savings account
You can also open a savings account in the post office in the name of your child. It gives 4% interest annually. Due to this, children develop the habit of saving money since childhood and they can withdraw money anytime when needed.
Disclaimer: The information given in this article is only for your awareness and education purpose. The interest rates of various post office schemes (like Sukanya Samriddhi, KVP, NSC etc.) can be revised every quarter by the Government of India. Before investing, please visit your nearest post office and thoroughly check the current rates and rules. Consult a certified financial advisor before making investment decisions based on market risks and personal financial situation.