In today’s time, everyone saves some amount from their income and plans to invest this savings in a place where their money is safe and they get great returns. In this regard, small savings schemes run by the post office are quite popular.
These schemes are also giving attractive returns of 7.5% to 8.2% per annum to the investors. There are many schemes for every age and every class. We are telling you about five such schemes, in which a huge fund can be collected even through small investments. Two of these are special for women.
First Scheme: Sukanya Samriddhi Yojana (SSY)
This scheme is not just a simple savings account, but a plan for parents to arrange funds for their daughter from birth till her education and marriage. Sukanya Samriddhi Account is opened in the name of a daughter below 10 years of age, in which the government offers a good annual interest of up to 8.2%. Parents can deposit up to Rs 1.5 lakh in it every year and it also provides the benefit of tax exemption under section 80C.
If the maximum limit of Rs 1.5 lakh is deposited continuously for 15 years in this government scheme, then for the next 6 years i.e. till maturity, interest will keep on accruing on the total closing balance and this will accumulate Rs 69,27,578 for their daughter. The total amount deposited in this will be Rs 22,50,000, while the amount of Rs 46,77,578 will be interest. Let us tell you that the government started the SSY Scheme on 22 January 2015 keeping in mind the future of daughters and by November 2024, 4.1 crore accounts were opened under it.
Second Scheme: Public Provident Fund (PPF)
Public Provident Fund (PPF) is a long-term and safe investment scheme in which the government guarantees the safety of the investment made. It is especially beneficial for those professionals who want to make stable and tax-free savings for their future. It offers an interest rate of up to 7.1% per annum. Investment in PPF also offers the benefit of tax deduction under 80C. The lock-in period in this scheme is 15 years and investment can be started with just Rs 500. A maximum lump sum investment of Rs 1.50 lakh can be made in this scheme in a financial year. However, if you want to continue investing even after the lock-in period, then you can extend it for every 5 years. The amount received on maturity is also completely tax-free.
Third Scheme: National Savings Certificate (NSC)
NSC is a government scheme run by the post office, in which you invest money for 5 years and you get 7.7% interest annually. This interest is added every year, but you get the entire amount on maturity. You can invest as much as you want in it. You also get tax exemption of up to ₹ 1.5 lakh on investment in it under section 80C. You can buy it in any post office on a single or joint basis. This scheme proves to be a reliable option for the medium term.
Fourth Scheme: Post Office Monthly Income Scheme (POMIS)
In terms of safe investment and great returns, there is another great scheme of the post office, named Monthly Income Scheme. In this, after a lump sum investment, the interest income is assured from the next month itself. A great 7.4 percent interest is offered by the government on this scheme. In this, the benefit of interest starts getting only after one month from the date of opening the account. Actually, the interest received on the deposit amount is paid monthly in this. Investment can be started from Rs 1000. Apart from this, both single and joint accounts can be opened.
A single account holder can invest up to a maximum of Rs 9 lakh, while a joint account holder can invest up to Rs 15 lakh. If we look at the calculation of the benefits, if you invest a maximum of Rs 9 lakh in a single account with a lock-in period of five years, then the interest income you will get every month will be Rs 5,550. On the other hand, the monthly income on a joint account investment of Rs 15 lakh will be Rs 9,250.
Fifth Scheme: Mahila Samman Savings Certificate (MSSC)
Mahila Samman Savings Certificate Scheme was launched by the government in 2023. This is a scheme specially started for women. It gives 7.5% interest on annual basis on investment for a period of two years. This scheme is also available in all 1.59 lakh post offices in the country. The scheme is currently operating with a maturity period of 2 years, in which parents can invest in the name of a minor girl. A minimum investment of Rs 1 thousand and a maximum of Rs 2 lakh can be made in this scheme. Keep in mind that if there is more than one account in the name of a woman, then a total investment of Rs 2 lakh can be made.
If a woman has more than one account in her name, then a total of Rs 2 lakh will be invested in all. There should be a gap of 3 months between opening the second account. There is an opportunity for partial withdrawal. 40% of the balance can be withdrawn after one year from the date of opening the account. After 6 months, you can close this account, but for this 2% interest will be deducted.
