It’s super important to invest wisely now to secure a better future, so you won’t need to rely on anyone else later. There are tons of investment options out there, but today we’re focusing on some post office savings schemes that not only offer great interest rates but also come with tax benefits. Plus, they’re pretty low-risk!

 

Post Office Savings Account

This works just like a regular bank savings account, but you’ll need to visit the post office to set it up. Even kids can open one! It offers a solid 4% interest rate.

 

Post Office Monthly Income Scheme

This scheme lasts for up to 5 years and gives you a monthly interest of 7.4% on your deposits. You can start with just Rs 1000 for a single account, and the max is Rs 9 lakh, while joint accounts can go up to Rs 15 lakh. You can transfer your account between post offices anywhere in the country. If you need to close it early, you can do so after a year, but there are penalties: 2% if you withdraw between 1 to 3 years, and 1% after 3 years.

 

Post Office Recurring Deposit (RD)

This scheme offers an annual interest rate of 6.7% and runs for 5 years. You can contribute as little as Rs 100 each month, with no upper limit on how much you can invest. If you miss a month, there’s a small penalty of Rs 1 for every Rs 100. After a year, you can withdraw up to 50% of your investment.

 

Post Office Time Deposit

You can kick off your account with just Rs 1000, and there’s no cap on how much you can deposit. The interest rates are pretty sweet: 6.9% for one year, 7.0% for two years, 7.1% for three years, and 7.5% if you lock in for five years. Plus, you can easily transfer your account between post offices.

 

Senior Citizen Savings Scheme

To invest in this scheme, you need to be at least 50 years old. You can set up an account in your name or even a joint account with your spouse. The maximum you can deposit in one account is Rs 15 lakh, and it has a maturity period of five years.

 

Kisan Vikas Patra

This scheme offers a compound interest rate of 7.5% per year, and your investment will double in about 115 months. You can start with a minimum of Rs 1,000, and there’s no upper limit on how much you can invest. The investment period is 10 years.

Public Provident Fund or PPF

With this option, you’ll earn 7.1% interest on your investment over 15 years. You can open an account with just Rs 500, but keep in mind that joint accounts aren’t allowed. There’s no age restriction to take advantage of this scheme.

 

 

Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.