Post Office Saving Schemes: know these 9 savings schemes of the post office, interest rates, guaranteed returns

 The post office offers some small savings schemes to its customers. These deposit schemes are known for safe, good and guaranteed returns. These schemes are supported by the central government. Some of these saving schemes also get income tax exemption under Section 80C of the Indian Income Tax Act. The interest rate on these deposit schemes is determined by the government every three months. Let us know about the current interest rates on these saving schemes.

Senior citizens of 60 years or more can invest in this scheme to get regular interest income. The minimum investment amount in this scheme is Rs 1,000 and the maximum investment amount is Rs 15 lakh. At present, the scheme is paying interest of 7.40 per cent to its customers.

2. Sukanya Samriddhi Yojana

In this scheme, the investment amount earned interest amount and maturity amount are the three income tax rebates. A parent or legal guardian can open an account under his Sukanya Samriddhi Yojana for a maximum of two daughters. Under this scheme, the minimum investment amount in a financial year is Rs 250 and the maximum investment amount is Rs 1.50 lakh. At present, the scheme is getting an interest rate of 7.60 percent. Interest is calculated on an annual basis.

3. Public Provident Fund

In PPF also, investment amount earned interest amount and maturity amount are the three income tax rebates. The scheme has a lock-in period of 15 years but can withdraw partially after seven years. The minimum investment amount in this scheme is Rs 500 in a financial year and the maximum investment amount is Rs 1.50 lakh. The interest rate of this scheme is currently 7.10 percent per annum.

4. Post Office RD

The scheme is designed to invest a fixed small amount at regular intervals. Customers can open a five-year RD account at the post office. There is no minimum investment amount of Rs 100 monthly and the maximum investment amount in this scheme. The interest rate in this scheme is currently 5.80 percent per annum.

5. Post Office Savings Account

Any person can open their savings account in the post office. It is similar to a savings account opened in a bank. At present, interest is being accrued on this account at the rate of 4 percent.

6. National Savings Certificate

The National Savings Certificate has a lock-in period of five years. Income tax exemption under Section 80C is also available in this scheme. There is no minimum investment amount of Rs 1000 and a maximum investment amount in this scheme. The scheme is currently offering 6.80 percent interest rate annually. Interest is paid on maturity.

7. Post Office Monthly Income Scheme

The scheme only offers monthly interest payments from investors. The minimum investment limit in this scheme is Rs 1000 and the maximum investment limit is Rs 4.50 lakh for a single account and Rs 9 lakh for a joint account. The scheme has a maturity period of five years. Currently, the interest rate in this scheme is 6.60 percent. Interest is calculated on an annual basis, but the payment is made on a monthly basis.

8. Kisan Vikas Patra

Investors can double their investment amount by investing in Kisan Vikas Patra. In this scheme, the rate of interest and doubling of investment is fixed by the government on a quarterly basis. In this scheme, there is no limit of a minimum investment amount of Rs 1,000 and the maximum investment amount. The interest rate of this scheme is currently 6.90 percent. Interest is calculated on an annual basis. At present, the money invested in this scheme is 124 months i.e. 10 years and 4 months.

9. Post Office Time Deposit

The post office also offers time deposits from customers just like the bank FD. It occurs for one, two, three or five years. The minimum investment amount in this scheme is Rs 1000 and there is no limit on the maximum investment amount. In this scheme, the interest rate is 5.50 to 6.70 percent. The interest in the plan is calculated on a quarterly basis, but the payment is on an annual basis.