Post Office: Senior Citizen Savings Scheme is backed by the Government of India, is one of the best scheme scheme to invest for senior citizens. Senior citizens residing in India can open an account and invest a lump sum amount in the scheme. This account can be single or joint. It offers tax breaks. It offers an interest rate of 8.2%. Kisan Vikas Patra is a savings certificate issued by the Government of India. The scheme offers fixed interest rate and guaranteed returns. However, investing in it does not exempt income tax. It offers an annual compound interest rate of 7.5%.
Opportunity to earn stable income
Post Office Monthly Income Scheme provides investors with an opportunity to earn stable income. An individual can invest a minimum of Rs 1,500 and a maximum of Rs 9 lakh, then the maximum limit for joint accounts is Rs 15 lakh. However, there is no tax exemption for this. The interest rate is 7.4% per annum.
Guaranteed capital security
A National Savings Certificate is an investment and savings scheme guaranteed with full capital security, as are other fixed income instruments. Any person can open one account while three persons can open a joint account. Parents can run the account for a minor or a sick person. It offers a compound interest rate of 7.7% annually.
Mahila Samman Chetan Certificate
The Mahila Samman Chetan Certificate is an initiative launched by the government that aims to promote a culture of savings among Indian women. However, there is no tax exemption in this scheme. It offers an annual interest rate of 7.5%.
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