Planning for a child's fortune involves creating strategic economic decisions that guarantee their health and education. Child plan FD are financial tools designed to offer a safe savings avenue with specific advantages to secure a child's future. This blog explores the features benefits ofchild plan fixed deposits and how they can be integral to your financial planning.
Features of Child Plan Fixed Deposit
- Fixed Interest Rates:Child plan fixed deposits offer fixed interest rates for the whole deposit tenure, offering stability and predictability in returns.
- Tenure Choices: Banks financial institutions provide flexible tenure choices, permitting parents to select a time that aligns with their offspring's milestones, generally varying from 5 to 15 years.
- Nomination Facility: Parents can nominate their offspring as the applicants for the fixed deposit, guaranteeing that the funds are used for their intended purpose.
- Tax Benefits: Depending on the general tax laws, some child plan fixed deposits may provide tax advantages under Sec. 80C of the Income Tax Act, permitting parents to claim determinations on investments made for their child's fortune.
Advantages of Child Plan Fixed Deposits
- Long-Term Savings Discipline:Child plan fixed deposits facilitate disciplined savings by closing funds away for a specified time, assisting parents in making a corpus systematically.
- Financial Security: These fixed deposits offer a safe investment avenue with secured returns, protecting the accumulated savings from market fluctuations.
- Goal-Specific Savings: Parents can earmark the funds for specific goals such as marriage or education, guaranteeing economic preparedness when the child requires it the most.
- Inculcating Financial Discipline: Child plan fixed depositscan help guide valuable monetary lessons by involving children in talks about investments and savings from an early age.
- Selecting the Right Child Plan Fixed Deposit
- Factors to consider the fixed deposit plan for the child:
- Credibility and Reputation: Opt for fixed deposits offered by reputed financial institutions or banks with a robust track record of client service and dependability.
- Flexibility: Look for fixed deposits that offer flexibility regarding contributions, tenure, and withdrawal choices to accommodate varying financial requirements.
- Additional Benefits: Somechild plan fixed deposits may provide additional benefits, such as insurance coverage or penalty waivers in case of unforeseen events.
Why Choose Samridh Bharat?
Samridh Bharat Co-operative Thrift and Credit Society is committed to improving economic savings and creating wealth for people. Our fixed deposit schemes offer interest rates that surpass those of public and private sector banks. Depending on the period of investment, one can earn annual interest rates that reach up to 12.25% on their deposits.
Our Investment Plan for Children
The Swarnim Bhavishya Yojna is a lucrative savings initiative to protect children's futures. Under this scheme, depositing a lump sum of Rs. 10,000 allows participants to obtain ten times returns after 19 years. Following is a demonstration of how the Swarnim Bhavishya Yojna offers returns:
Principal Amount Amount after 19 Years
Rs. 1,00,000 Rs. 10,00,000
Rs. 5,00,000 Rs. 50,00,000
Rs. 10,00,000 Rs. 1,00,00,000 (1 Crore)
Our deposit schedule offers investment plans for children and the flexibility of early withdrawal of the principal amount. Even in these circumstances, attractive interest rates are available according to the early withdrawal policy.
Join Samridh Bharat and learn more about child plan fixed deposits. Reach out to us at +91 9667837771 or +91 9667847771.
