These 5 saving schemes in post office, invest and get more interest than FD – Cross Talk India
Post office saving schemes: After reducing the repo rate by the Reserve Bank of India (RBI), all government and private banks have reduced interest on fixed deposits (FD). Due to this, now FD is getting less returns. In such a situation, if you want more returns than FD, then you can turn to the savings scheme of the post office. We are telling you about the 5 saving scheme of the post office, where you can invest more than bank FD by investing. Let’s know about those investment schemes.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana, in which minimum investment is Rs 250 and maximum investment is Rs 1.5 lakh per year, interest is being received at the rate of 8.20%. In this scheme, the girl’s name is allowed to open an account and a tax exemption is received under Section 80C. The account can be deposited for 15 years from the date of opening.
Senior civil savings scheme
The Senior Citizen Savings Scheme (SCSS) is a government savings scheme by the Government of India for individuals aged 60 years or above. Senior Citizen Savings Scheme, in which minimum investment is Rs 1,000 and maximum investment is Rs 30 lakh, interest is being received at the rate of 8.20% on 5 years deposits. It also provides tax benefits under Section 80C. The duration of the plan is 5 years, which can be extended for 3 more years.
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. It is currently getting interest at the rate of 7.10%. Its duration is 15 years and it provides tax-free returns under Section 80C as well as tax-free returns. Loans and partial withdrawal facilities are also available in the PPF account.
Farmer development letter
A minimum of Rs 1,000 can be invested in the Kisan Vikas Patra and there is no limit for maximum investment. It gets an interest rate of 7.50%. Investment can be redeemed after 2.5 years and does not get any tax benefits. Any Indian citizen or minor farmer can buy development letters.
5-year-old NSC
5-year-old NSC, in which the minimum investment is Rs 1,000 and has no maximum investment limit. It is getting interest at the rate of 7.70%. It provides tax benefits under Section 80C and has no TDS deduction. The scheme is supported by the Government of India, so it is an alternative to safe investment. Premature withdrawal is also allowed under certain conditions, but the interest rate decreases.
Latest business news
