Post office saving schemes: Banks have reduced interest on fixed deposits (FD). Banks have done this shortage after RBI cut the repo rate twice in a row. Senior citizens have suffered the most due to decrease in interest on FD and investors who do not seek risk on investment. However, the option is still not over. There are many such savings schemes in the Post Office, which is getting interest up to 8.2%. That is, more than the bank FD. Let’s know about those schemes.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana, in which the minimum investment is Rs 250 and maximum investment is Rs 1.5 lakh per year. You can invest money in this scheme in the name of daughters. It is currently getting interest from Ir of 8.20%. The scheme allows an account to open an account for each girl and provides tax exemption under Section 80C.
Senior civil savings scheme
Senior Citizen Savings Scheme, in which minimum investment is Rs 1,000 and maximum investment is Rs 30 lakh. Interest is also being paid at the rate of 8.20% in this scheme. The duration of this scheme is 5 years and the minimum investment age is 60 years. It provides income tax exemption under Section 80C.
Public Provident Fund (PPF)
Public Provident Fund, in which the minimum investment is Rs 500 and maximum investment is Rs 1.5 lakh per year. This scheme is getting interest at the rate of 7.10%. The duration of investment is 15 years and it provides tax tax exemption under Section 80C.
Farmer development letter
A minimum of Rs 1,000 can be invested in the Kisan Vikas Patra and there is no maximum investment limit, it gets an interest rate of 7.50%. Investment can be redeemed after 2.5 years and there is no tax benefit on it.
5-year NSC
The 5-year-old NSC, which has a minimum investment of Rs 1,000 and has no limit for maximum investment, gives an interest rate of 7.70%. It provides tax benefits under Section 80C and has no TDS deduction.
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