Post Office Schemes Interest Rates: Everyone wants to invest in post office schemes, because here (Post Office Scheme) their money is completely safe. In such a situation, one can invest in post office schemes without any risk. There are many schemes available such as Post Office Public Provident Fund (PPF), National Saving Certificate (NSC), Senior Citizen Scheme (SCS), Sukanya Samriddhi Yojana (SSY), Fixed Deposit (FD). You can invest in these schemes, here you get good returns along with security of money. The special thing about post office schemes is that tax is also exempt under Section 80C. 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. In some of them, such as National Savings Certificate and Fixed Deposit, the rate of interest will remain the same for the investor till maturity.
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. In this, a joint account cannot be opened and a citizen of India can open an account only.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is getting an annual interest rate of 7.6% on the investment. 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 Senior Citizen Scheme (SCSS)
People 60 years of age and above can apply for the post office senior citizen scheme. Under this scheme, the rate of interest is 7.4 percent on the deposits. There is a lock-in period of 5 years for the principal, but premature withdrawal is allowed after completion of one year after paying the fine. A maximum investment of Rs 15 lakh can be made in this scheme. A senior citizen couple can jointly invest up to Rs 30 lakhs.
Post Office FD
Here investors will get interest at the rate of 5.8%. 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.
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.