Post Office Small Savings Schemes: Although the stock market attracts many young people, many people still trust Posta Small Savings Plans. The main reason is that they pose no risk. The money deposited in the Post Office is guaranteed by the state, which means that every penny of the customer is safe. At the same time, investment in the stock market is subject to market risks and only Rs 500,000 of customer bank deposits are safe. In addition, good returns make even small savings plans attractive.
There are a total of 10 Post Office savings plans, including a savings account. These are: National Periodic Savings Deposit Account, i.e. RD Post, National Savings Deposit Account, i.e. RD Post, National Savings Deposit Account, i.e. Post Office FD/TD, Old Age Savings Scheme (SCSS), Public Provident Fund (PPF), National Monthly Income Account (MIS), Kisan Vikas Patra (KVP), National Savings Certificate (NSC), Account Sukanya Samriddhi (SSY), Mahila Samman Savings Certificate and Postal Savings Account.
Savings account
At 500 rupees you can open a savings account at post office. The annual interest rate is 4%
Postal Time Deposit (TD)
TD can be opened by mail from one to 5 years. The account can be opened for a minimum of 1000 rupees, there is no maximum limit. Currently, the interest for the different maturity periods varies from 6.9% to 7.5% per annum.
Recurring deposit over 5 years (RD)
At price of 100 you can open RD at the post office. Its maturity period is 5 years. The interest rate is 6.7% per year.
PPF
A PPF postal account can be opened with a minimum of 500 rupees. The interest rate is 7.1% per year.
Post Office Monthly Income Statement (MIS)
The maturity period of MIS is 5 years. An account can be opened at the MIS post office with a minimum of Rs.1000. It currently has an annual interest rate of 7.4%.
Sukanya Samriddhi Yojana
SSY account can be opened with a minimum of 250 rupees. The annual interest for the quarter of September 2024 is 8.2%.
Senior Citizens Savings Scheme (SCSS)
The maturity of this scheme is 5 years. One can invest in this account only once, starting from a minimum of 1000 rupees to a maximum of 15 lakh rupees. The interest rate is 8.2% per annum.
KVP
KVP can be availed for a minimum of Rs.1000. The current interest rate is 7.5% per annum.
Mahila Samman Savings Certificate
Investment in Mahila Samman Savings Certificate Scheme can start from Rs.1000. The interest rate is 7.5% per year.