Post Office Saving Schemes: If you want to invest little and earn more, here are some of the wonderful saving schemes being offered by India Post Office. Notably, these post office saving schemes offer good return. Among several Post Office Small Savings Schemes, check these popular ones such as Sukanya Samriddhi Scheme, Senior Citizen Savings Scheme, Public Provident Fund, Kisan Vikas Patra and National Savings Certificate Scheme.
Sukanya Samriddhi Account Scheme: The India Post offer one wonderful small saving scheme to people with the name Sukanya Samriddhi Account Scheme. This scheme offers highest interest of 7.6% and this scheme will take 9 years to double the money. Under the scheme, a minimum of Rs 250 and maximum of Rs 1,50,000 in a financial year can be deposited. Moreover, a subsequent deposit in multiple of Rs 50 can be made, deposits can be made in lump-sum as well. However, there is no limit on number of deposits either in a month or in a financial year.
Senior Citizen Savings Scheme: The Post office also offered this scheme for senior citizens which is known as Senior Citizen Saving Scheme (SCSS). This Post Office scheme is currently paying an interest of 7.4% and it doubles your money in 9 years. With 7.4 % interest rate per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance and thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December. Senior citizens must note that in the scheme, there will be only one deposit in the account in multiple of INR.1000/- maximum not exceeding Rs 15 lakh.
Public Provident Fund: The India Post also offers 15-year public provident fund (PPF) for people with 7.1 percent interest. This scheme will take about 10 years to double your money at this rate. Under this scheme, a minimum of Rs 500 and maximum of Rs 1,50,000 can be deposited in a financial year. Deposits can be made in lump-sum or in installments.
Kisan Vikas Patra Scheme: You can also invest in this scheme which at present offers only 6.9 percent interest rate. With this interest rate, the amount invested here doubles in 10 years and 4 months. Under the scheme, a minimum of Rs 1000 and in multiples of Rs 100 can be deposited. However, there is no Maximum Limit.
National Savings Certificate Scheme: You can earn big amount if you start saving a little every month on this scheme. Your Rs 1000 can grow into to Rs 1389.49 after 5 years if you invest in National Savings Certificate Scheme. This scheme offers 6.8% interest which is a 5-year savings plan and if the money is invested with this interest rate, it will double in about 10 years.
Get real time update about this post directly on your device, subscribe now.