Banks have reduced interest on FD. In such a situation, you can turn to the post office savings scheme. There is more return.
Post office Saving Schemes: After the Reserve Bank of India (RBI) reduced the repo rate, all the government and private banks have reduced the interest on fixed deposits (FD). Due to this, now less return is being given on FD. In such a situation, if you want more return than FD, then you can turn to the post office savings scheme. We are telling you about 5 savings schemes of post office, where you can invest and get more return than bank FD. Let’s know about those investment schemes.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana, in which the minimum investment is Rs 250 and the maximum investment is Rs 1.5 lakh per year, is getting interest at the rate of 8.20%. In this scheme, opening an account in the name of a girl is allowed and tax exemption is available under section 80C. Deposits can be made for up to 15 years from the date of opening the account.
Senior Citizen Savings Scheme
Senior Citizen Savings Scheme (SCSS) is a government savings scheme by the Government of India for individuals aged 60 years or above. Senior Citizen Savings Scheme, with a minimum investment of Rs 1,000 and a maximum investment of Rs 30 lakh, is getting interest at the rate of 8.20% on 5-year deposits. It also offers tax benefits under Section 80C. The tenure of the scheme is 5 years, which can be extended for 3 more years.
Public Provident Fund (PPF)
Public Provident Fund, with a minimum investment of Rs 500 and a maximum investment of Rs 1.5 lakh per annum. It is currently getting interest at the rate of 7.10%. Its tenure is 15 years and it also offers tax benefits under Section 80C as well as tax-free returns. Loan and partial withdrawal facility is also available in PPF account.
Kisan Vikas Patra
A minimum investment of Rs 1,000 can be made in Kisan Vikas Patra and there is no maximum investment limit. It offers an interest rate of 7.50%. The investment can be redeemed after 2.5 years and there is no tax benefit. Any Indian citizen or minor can buy Kisan Vikas Patra.
5-Year NSC
5-Year NSC, in which the minimum investment is Rs 1,000 and there is no maximum investment limit. It is getting interest at the rate of 7.70%. It offers tax benefits under Section 80C and there is no TDS deduction. This scheme is backed by the Government of India, so it is an option for safe investment. Premature withdrawal is also allowed under certain conditions, but the interest rate is reduced.
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