older can open the account in his name.

List of Post Office Saving Schemes for a Boy Child

1. Ponmagan Podhuvaippu Nidhi Scheme

The Tamil Nadu government introduced the Ponmagan Podhuvaippu Nidhi Scheme in 2015 as a social welfare initiative aimed at male children from economically weaker sections of the state. The scheme operates through the Post Office and aims to provide financial assistance to these students by allowing them to earn high interest on their contributions towards building a corpus for educational expenses.


Male child from economically weaker section and a native to the State of Tamil Nadu.

Minor Child (<10 Years of Age): Guardian can open the account in the name of the boy child

Male Child Above 10 Years of Age: Can open a PPNS account himself

Account Type

Only Single Account Holder

Age Limit


Contribution Amount

Minimum Deposit to Open the Account:Rs. 100 Minimum Annual Deposit:Rs. 500Maximum Annual Amount:Rs. 1.5 lakhs

Contribution Payment Options

Lump Sum or 12 Instalments

Maturity Period

15 years can be extended by 5 years within a year of maturity

PPNS Interest Rate

9.7% p.a. compounded annually

Premature Closure Before Maturity

Not Permitted

Partial Withdrawals

From 7th financial year of opening PPNS Account

Tax Benefits on Investment

Tax Deductions on Investment of up to Rs. 1.5 lakhs u/ Section 80C of the IT Act, 1961. And the interest earned on the deposits is tax free.

2. Public Provident Fund (PPF)

The Public Provident Fund (PPF) is a long-term investment scheme offered by the Government of India which was introduced in 1968. It aims to provide individuals with a safe and secure savings option, while also promoting a culture of long-term financial planning and investment among the general public.

Current Interest Rate

7.1% p.a

Minimum Investment

Rs. 500

Maximum Investment

Rs. 1.5 lakh per annum

Opening Balance

Rs. 100 a month

Frequency of Deposit

Once a year

Mode of Deposit

Cash, cheque, demand draft (DD), or through an online fund transfer

Risk Factor


Tax Benefit

Interest and maturity amounts are tax-free u/s 80C

Partial withdrawal

Available after the 7th year

3. National Savings Certificate (NSC)

The Government of India offers the National Savings Certificate (NSC) as a fixed-income investment option. It is a popular savings scheme that helps small and mid-level investors save money while enjoying guaranteed returns. The scheme is designed to contribute to the future finances of a boy child and can be purchased from post offices across India. The NSC has a fixed maturity period of five years.

Interest Rate

7.7% per annum

Minimum Investment


Lock-in Period

5 years

Risk Profile


Tax Benefit

Up to Rs.1.5 lakh under Section 80C

4. Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP) is a savings scheme the Government of India offers to promote long-term savings among individuals, particularly in rural areas. It is a fixed-income investment option that provides a safe and secure way to invest money while earning guaranteed returns. KVP can be purchased from post offices across India and has a fixed maturity period.

Interest Rate

7.5% (compounded annually)


115 months

Investment Amount

Minimum: Rs. 1,000 Maximum: No maximum limit

Tax Benefits

Tax benefits up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, 1961

5. Post Office Recurring Deposit

The Post Office Recurring Deposit (RD) is a savings scheme offered by the Indian postal system. It enables parents/guardians to save money systematically by making regular monthly deposits for the future of their boy child. The interest on RD is compounded quarterly, helping the savings grow over time.

Regular Monthly Deposit

Rs.100 (Minimum)


5 years

Interest rate

6.2% p.a.


• Indian nationality and age over 18 years required for applicants.

• Minors above 10 years can open accounts.

• Parents/guardians can open accounts for minors.

Payment Method

Cash or cheque accepted at post office

Rebate Facility

Option for rebate on advance deposits available, limited to six installments.

Flexible Deposits

Minimum deposit of Rs. 10 per month with no upper limit.


Account holders can withdraw up to 50% of their deposit balance 1 year after opening the account.

6. Post Office Monthly Income Scheme (POMIS)

Post Office Monthly Income Scheme (POMIS) is a government-backed investment scheme offered by the post office. It is a fixed income scheme that provides individuals with a regular monthly income. The scheme has a tenure of 5 years and offers capital protection, making it a low-risk investment option.


5 years lock-in period

Interest Rate

7.4% p.a.


Low-risk investment

Initial Investment

Initial investment starts at Rs.1,000.


Payout received one month after the first investment, not at the beginning of every month.

Multiple accounts

Open multiple accounts, but the total deposit amount across all accounts cannot exceed Rs. 9 lakhs.

Joint account

Open a joint account with 2 or 3 people. Aggregate investment limit of up to Rs.15 lakhs for the joint account.


Nominate a family member as a beneficiary in case of the investor's demise during the account's term.

Benefits of Post Office Saving Schemes for Your Boy Child

  • Post office saving schemes offer a simple investment process that requires minimal documentation and provides a fixed return.
  • These schemes are easily accessible and are well-suited for rural and urban investors, as post offices are located across the country.
  • The investments in post office schemes are more future-oriented and can serve as retirement or pension plans, with investment periods extending up to 15 years for a PPF account.
  • These schemes offer risk-free and competent interest rates that range from 4% to 8%, making them highly competitive with banks.
  • These Post Office savings schemes are catered to different investor needs, with variations in tax implications, investment horizons, and expected returns.


To sum up, several post office savings schemes in India are tailored to benefit boys, promoting financial security, funding for education, and long-term savings for their future. By utilizing these schemes, parents can proactively secure a brighter and more secure future for their boy child.

Frequently Asked Questions (FAQs)

1. Which is the best Post Office savings scheme?

To find the best one, you must compare these schemes with the help of their return rates, maturity period, and so on. It will help you in select a scheme as per your needs. National Savings Scheme, Kisan Vikas Patra, and Public Provident Fund are some of the popular investment schemes in Post Office. To figure out the one that works best for you, consider factors like timelines, investment options and your financial goals.

2. Can I open a Post Office account for a child?

Yes, you can open a post office account for your child. If you have a post office account, you may also invest in multiple post office saving schemes introduced by the government such as National Savings Certificate, Post Office Recurring Deposit, Post Office Monthly Income Scheme (POMIS), etc, to secure the future of your children.

3. Can I invest my money in any post office saving scheme?

Investing in post office schemes is preferred by many due to the safety it provides and the tax deductions it can come with. Under section 80C, investors can claim tax deductions up to Rs. 1.5 Lakhs by investing in post office schemes.

4. Can I double my money in 5 years in post office?

There's no such guarantee. But most post office savings schemes like Kisan Vikas Patra offer higher return rates than a bank savings account. And some, like PPF, come with added tax benefits too.

Want to know more? Read on

1. Post office recurring deposit scheme and its interest rates

2. Sukanya Samriddhi Scheme - Definitions, returns, and more

3. Best schemes for students in India


Investment and securities are subject to market risks. Please read all the related documents carefully before investing. The contents of this article are for informational purposes only, and not to be taken as a recommendation to buy or sell securities, mutual funds, or any other financial products.
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