Investing in Senior Citizen Savings Scheme PPF Account and Sukanya Samriddhi Account Scheme earns interest of more than 7 percent. Investment in all these schemes can be done through post office. Let’s know about them.
Just like a bank offers savings schemes to citizens, post offices also offer savings schemes. The names of the schemes may be different but all are investment options. In such a situation, today we are going to give you information about three such schemes of the post office, which offer interest rates of more than 7 percent on investment. There are three schemes- Senior Citizen Savings Scheme, PPF Account and Sukanya Samriddhi Account Scheme.
Senior Citizens Savings Scheme
Interest rate – 7.4 percent (interest will be available quarterly)
Example- Quarterly interest on a deposit of Rs 10,000 will be Rs 185.
This scheme is for people above 60 years of age. Apart from this, retired civil servants above 55 years and below 60 years of age can also invest in it, subject to certain conditions. Retired defense personnel above 50 years and below 60 years of age can also open this account, subject to similar conditions. Its maximum deposit limit is Rs 15 lakh. Interest is payable on quarterly basis from the date of account opening on 31st March/30th June/30th September/31st December.
PPF
Interest rate – 7.1 percent (interest will be received annually)
Any adult, who is an Indian citizen, can open a PPF account. Apart from this, the guardian can also open the account on behalf of the minor/ terminally ill person. Only one account can be opened in a post office or any bank across the country. The minimum amount that can be deposited in a financial year is Rs 500 and the maximum amount is Rs 1,50,000. If the minimum amount of Rs 500 is not deposited in any financial year, the account is closed.
Sukanya Samriddhi Account
Interest rate – 7.6 percent (interest will be received annually)
Sukanya Samriddhi Account can be opened by a guardian in the name of a girl child below the age of 10 years. Only one account can be opened in the name of the girl child in the post office or any bank in India. The account can be opened for a maximum of two girls in a family. Wherein, in case of birth of twin/triple girl child, more than two accounts will be allowed to be opened. The minimum deposit amount in the account in a financial year is Rs 250 while the maximum deposit limit is Rs 1,50,000.
