Introduction
Don’t be surprised, there are financial schemes tailored for women, and plans exist for men too. In today’s world, many of us worry when a baby girl is born, especially the middle class, who think about money more in such situations. Money plays a significant role in our lives, and being financially prepared is essential to secure our future and our children’s future.
Importance of Financial Planning
In the modern world, having money is crucial. Without it, we might feel like we don’t need anything. To secure our future, we must save money while managing our present needs. This becomes even more critical when it comes to our children’s future. If we don’t invest wisely, their future prospects might suffer.
Special Schemes for Children
Surprisingly, there are specific financial schemes designed especially for babies. Sadly, many people aren’t aware of these opportunities. One such scheme is the Kisan Vikas Yojana Scheme, which started in 1998 under the Post Office’s guidance.
- Kisan Vikas Yojana Scheme
- Minimum investment: Rs.1000 per year
- Tenure: Up to 10 years
- Interest Rate: 7.9% per annum
- Eligibility: Child must be 18 years old, parents can invest on behalf of young children
Post Office Monthly Income Plan
Additionally, there is the Post Office Monthly Income Plan, a scheme exclusively for boys. Here are the details:
- Post Office Monthly Income Plan
- Minimum investment: Rs.1000 to Rs.4 lakhs
- Interest Rate: 7.6% per annum
These are just a few examples; there are similar schemes available to secure the future of your loved ones. It’s crucial to explore these options and make wise investments for a financially stable tomorrow.