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2 Handy and beneficial schemes for parents with boys!
Posted on: 08/Oct/2021 1:51:37 PM
There are 2 handy and beneficial schemes for parents with sons:
1. Ponmagal Semippu Thittam:
Most of us are aware the ‘Ponmagal semippu Thittam’ (Ponmagal Saving Scheme) is meant for girl children, However, many of us are not aware of the Ponmagan Saving scheme’ which is exclusively meant for male children!
It is a fact that saving is very essential for male children as well!
In the above ‘Ponmagan Saving Scheme’, introduced by the Central Government, there is a facility to withdraw the saved amount even before maturity.
This Ponmagan Saving scheme functions under the India Postal Department.
Under this scheme, monthly investments from a minimum of Rs. 500/- to a maximum of Rs. 1.5 Lakhs every month can be made.
Based on the Financial Year format from April to March, monthly payments as above have to be made for 15 years!
Though it is given that the inert rest rate for this scheme is fixed at 8,1%, it is also informed that the interest rates may vary from 1 year to another.
As such, the prevailing interest rate can be accessed at the nearest post office or from the official website of India Post!
2. Public Provident Fund
The investments made in Public Provident Fund (PPF) are exempted from Income Tax under the Income Tax Act Section 80C!
Further, note that no income tax needs to be paid on the interest earned from this saving!
A Public Provident Fund Account (PPF) can be opened in the Post Office, ICICI or State Bank of India (SBI).
This 15-years investment scheme provides a welcome source for the educational; expenses for the children! The interest rate is 7.9%. Further, Income Tax exemption can be obtained for investments up to Rs. 1.5 Lakhs under the Income Tax Act Section 80C.
This scheme is an excellent resource to ensure good education for the children! The longer period of maturity may cause some anxiety but it will be certainly useful for the education front!
