Government recognized post office savings schemes not only keep your investment safe but also give great returns.
In today’s era, most people have understood the need for savings. This is the reason why they invest in different places according to their needs. But which investment is safe and gives good returns? Many people are afraid of the stock market, while some are worried about the falling interest rates of banks. In such a situation, where should they invest? If you also want high returns on your investment, then post office savings scheme can be the best option.
Government recognized post office savings schemes not only keep your investment safe but also give great returns. The most special thing about them is that you can start investing in them with a very small amount and gradually create a large fund. The biggest advantage of these schemes is that they are not affected by market fluctuations, that is, the risk is almost zero. This is the reason why these schemes prove to be very beneficial for the elderly, women, children and working people.
Senior Citizen Savings Scheme (SCSS)
If you want financial security after retirement, then Senior Citizen Savings Scheme (SCSS) is a great option. This scheme is specially designed for senior citizens, where they get regular income and capital protection. It gives up to 7.4% interest. It also gives the benefit of tax exemption under section 80C. Its time limit and investment limit have also been made easy, making it more accessible.
National Savings Certificate (NSC)
If you are looking for a safe and tax saving investment, then National Savings Certificate (NSC) is also a great option. It is a government-backed scheme, that is, your money is completely safe in it. This scheme is for five years. It gives up to 7.7% interest (it may change from time to time). Tax exemption is available on the amount invested under section 80C. The amount received on maturity is completely guaranteed.
Sukanya Samriddhi Yojana (SSY)
If you want to invest in the bright future of your daughters, then Sukanya Samriddhi Yojana (SSY) is the best scheme. This scheme is specially designed for girls, which helps in meeting their education and marriage expenses. This scheme offers high interest rate (which is currently 8.2%). It provides tax exemption under section 80C. This is a long term savings option, through which big expenses like daughter’s higher education and marriage can be easily met.
Post Office Time Deposit Scheme
You can invest in Post Office Time Deposit Scheme from 1 to 5 years. In this, you are getting more return than bank FD. One year time deposit scheme is getting 6.9% interest and 5 years 7.5% interest.
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