News India Live, Digital Desk: Post Office Plans: Post office savings schemes are becoming a great option for investors, with banks reduced interest on fixed deposits (FD). After the Reserve Bank of India (RBI) reduced the repo rate, many government and private banks have reduced interest rates on FDs, due to which FD is getting less returns. If you want more returns than FD, you can invest in post office savings schemes, which guarantee high interest rates and safe investment. Let us know in detail about this scheme.
1. Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is specially designed for girls. In this scheme, a minimum of ₹ 250 and a maximum of ₹ 1.5 lakh can be invested annually. Currently the scheme provides interest at the rate of 8.20%. This account can be opened in the name of the bride and gets the benefit of tax exemption under Section 80C of Income Tax. This scheme can be invested for 15 years.
2. Senior Citizen Savings Scheme (SCSS)
Senior Citizen Savings Scheme is for people above 60 years of age. In this scheme, a minimum of ₹ 1,000 and a maximum of ₹ 30 lakh can be invested. The scheme provides interest at the rate of 8.20% for a period of 5 years. This scheme also provides tax benefits under Section 80C. The duration of this scheme is 5 years, which can be extended for 3 years.
3. Public Provident Fund (PPF)
Public Provident Fund (PPF) is a long -term savings scheme in which a minimum of ₹ 500 and maximum ₹ 1.5 lakh per year can be invested. Currently, PPF gets interest at the rate of 7.10%. The duration of this scheme is 15 years and it provides tax benefits as well as tax-free returns under Section 80C. Loans and partial withdrawal facilities are also available in PPF account.
4. Kisan Vikas Patra (KVP)
A minimum of ₹ 1,000 can be invested in the Kisan Vikas Patra, while there is no limit for maximum investment. The scheme provides interest at the rate of 7.50%. Investment can be withdrawn after 2.5 years. There is no tax benefit in this scheme. KVP can be purchased in the name of any Indian citizen or minor.
5. 5 -year National Savings Certificate (NSC)
A minimum of ₹ 1,000 can be invested in the 5 -year National Savings Certificate (NSC), while there is no maximum investment limit. The scheme provides interest at the rate of 7.70%. NSC provides tax benefits under Section 80C and does not cut TDS. This scheme is safe as it is supported by the government. Premature withdrawal is allowed under certain conditions, but this reduces the interest rate.
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