If the age of the child is 10 years, then ost office MIS account can be opened in his name. A lump sum deposit will have to be made in this account and the interest received every month will help in the education of the child.
You can get up to Rs 2475 every month.
Post Office MIS account: Post Office MIS is such a savings scheme under which you have to deposit a lump sum amount and then get the benefit of interest every month. This account can also be opened in the name of children above the age of 10 years. If you open this account in the name of your children, then tuition fee can be deposited from the interest income generated every month. This is a big relief for the parents.
This account can be opened in any post office. In this, a minimum of Rs 1000 and a maximum of Rs 4.5 lakh can be deposited. Currently, the interest rate for this is 6.6 percent. This account can be opened by a single and three adults can open a joint account. If the age of the child is less than 10 years, then the parent can open this account instead. The maturity of this scheme is of 5 years. After that it can be turned off.
1100 rupees will be available on depositing 2 lakhs
If a child is 10 years old and if this account is opened in his name and deposit 2 lakh rupees, then every month at the current rate of 6.6 percent, Rs 1100 will come as interest. A total of 66 thousand rupees will be received in the form of interest in five years and after that a return of 2 lakh rupees will also be made. Usually at the age of 10, any child will be in 5th grade. In such a situation, Rs 1100 can be used for his education. Tuition fees can be deposited with this money or expenses like pen, copy can be taken. This will be a great help to the Guardian.
1925 rupees will be available every month
If Rs 3.50 lakh is deposited in this account, then every month Rs 1925 will be available. This is a substantial amount for children studying in private schools. With this much money, school fees, tuition fees, pen-copy expenses will be easily met. On depositing the maximum limit of this scheme i.e. 4.5 lakhs, you will get Rs 2475 every month.
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