If there is one thing that coronavirus has taught us, then it  is not to take life for granted. It can hit you exactly when you believe you are in a comfortable spot. The current situation once again underlines the importance of savings and investments. With each passing day, basic facilities like education and healthcare are becoming more expensive and you need to invest in the right schemes to make your kids richer, or at least to secure their future. 

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Here are a few schemes you can consider to build a secure future for your kids – 

Public Provident Fund

The biggest expense for your child would come in the form of higher education. And, Public Provident Fund, with a lock-in period of 15 years allows you to prepare for the same. You can start investing between Rs 500 and Rs 1.5 lakh per year in PPF from the time of your child’s birth. 

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PPF currently offers an interest rate of 7.1 per cent. One can also open a separate PPF account in the name of a minor child but the combined investment in both the PPF accounts cannot exceed the annual limit of Rs 1.5 lakh. By the time you child turns 15, you would have invested a decent amount for your kid. 

Sukanya Samriddhi Scheme

If you have a girl child, the best possible option would be Sukanya Samriddhi Scheme. The contribution period of the scheme is 21 years but it matures when the girl child turns 21. However, you can opt for partial withdrawal once the beneficiary girl child turns 18. One can close SSY account prematurely before 21 years if the beneficiary girl gets married after 18 years of age. 

SSY deposits fetch 7.6 per cent. It is also eligible for tax deductions under section 80C. 

The best part about both these schemes is that they come with a fixed rate of return which keeps you safe from market volatility.