Post Office Schemes:Post officesoffer a range of investment schemes withattractive returnsthat are considered to be safe and reliable. Here are some of the popular post office investment schemes in India:
Post Office Savings Account
A savings account with a minimum deposit of Rs 500. The interest rate is 4 per cent per annum.
Post Office Time Deposit
Fixed deposit with various tenures ranging from 1 to 5 years. The interest rate ranges from 5.5 per cent to 6.7per centper annum, depending on the tenure.
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Public Provident Fund (PPF)
A long-term investment scheme with a tenure of 15 years. The interest rate is currently 7.1per centper annum, and the minimum investment amount is Rs 500 per year.
National Savings Certificate (NSC)
A fixed-income investment scheme with a tenure of 5 years. The interest rate is currently 6.8per centper annum.
Kisan Vikas Patra (KVP)
A savings scheme that doubles your investment in 124 months (10 years and 4 months). The interest rate is currently 6.9per centper annum.
Sukanya Samriddhi Yojana (SSY)
A savings scheme for the girl child with a tenure of 21 years. The interest rate is currently 7.6per centper annum, and the minimum investment amount is Rs 250 per year.
Senior Citizen Savings Scheme (SCSS)
A savings scheme for senior citizens with a tenure of 5 years. The interest rate is currently 7.4per centper annum.
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Post office schemes for girl child
The Indian Post Office offers one scheme exclusively for the girl child, which is the Sukanya Samriddhi Yojana (SSY). It is a savings scheme that offers attractive returns and is designed to provide financial security to the girl child for her higher education and marriage expenses. Here are some of the key features of the Sukanya Samriddhi Yojana:
Eligibility: The scheme is open for parents or guardians of a girl child who is below 10 years of age.
Investment: The minimum investment amount is Rs. 250 per year, and the maximum investment limit is Rs. 1.5 lakh per year. The account can be opened with a minimum deposit of Rs. 250.
Tenure: The tenure of the scheme is 21 years or until the girl child gets married, whichever is earlier.
Interest Rate: The interest rate is currently 7.6per centper annum and is compounded annually.
Tax Benefits: The investment in Sukanya Samriddhi Yojana is eligible for tax deductions under section 80C of the Income Tax Act, 1961.
Withdrawals: Partial withdrawals are allowed after the girl child reaches 18 years of age for her education or marriage expenses.
Maturity: The maturity amount, including the principal and interest, is tax-free.
The Sukanya Samriddhi Yojana is a good investment option for parents who want to secure their girl child's future. It offers attractive returns, tax benefits, and the flexibility to withdraw funds for the girl child's education or marriage expenses.
Post office schemes for senior citizens
The Indian Post Office offers various schemes exclusively for senior citizens to provide them with financial security during their retirement years. Here are some of the popular post office schemes for senior citizens:
Senior Citizen Savings Scheme (SCSS): A savings scheme with a tenure of 5 years that offers an interest rate of 7.4per centper annum. The minimum investment amount is Rs. 1,000, and the maximum investment limit is Rs. 15 lakh.
Post Office Monthly Income Scheme (POMIS): A monthly income scheme with a tenure of 5 years that offers an interest rate of 6.6per centper annum. The minimum investment amount is Rs. 1,000, and the maximum investment limit is Rs. 4.5 lakh for a single account and Rs. 9 lakh for a joint account.
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National Savings Certificate (NSC): A fixed-income investment scheme with a tenure of 5 years that offers an interest rate of 6.8per centper annum. The minimum investment amount is Rs. 1,000.
Post Office Time Deposit: A fixed deposit scheme with various tenures ranging from 1 to 5 years that offers an interest rate of 5.5per centto 6.7per centper annum, depending on the tenure. The minimum investment amount is Rs. 200.
Post Office Savings Account: A savings account that offers an interest rate of 4per centper annum. The minimum deposit amount is Rs. 500.
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These post office schemes for senior citizens offer attractive returns, and the investment amount is secure and risk-free. Senior citizens can choose the scheme that best suits their investment goals and requirements.
