Best Post Office Investment Schemes: The savings schemes of the post office are considered good for safe and better returns. The biggest reason for this is that the investment made in them is completely safe. Post Office runs 9 savings schemes. The current interest rate on these is up to 7.6 per cent per annum. Let’s know the details of these savings schemes of the post office.
Post Office i.e. post office runs many savings schemes. These savings schemes make it easy for people to save money. By investing in the Post Office Savings Scheme, investors can take advantage of higher interest rates as well as tax exemptions. The post office runs many savings schemes like Public Provident Fund, Sukanya Samriddhi Yojana, National Saving Certificate etc. Know which scheme is getting the highest interest out of these and which scheme will be most beneficial for you.
National savings certificate
The maturity period for investing in National Savings Certificate (NSC) has been fixed at 5 years. And in this scheme, an interest rate of 6.8 percent has been fixed for the investors. The minimum amount to invest in this scheme has been fixed at Rs 100 and no maximum amount has been fixed. In this, tax exemption up to Rs 1.5 lakh is available under section 80C. In this, the period of premature closure is 5 years after the account is opened. The NSC can be transferred from one person to another in the name of one person once between the date of maturity from issuance.
Senior Citizen Savings Scheme
In the Senior Citizens Savings Scheme (SCSS), investors get interest at the rate of 7.4 percent. Age should be 60 years to open an account in this. The minimum investment in this is Rs 1000 and the maximum is Rs 15 lakh. In this, the deposits mature after 5 years from the date of account opening, but this period can be extended only once for 3 years. The objective of this scheme is to provide a regular income to senior citizens after retirement. Account can be opened in banks and post offices under SCSS. Being backed by the government, the returns on it are guaranteed. In this, tax exemption is available under 80C.
PPF
PPF or Public Provident Fund is one of the most popular savings schemes in the country. This scheme is offered by the central government, so the money and returns invested in this scheme are safe and guaranteed. Its main objective is to benefit small investors. At present, it is getting 7.10 percent interest. Investment in these scheme can be started with a minimum of Rs 500 and a maximum of Rs 1.5 lakh can be invested annually. PPF is a long term investment with a lock-in period of 15 years. This means that the amount deposited in the PPF account can be withdrawn only on maturity, which is 15 years. This period can be extended for a further period of 5 years. In this, tax exemption is available under section 80C and also there is no tax on investment amount as well as interest earned on PPF deposit.
Kisan Vikas Patra
Kisan Vikas Patra Scheme is a one time investment scheme of the Government of India. In this, your money doubles in a fixed period. Kisan Vikas Patra is present in all the post offices and big banks of the country. At present the interest rate on this is 6.90 percent. Its maturity period is currently 124 months. A minimum investment of Rs 1000 has to be made in this. There is no limit on the maximum investment under this. Investment is made in the form of certificate in Kisan Vikas Patra (KVP). Government guarantee is available on post office schemes, so there is no risk in it. It can be cashed after 2.5 years. In this, there is no tax exemption under section 80C.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a small savings scheme in the country. It was started under the ‘Beti Bachao Beti Padhao’ campaign. Under this, a parent or legal guardian can open an account in the name of the girl child. To open an account under this scheme, the age limit of the girl child should be less than 10 years. Sukanya Samriddhi Yojana is getting the highest interest rate in post office ie post office savings schemes. The rate of interest on this is 7.60 percent. It has a maturity period of 15 years. The minimum investment that can be made in this is Rs 250 and the maximum amount of investment is Rs 1.5 lakh per annum. Under this, only one account can be opened in the name of each girl child. In this, tax exemption is available under 80C.
