2 Best Post Office Schemes For Your Children

 2 Best Post Office Schemes For Your Children

Post office has been the backbone of savings for the poor and lower middle class of our country ever since it has been established. It has always offered high interest rates and helped in achieving long term goals of its customers. Apart from its regular saving options post office offers two schemes which are extremely beneficial for young children.

If you have kids under age the age of 5, these two schemes will be the perfect saving options for your children. These two schemes are 

1. Sukanya Samriddhi Yojana - For Girl children
2. Public Provident Fund - For Boy children

What is Sukanya Samriddhi Yojana Account?

You might already have heard about Sukanya Samriddhi Yojana (SSY) scheme for girl children. It's the best scheme for a girl child offering highest rates of interest.

• You can open SSY account with a small amount of Rs.250/- only. 
• A minimum amount of Rs.1000/- has to deposited per financial year. You can deposit upto Rs.1,50,000/- per financial year in the account. 
• The total duration of the scheme is 21 Financial years. So if you open an account for your child who is under 5 years of age, the maturity benefits will be in your hand at the right time.
• Deposits in an account can be made till completion of 15 financial years, from the date of opening of the account

• The account shall mature on completion of 21 years provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage
• At present the interest rate for savings under SSY accounts is 7.6% per annum.
• Withdrawal Facility
• To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age of the girl child.
• If the beneficiary is married before maturity of account, account has to be closed.

If you haven't open SSY account for your girl child, you are wasting time. Open an account immediately and start saving with minimum amount like Rs.500/- per month. Later you can increase this monthly amount to a decent amount. But each rupee helps in building a bright future for your girl child. 

How to open Sukanya Account ?

Opening of SSY account is very easy. You can open the account in any bank or post office. But getting things done in a post office is relatively easy and crowd will also be less in post offices. You will need the following documents for opening of account. 

1. Account opening form. This will be available at post office or you can use our online form filling service which can help avoid multiple visits to post office for opening of account.
2. Date of birth certificate of the girl child. This should include the name of the child along with the names of the parents. Only then it will be accepted for opening of account.
3. One of the parents ( mother of father) should act as guardian to the account. For opening of SSY account, ID and address proof of the guardian are required. Some people ask whether grand parents or any other people can act as guardian. But it is not possible. Only biological parents or court appointed guardian in the absence of biological parents are allowed to operate the account on behalf of the girl child.
4. You can use PAN card as ID card and Aadhar card as address proof of the guardian for opening of the account.
5. Three photos of the guardian are required for opening the account. Some post offices insist for photos of the baby also. If you have photos of the baby also please submit them to avoid unnecessary argument with the post office staff. 

We suggest you to use our online form filling service which is one of the easiest way to open the account. Just fill up a small form and we will send you the completely filled in form to your email id. You can take print out of this form, put signatures at indicated places and paste the photos where indicated. You will get complete guidance in form filling. After that just take the form to post office and they will open the account without any hassle. Click the button below to start the process of opening of SSY account for your girl child. 

What is PPF account?

PPF stands for Public Provident Fund and is one the oldest most rewarding saving scheme offered by Govt of India. We can safely say that the concept of SSY account was derived from PPF account.

1. PPF account can be opened by any individual in India with a minimum amount of Rs.500/-.
2. The duration of this account if for 15 financial years. It also can be extended for a period of 5 years for any number of times. 
3. A minimum of Rs.500 and a maximum of Rs.1.5 Lakh can be invested in a provident fund scheme annually. This investment can be undertaken in a lump sum or installment basis. Investment in a PPF account has to be made every year to ensure that the account remains active.
4. At present the interest rate for savings under PPF accounts is 7.1% per annum.
5. There are several withdrawal options available in PPF. After 3 years from date of account opening you can apply for loan on your deposits. After 7 years one withdrawal per year is allowed. 

As boy childs are not eligible for SSY accounts. The next best thing for them is PPF account. By saving in PPF account, you can save good amount for higher education of your boys. 

How to open PPF Account ?

Opening of PPF account is very easy. You can open the account in any bank or post office. But getting things done in a post office is relatively easy and crowd will also be less in post offices. You will need the following documents for opening of account. 

1. Account opening form. This will be available at post office or you can use our online form filling service which can help avoid multiple visits to post office for opening of account.
2. Date of birth certificate of the Boy child or Aadhar or Pan card or any Id proof/age proof of the Boy child. 
3. One of the parents ( mother of father) should act as guardian to the account. For opening of PPF account, ID and address proof of the guardian are required. 
4. You can use PAN card as ID card and Aadhar card as address proof of the guardian for opening of the account.
5. Three photos of the guardian are required for opening the account. Some post offices insist for photos of the baby also. If you have photos of the baby also please submit them to avoid unnecessary argument with the post office staff. 

We suggest you to use our online form filling service which is one of the easiest way to open the account. Just fill up a small form and we will send you the completely filled in form to your email id. You can take print out of this form, put signatures at indicated places and paste the photos where indicated. You will get complete guidance in form filling. After that just take the form to post office and they will open the account without any hassle. Click the button below to start the process of opening of PPF account for your girl child. 

Even if you don't use our form filling service, please go ahead and open suitable account to your children in post office. These small savings will make a huge difference in their future.