For securing your future financially, it is essential to start investing today. Investment schemes offered by Post Office are not only reliable, but they are also free of market risks.
Post Office offers various investment opportunities that can help you build wealth for your future. Most of these schemes also provide the benefit of tax exemption under the Section 80C of the Income Tax Act.
Presently, the Post Office offers around nine types of saving schemes. The government determines the interest rates for these schemes every three months.
Also read: 3 golden investment tips for your 20s
1. Senior Citizen Saving Scheme
This government scheme provides an interest rate of 8.60 percent. Investors can deposit a minimum of Rs 1000 and a maximum of Rs 15 lakh, while enjoying the tax exemption benefits.
Also read: PO Senior Citizen Savings Scheme: Learn about the maturity period and more
2. Sukanya Samriddhi Yojana
This scheme offers an interest rate of 8.40 percent. You can deposit a minimum sum of Rs 250 in a month. Moreover, tax exemptions are available under Section 80C.
Also read: Sukanya Samriddhi Yojana: A perfect investment scheme for your daughter’s bright future
3. Public Provident Fund
PPF offers an interest rate of 7.90 percent. Under this scheme, you can deposit between Rs 500 to Rs 1.5 lakh per year. Investors can also avail tax exemption benefits under Section 80C.
4. National Savings Certificate (VIII Issue) Scheme
5-year NSC VIII Issue offers an interest rate of 7.90 percent. The minimum investment required is Rs 1000, with no maximum limit.
5. Time Deposit Scheme
Under this scheme, the interest rates range from 6.90 to 7.70 percent. There is no maximum limit for the scheme, with a minimum investment requirement of Rs 1000. You can avail tax exemptions under Section 80C.
6. Post Office Monthly Income Scheme
This post office scheme offers an interest rate of 7.60 percent. The minimum deposit must be Rs 1500, with a maximum limit of Rs 4.5 lakh for single accounts and Rs 9 lakh for joint accounts.
Also read: Benefits of the Post Office Monthly Saving Scheme: Check eligibility and interest rates
7. Kisan Vikas Patra (KVP)
It is one of the oldest schemes offered by the post office. It provides an interest rate of 7.60 percent. The minimum investment deposit is of Rs 1000.
Also read: Kisan Vikas Patra: A secure investment scheme by the Post Office with attractive interest rate
8. Recurring Deposit Scheme
Under this scheme, investors receive an interest rate of 7.20 percent. The minimum investment required is Rs 100, with no maximum limit.
9. Savings Account
Post Office savings account holders receive an interest rate of 4 percent. The minimum balance required is Rs 500, while there is no maximum limit.
Also read: Just hit the big 30? Here are some best investment tips for you
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