Post Office: The Post Office currently offers a variety of savings schemes tailored for all age groups, from children to seniors. These schemes are well-regarded for their safety and impressive returns. Given the unpredictable nature of the stock market, investing in government-backed schemes can be a wise choice. With these Post Office options, you can enjoy returns of up to 8.2 percent without any risk.
Public Provident Fund
This fund provides an annual interest rate of 7.1 percent. The minimum investment for the financial year is Rs 500, while the maximum limit is Rs 1.5 lakh. Withdrawals from a PPF account are restricted; you can only access funds after five years, not counting the year you opened the account. The withdrawal amount is capped at 50 percent of the total deposits, based on the end of the fourth year or the previous year.
Monthly Income Scheme
This scheme offers an interest rate of 7.4 percent per annum. You can invest up to Rs 9 lakh in a single account and Rs 15 lakh in a joint account.
Senior Citizen Savings Scheme
This scheme provides an attractive interest rate of 8.2 percent per annum. The maximum investment allowed is Rs 30 lakh, and you can invest in multiples of Rs 1,000.
Kisan Vikas Patra
This option provides an annual interest rate of 7.5 percent, compounded yearly. A minimum investment of Rs 1,000 is needed, and there’s no maximum deposit limit.
Sukanya Samriddhi Account
In this account, you can deposit a minimum of Rs 250, with a maximum limit of Rs 1.5 lakh allowed in a financial year.
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