INDIAN POST OFFICE offers many schemes that offer great returns. But before investing in a scheme,please go through the pros and cons of the scheme that matches your financial needs, goals, and risk-taking capacity. The Indian Post Office offers several investments that fulfill different needs of the masses. We have discussed the Top 10 investment plans offered by post offices of INDIA
1 . Post Office Savings Account (SB):
You can open a savings bank account post office with a minimum amount of Rs 500. There is no maximum limit of deposit in the account. You will get a yearly interest in a post office savings account of 4%,which will be credited to your account annually. Where the nomination is mandatory and you are eligible to get an ATM and a checkbook. If your account has a minimum of Rs 500 then there will be a non-maintenance fee levied.
2.Post Office Recurring Deposit Account (RD):
You can open a regular monthly deposit with an interest rate of 6.7% annually. Where the minimum amount of deposit is Rs 100 per month and there is no maximum limit.Interest compound quarterly. You can go for premature withdrawal in certain conditions.
3.Post Office Time Deposit Account (TD):
You can also open a post office term deposit which provides a maximum 7.5% interest rate for 5 years. The tenure of the term deposit is 1 year, 2 years, 3 years, and 5 years. The minimum amount of investment is Rs. 1000. There is no maximum amount of investment and the interest rate may vary based on the tenure and the interest gets credited annually. You can also opt for premature withdrawal.
4.Post Office Monthly Income Scheme Account (MIS):
You can go for the Post Office Monthly Income Scheme,which gives interest of 7.4% annually. You can invest a minimum deposit of 1500/-.You can deposit 4.5 lakh in a single account and 9 lakh in a joint account and the maturity period is 5 years. You can enjoy the benefits of premature withdrawal based on certain conditions.
5.Post Office Senior Citizen Savings Scheme (SCSS):
There is a scheme for senior citizens in post offices which is known as Post Office Senior Citizen Savings Scheme (SCSS). This scheme is specially designed for senior citizens of our country aged 60 years and above. This plan is for 5 years, where the minimum deposit amount is Rs 1000 and the maximum amount of deposit is Rs 15 lakh. This scheme provides a maximum interest of 7.4% per annum, payable quarterly. You can go for premature withdrawal with reduced interest.
6.Post Office Public Provident Fund (PPF):
Post offices in India are also assigned to offer a Public provident Fund for Indian citizens. It’s a long-term investment with tax benefits, where the minimum deposit amount is Rs 500 and the maximum deposit amount is Rs 1.5 lakh per annum.PPF offers a maximum interest of 7.4% per annum ,which is compounded in nature and the tenure of PPF is 15 years. Premature withdrawal is allowed only after 5 years on the day of starting the scheme.
7.Sukanya Samriddhi Accounts (SSA):
Sukanya Samriddhi yojna is a great tool designed by govt of India for girl child below 10 years where the minimum deposit amount is Rs 250 and the maximum deposit amount is Rs 1.5 lakh per annum. The rate of interest provided in this scheme is 8.2%. You can go for a partial withdrawal from the scheme when the girl child is 18 years. The maturity period of the scheme is 21 years from the date of opening or marriage whichever is earlier.
8.National Savings Scheme(NSC):
Under the National Savings Scheme(NSC) One can invest for a tenure of 5 years. Subscribers are eligible to get an interest of 7.7% compounded annually which is payable at maturity.NSC may not be prematurely closed and the investor will get tax benefits under section 80c.
9.KISHAN VIKAS PATRA (KVP):
KVP is a long-term savings certificate where the minimum investment amount is Rs.1000 and maximum there is no limit. Interest is 7.5% compounded annually. The amount invested doubled in 115 months.KVP may be closed prematurely based on certain conditions. The maturity period is 10 years.
10.Mahila Samman Savings Certificate, 2023
It’s an investment scheme designed for women in INDIA. It can be opened by a woman herself or by parents on behalf of the minor. In this scheme, the minimum amount of investment is Rs 1000/- and the maximum amount of investment is Rs 2 lakh. This scheme offers 7.5 % interest per annum and the interest is compounded quarterly. In extreme cases, premature withdrawal is allowed by the account holder. The maturity period is after completion of 2 years from the date of account opening.
