Recently, many banks including SBI, HDFC and Bank of Baroda have cut interest on fixed deposits. In such a situation, if you are thinking of investing in a place where you get more interest and your money is also safe, then you can invest in saving schemes of post office. We are telling you about 8 such schemes of post office where you will get better interest by investing.
1. Sukanya Samriddhi Yojana
Under this, the account can be opened before the age of 10 years after the birth of a girl child. You can open this account for only 250 rupees. It is paying interest at the rate of 7.6% per annum, which is much higher than fixed deposits. A maximum of Rs 1.5 lakh can be deposited under Sukanya Samriddhi Yojana in the current financial year. One can also avail tax exemption under 80C for investing in this scheme. This account can be opened in any post office or authorized branch of the bank.
2. Senior Citizen Saving Scheme
The scheme is being given interest at the rate of 7.4% per annum. If the interest amount exceeds Rs 10,000 per annum, then TDS is deducted at source. Investment under this scheme provides tax benefits under Section 80C of the Income Tax Act, 1961. An account can be opened after the age of 60 years or more. At the same time, a person taking VRS whose age is more than 55 years but less than 60 years can also open this account. Under this scheme, money can be invested for 5 years. After maturity, this scheme can be extended for 3 years. Under this scheme, you can invest up to a maximum of Rs 15 lakhs.
3. Post office public provident fund
Deposits in Post Office Public Provident Fund (PPF) accounts are getting 7.1% interest. The interest on deposits is calculated on an annual basis, which means that it is added to the principal every year. PPF comes under the EEE category of income tax. This means income tax is exempt from income from returns, maturity amount and interest. These accounts can be opened for 15 years, which can be further extended for 5 years. An account can be opened in PPF with a minimum of Rs 500. It is necessary to invest at least 500 rupees in a financial, whereas you can invest a maximum of 1.5 lakh rupees in an account in a year. Click here for more information related to this scheme
4. Kisan Vikas Patra (KVP)
Currently, 6.9% interest is being received in the Kisan Vikas Patra (KVP) savings scheme. There is no maximum limit to invest in KVP, although your minimum investment should be Rs 1000. In this, the age of the investor must be at least 18 years. Apart from a single account, it also has the facility of the joint account. Minors may also be included in the scheme, but it will have to be handled by their parents. If you want to withdraw your investment, you will have to wait for at least 2.5 years. It has a lock-in period of two and a half years. Under this, the amount deposited is exempted under Section 80C of the Income Tax Act. Click here for more information related to this scheme
5. Post Office National Saving Certificate
Investments in the Post Office National Saving Certificate (NSC) are currently getting 6.8% interest on an annual basis. In this, the interest is calculated on an annual basis, but the interest amount is given only after the completion of the investment period. The amount deposited in the National Saving Certificate gets tax exemption under Section 80C of the Income Tax Act. To open an NSC account, you have to invest a minimum of Rs 100. You can invest any amount in NSC. There is no maximum investment limit. Click here for more information related to this scheme
6. Post Office Time Deposit Scheme
It is a kind of fixed deposit (FD). You can take advantage of fixed returns and interest payments by investing lump sum money for a fixed period in it. The post office time deposit account offers an interest rate of 5.5 to 6.7% for a period ranging from 1 to 5 years. According to India Post’s website, the interest rates are as follows. According to the official website of India Post, one can avail tax exemption under Section 80C of the Income Tax Act, 1961 for investing under a fixed deposit of 5 years. It has to invest a minimum of 1000 rupees. There is no maximum investment limit. Click here for more information related to this scheme
7. Monthly income scheme
This is a kind of pension scheme, in which you can arrange monthly income for yourself by depositing this lump sum money. Its special thing is that after the completion of the scheme you will get all your money back. Under this scheme, accounts can be opened with a minimum of 1000 rupees. On the other hand, if you talk about the maximum, if your account is single, then you can deposit up to Rs 4.5 lakh. On the other hand, if you have a joint account, a maximum of 9 lakh rupees can be deposited in it. Maturity period is 5 years. After every 5 years the scheme can be carried forward as long as desired through the same account. In this, 6.6% interest is being offered annually. Click here for more information related to this scheme
8. Recurring Deposit Scheme
RD is a kind of small saving scheme. The duration of post office RD is 5 years. In this, you can also increase for the next 5 years. However, this period will increase on a yearly basis. Meaning you have to increase it for everyone year after 5 years. The post office is paying 5.8% interest on RD. In this RD scheme, you can invest minimum Rs 100 every month. You can deposit any amount in multiples of 10 more than this. There is no limit on the maximum deposit amount. This account can also be opened in the name of young children. If you are 10 years or older, you can operate it yourself. 3 people can open a joint account together. Click here for more information related to this scheme