Post Office Savings Schemes: In the midst of the COVID-19 crisis, everyone wants to invest their money at a place, where they can yield a good interest and get a guarantee of security at the same time. If you are also looking for such an option, then post office is the best place for you to pump in your money.
Currently, there are many special Post Office Savings Schemes in the post office for the customers, in which they can get robust interest, long-term security, and guaranteed returns. The post office plans cater to every age group such as children, middle-aged and senior citizens. Let us understand 7 such bumper schemes. The biggest features of these schemes are that some of these also get the benefit of tax exemption under Section 80C.
Senior Citizen Savings Scheme
The Senior Citizen Saving Scheme (SCSS) of the Post Office is currently paying an interest of 7.4% and it doubles your money in 9 years.
7.4 % per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept, and 31st December.
There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh.
Sukanya Samriddhi Scheme Interest Rate
- Sukanya Samriddhi Scheme can be opened by the guardian in the name of a girl child below the age of 10 years.
- Minimum investment can be made of Rs 250 and the maximum Rs 1,50,000 in a financial year.
- The rate of interest 7.6 percent Per Annum is calculated on yearly basis, yearly compounded.
Kisan Vikas Patra
At present, 6.9 percent interest is being given in the post office Kisan Vikas Patra (KVP) scheme. With this interest rate, the amount invested here doubles in 10 years and 4 months.
Under the scheme, a minimum of Rs 1000 and multiples of Rs 100 can be deposited. There is no Maximum Limit.
Public Provident Fund (PPF)
Investing in the PPF scheme of the post office is considered the safest. Public Provident Fund (PPF) is a 15-year long-term investment scheme that currently offers compound interest of 7.1 percent per annum. There is no minimum or maximum age limit to join this scheme. You can start investing in PPF with as little as Rs 500. The maximum annual amount that can be invested in this is up to Rs 1.5 lakh. Under this scheme, investment in PPF and the interest earned on it is tax-free under section 80C of the Income Tax Act.
National Savings Certificate Scheme Rate
- National Savings Certificate Scheme allows one to invest a minimum of Rs 1,000. There is no maximum limit.
- A rate of interest of 6.8 percent is compounded annually but payable at maturity.
- Rs 1000 grows to Rs 1389.49 after 5 years.
