Recently, several banks, including SBI, HDFC and Bank of Baroda, have reduced interest rates on fixed deposits. In this case, if you are thinking of investing in a place where you can get high interest and your money is safe, you can invest in post office savings schemes. Here you are informed about 8 such schemes of post office in which by investing you will get more interest than bank FD.
Sukanya Samrudhi Yojana
Under this, an account can be opened at the age of 10 after the birth of a child. You can open this account for just Rs.250. It pays interest at the rate of 7.6% per annum, which is much higher than the fixed deposit. A maximum of Rs 1.5 lakh can be deposited under Sukanya Samrudhi Yojana in the current financial year. Investing in this scheme can also avail tax exemption under 80C. This account can be opened at any post office or authorized branch of the bank.
Senior Citizen Savings Scheme
The scheme is offering interest at the rate of 7.4% per annum. If the amount of interest is more than Rs. 10,000 per annum, TDS is deducted at source. Investments under this scheme are tax deductible under Section 80C of the Income Tax Act, 1961. This account can be opened after the age of 60 years or more. Also, a person taking VRS who is over 55 years of age but under 60 years of age can also open this account. Money can be invested for up to 5 years under this scheme. The scheme can be extended for 3 years after maturity. Under this scheme you can invest up to a maximum of Rs 15 lakh.
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Post Office Public Provident Fund
Post Office Public Provident Fund (PPF) accounts are earning 7.1% interest on deposits. The interest on the deposit is calculated on an annual basis, which means that it is added to the principal each year. PPF comes under the EEE category of income tax.
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Time Deposit
This means that the income from the income tax return, maturity amount and interest is tax deductible. This account can be opened for 15 years, which can be extended up to 5 years. An account can be opened in PPF with a minimum of Rs.500. It is necessary to invest a minimum of Rs 500, while you can invest a maximum of Rs 1.5 lakh in one account in a year.
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Kisan Vikas Patra (KVP)
The Kisan Vikas Patra (KVP) Savings Scheme currently earns 6.9% interest. There is no maximum limit to invest in KVP. However, your minimum investment should be Rs. In this, the age of the investor must be at least 18 years. It also has the facility to open a joint account in addition to a single account. Minors can also be included in the scheme. But that account must be handled by his parents. You have to wait at least 2.5 years if you want to recoup your investment. It has a lock-in period of two and a half years. The amount deposited under this is exempted under Section 80C of the Income Tax Act.
Post Office National Savings Certificate
Investors in the Post Office National Savings Certificate (NSC) are currently earning 6.8% interest annually. In this the interest is calculated on an annual basis, but the amount of interest is paid only after the completion of the investment period. The amount deposited in the NSC is tax deductible under Section 80C of the Income Tax Act. You have to invest a minimum of Rs 100 to open an NSC account. You can invest any amount in NSC. There is no maximum investment limit.
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Post Office Time Deposit Scheme
It is a kind of fixed deposit (FD). You can take advantage of fixed returns and interest payments by depositing a large amount for a fixed period. Post Office Time Deposit Account offers interest rates of 5.5% to 6.7% for a period of 1 to 5 years. According to the official website of India Post, anyone can avail tax exemption under Section 80C of the Income Tax Act, 1961 for investing under a 5-year fixed deposit. You have to invest at least Rs 1,000 in it. There is no maximum investment limit.
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