Post Office scheme: If you are saving for the future, then you can invest in these post office schemes. Let’s see which scheme is the best.
Want to invest and are looking for a good option, then come to the post office. Actually, here you get guaranteed returns and government guarantee. Means guaranteed money growth and no risk of drowning. An investment destination that is perfect for everyone from children to senior citizens. These days good returns are also being received on post office schemes (Post office Savings Schemes Interest rates).
Recently, the government has also changed the interest of some schemes. Along with this, the rules of some schemes have also been changed. Let us know which Post Office Savings Schemes is the best and how much return is being received. Also, in which scheme, in how many days your money can double.
1. Post Office Savings Account
You can open a post office savings account in any post office in the country. You get fixed interest on the deposits made in the account. This scheme is fit for those who want fixed returns. The special thing is that only 500 rupees are needed to open the account.
Interest: 4.00% p.a.
Minimum Investment: Rs.500/-
2. Post Office National Savings Recurring Deposit Account(RD)
You can invest in Post Office Recurring Deposit Account for 5 years. The benefit of compound interest is available on a quarterly basis. Money has to be deposited in a total of 60 installments in the Post Office Small Savings Scheme. This scheme is good for those who want to invest every month. Investors can check their returns through RD Calculator.
Interest: 6.20% p.a.
Minimum Investment: Rs.100/-
3. Post Office National savings Time Deposit Account (TD)
Post Office Time Deposit Account is one of the most popular savings schemes of the post office. The interest on the scheme is decided by the Ministry of Finance. In the scheme, single account, joint account or for minor children (above 10 years) can be opened under parental supervision. The government has increased the interest rates of post office time deposit scheme by 50 basis points on April 1, 2023 itself.
how much interest
1yr.A/c- 6.8%
2yr.A/c- 6.9%
3yr.A/c- 7.0%
5yr.A/c- 7.5 %
Minimum Investment: Rs.1000/-
4. Post Office Monthly Income Scheme Account (MIS)
Post Office Monthly Savings Scheme (MIS), a great source of regular income. Government guarantee is available. Along with this, interest is also good. The government reviews the interest every quarter and fixes the interest rate for the next quarter. POMIS has a lock-in period of 5 years. On maturity, the investor has the option to withdraw the entire amount or reinvest the same amount. In Budget 2023, the government increased the deposit limit for individuals to Rs 9 lakh. At the same time, you can invest up to Rs 15 lakh in a joint account.
Interest: 7.40% p.a.
Minimum Investment: Rs.1000/-
5. Senior Citizen Savings Scheme (SCSS)
Post Office’s Senior Citizen Savings Scheme is a great option for senior citizens. Government of India Guaranteed Scheme. Depositors get guaranteed regular income. Regular income in Senior Citizen Savings Scheme (SCSS) means payment of interest. Every quarter the interest is calculated and credited to the investors account. Interest is also reviewed on a quarterly basis only.
Interest: 8.20% p.a.
Minimum Investment: Rs.1000/-
6. Public Provident Fund Account (PPF)
Public Provident Fund (PPF) was launched by the National Savings Institute in 1968. Government guarantee is available on investment and interest in the scheme. The Finance Ministry reviews the interest every quarter. However, the interest received on the scheme is credited on March 31 every year. However, the interest is calculated on a monthly basis. In this, interest is calculated on the minimum balance between 5th to 30th.
Interest: 7.10% p.a.
Minimum Investment: Rs.500/-
7. National Savings Certificate (NSC)
National Savings Certificate (NSC) is a small savings scheme, which encourages low income groups and mid income groups to save. This scheme was launched by the government itself, so the returns are guaranteed. Interest rates are fixed every quarter. The maturity of this Fixed Income Savings Scheme is 5 years.
Interest: 7.7% p.a.
Minimum Investment: Rs.1000/-
8. Kisan Vikas Patra (KVP)
Any Indian citizen can invest in Kisan Vikas Patra. The specialty of the scheme is that it doubles your money in 115 months (9 years and 7 months). There is guaranteed income in the form of interest. The interest rate is fixed every quarter.
Interest: 7.50% p.a.
Minimum Investment: Rs.1000/-
9. Sukanya Samriddhi Accounts (SSA)
Sukanya Samridhi is also a good scheme in Post Office Savings Scheme. The Modi government launched it in the year 2015 keeping in mind the education and marriage of daughters. This is a fixed income scheme, which is available in the form of interest. The interest is reviewed and calculated on a quarterly basis. Investors can use the Sukanya Samriddhi Yojana calculator to calculate their returns.
Interest: 8% p.a.
Minimum Investment: Rs.250/-
10. Mahila Samman Savings Certificate, 2023
The latest scheme of the post office is Mahila Samman Savings Certificate. It was introduced in the budget 2023. It has been started from 1 April 2023. Any woman of the country can invest in this. In case of minor girls, parents can open accounts in the scheme. The plan can be started with just Rs 1000. The maximum investment limit is Rs 2 lakh.
Interest: 7.5% p.a.
Minimum Investment: Rs.1000/-
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