Post Office Schemes Interest Rates: You can get good returns by investing in Post Office Small Savings schemes. Investment in post office schemes is beneficial as well as safe. There are many schemes like Post Office Time Deposit, Post Office Recurring Deposit (Post Office RD), Post Office Monthly Income (POMIS), Sukanya Samriddhi, National Savings Certificate (NSC) and Public Provident Fund (PPF) Sukanya Samriddhi Yojana (SSY). Where you can invest.
The best thing is that in these schemes you get tax exemption under Section 80C. In such a situation, returns are also good with safety of money. The interest rates of the Post Office Small Saving Scheme are set by the government at the beginning of every quarter of the financial year.
Post office saving account
A savings account can be opened in the post office with a minimum amount of Rs 500. The account holder is required to maintain a minimum balance of the same amount. Saving account in the post office will give you interest at the rate of 4%.
Post Office FD
Investors will get interest at the rate of 5.8% in post office fixed deposits. The post office fixed deposit has an interest rate of 5.5% for 1-3 years. The 5-year fixed deposit has a 6.7% interest rate. Apart from this, investors will also get tax exemption under Section 80C of Income Tax Act, 1961 on 5 years fixed deposit in post office.
Sukanya Samriddhi Yojana (SSY)
The investment in Sukanya Samriddhi Yojana is getting an annual interest rate of 7.6%. The parents of the scheme have to invest only for 14 years. After this, maturity is attained when it is 21 years. After 14 years, the closing amount will get an interest of 7.6% per annum.
Post Office Public Provident Fund (PPF)
Interest is being paid at the rate of 7.1% per annum on the deposits in the post office public provident fund. Individuals can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh in a financial year. You can deposit money in the scheme in lump sum or in 12 installments. The maturity period is 15 years.
National Saving Certificate (NSC)
The National Savings Certificate (NSC) is also a good investment option. The maturity period of this scheme is 5 years. The current rate of interest on NSC is 6.8% and interest is compounded annually.