The Post Office’s 15-year Public Provident Fund (PPF) currently pays 7.1 percent interest,
If you are looking for a safe investment for yourself, you can invest in a post office plan. You will not get any risk in these plans and these plans also offer high returns. In addition, if you keep investing in it, your money will double in a few years. The five smaller schemes of Post Office Savings Scheme are Sukanya Samrudhi Yojana, Senior Citizen Savings Scheme, Public Provident Fund, Kisan Vikas Patra and National Savings Certificate Scheme. Let us know about the maturity, interest rate and other benefits of these plans.
Senior Citizen Savings Scheme
The Post Office Senior Citizen Savings Scheme (SCSS) is currently paying 7.4% interest which doubles your money in nine years. The first 7.4% PA interest will be payable from the date of deposit on 31st March / 30th September / 31st December and thereafter interest will be payable on 31st March, 30th June, 30th September and 31st December. An account can be opened in this scheme for Rs.1000 and you can invest up to a maximum of Rs.15 lakhs in this scheme. The first five years can be credited to this scheme thereafter.
Public Provident Fund
The Post Office’s 15-year Public Provident Fund (PPF) currently offers an interest rate of 7.1 percent, which doubles your payments over 10 years. A minimum of Rs.500 and a maximum of Rs.150,000 can be deposited in a financial year under PPF. You can deposit in lump sum or in installments. You can invest in this plan for the first five years and then for 15 years.
Sukanya Samrudhi Yojana
You get the highest interest rate on Post Office Sukanya Samrudhi Account Scheme at 7.6% per annum. Under this scheme, a minimum of Rs.250 and a maximum of Rs.150,000 can be deposited in a financial year. Subsequent deposits can be made in multiples of Rs. There is no limit on the amount deposited in this plan at one month or annual intervals. No matter how much money you invest in this plan, it takes 9 years to double it.
National Savings Certificate Scheme
The Post Office’s National Savings Certificate (NSC) carries an interest rate of 6.8%. The plan is for five years, in which if you keep investing, the money will double in about 10 years. The minimum investment that can be made under this scheme is Rs. 1000 and Rs. Multiplying by 100, there is no maximum investment limit.
Kisan Vikas Patra
The Post Office Kisan Vikas Patra (KVP) scheme is currently offering 6.9 per cent interest. At this interest rate, the amount invested here doubles in 10 years and 4 months. Under this scheme, one can invest by opening an account of minimum Rs.1000 and Rs.100. There is no maximum deposit limit.