Post Office Savings Schemes: Do you want to invest your hard-earned money in safe and profitable investments. Post office savings schemes can be a great option for you.
These schemes not only keep your money safe but also give you good returns. Let us know about the various post office savings schemes in detail.
Post Office Savings Schemes
There are many types of savings schemes available in the post office, the main ones of which are:
Savings Account: You have to be opened with a minimum of Rs 500. Currently, the interest rate is 4% per annum.
Fixed Deposit (FD): Can be opened for a period of 1 to 5 years. The minimum deposit amount is Rs 1000. The interest rate ranges from 6.9% to 7.5% per annum.
Post Office RD: Can be started with a minimum installment of Rs 100 per month. It is for 5 years. The interest rate is 6.7% per annum.
Public Provident Fund (PPF): A minimum of Rs 500 has to be deposited annually. The interest rate is 7.1% per annum.
Monthly Income Scheme (MIS): It is for 5 years. You can start with a minimum of Rs 1000. The interest rate is 7.4% per annum.
Sukanya Samriddhi Yojana (SSY): It is for the future of the daughter. A minimum of Rs 250 has to be deposited annually. The interest rate is 8.2% per annum.
Senior Citizen Savings Scheme (SCSS): It is only for senior citizens. It is for 5 years. You can invest a minimum of Rs 1000 and a maximum of Rs 15 lakh. The interest rate is 8.2% per annum.
National Savings Certificate (NSC): It is for 5 years. You have to start with a minimum of Rs 1000. The interest rate is 7.7% per annum.
Kisan Vikas Patra (KVP): You can start with a minimum of Rs 1000. The interest rate is 7.5% per annum.
Mahila Samman Savings Certificate: It is a special scheme for women. You can start with a minimum of Rs 1000. The interest rate is 7.5% per annum.
Benefits of investing in these schemes
Security: Post office schemes are guaranteed by the government, so the investment is safe.
Regular income: In some schemes, you can get regular income after maturity.
Tax benefits: Some schemes get the benefit of tax exemption.
Long-term investment: Most schemes are for a long period, which can give good returns.
In which scheme to invest
You can choose from these schemes depending on your investment goal and risk-taking ability. If you want security and regular income, then MIS or SCSS can be a good option for you.
If you want to invest for a long period, then PPF or NSC can be suitable for you. Post office savings schemes are a good option for a safe investment but consult your financial advisor.