Is Money in your Child's Name a Good Option?
What Happens After Maturity of The Plan?
There are certain investment plans that allows the parents to invest in their child's name. Once the child turns 18 he has the option of withdrawing the money. But is your child mature enough to make financial decision in his life. Remember, it is not a small amount that your kid has to deal with. Despite your guidance your kid may misuse the money. Because at this age, he enjoys the liberty of taking independent decisions. He might lend the money to his friends, or make some unnecessary purchase. You investment hence loses its purpose.
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