If you want to invest and are searching for a good option, consider the post office. You receive government guarantees and returns here. It implies a guaranteed rate of financial growth and zero danger of drowning, an ideal location for investments that appeal to young and older people. These days, post office schemes are also yielding excellent returns. (Post office Savings Schemes Interest rates). The government recently altered the focus of some programs.
Additionally, some schemes' regulations have also been altered. Please let us know which Post Office Savings Schemes offer the highest yield on investment. Additionally, how many days your money can double depends on the plan.
1. Post Office Savings Account
You can make a post office savings account in any post office nationwide. On deposits submitted to the account, you receive a fixed interest rate. For those who prefer fixed returns, this plan is suitable. The unique feature is that an account can be opened for just 500 rupees.
Interest: 4.00% p.a.
Minimum Investment: Rs.500/-
2. Post Office National Savings Recurring Deposit Account(RD)
Five years are available for investing in Post Office Recurring Deposit Accounts. Compound interest works in your favor every year. To participate in the Post Office Small Savings Scheme, money must be placed in 60 installments. For those who want to invest each month, this plan is excellent. Investors can use RD Calculator to verify their returns.
Interest: 6.20% p.a.
Minimum Investment: Rs.100/
3. Post Office National Savings Time Deposit Account (TD)
One of the most well-liked investment plans the post office offers is the Post Office Time Deposit Account. The Ministry of Finance determines the scheme's interest rate. Under the plan, a single account, a joint account, or an account for minor children (under 10 years old) may be established. On April 1, 2023, the government raised the interest rates for the Post Office Time Deposit Scheme by 50 basis points.
Interest:
1yr.A/c- 6.8%
2yr.A/c- 6.9%
3yr.A/c- 7.0%
5yr.A/c- 7.5 %
Minimum Investment: Rs.1000/-
4. Post Office Monthly Income Scheme Account (MIS)
MIS, the Post Office Monthly Savings Scheme, is a fantastic source of consistent revenue. There is a government assurance. Additionally, interest is also high. The government assesses interest rates every three months and sets the rate for the following three months. The lock-in time for POMIS is 5 years. The investor can either take the whole amount out at maturity or reinvest the same amount. The government raised the individual investment cap to Rs. 9 lahks in Budget 2023. You can open a joint account and spend up to Rs 15 lakh simultaneously.
Interest: 7.40% p.a.
Minimum Investment: Rs.1000/-
5. Senior Citizen Savings Scheme (SCSS)
Senior people should consider the Senior Citizen Savings Scheme the Post Office offers. Guaranteed Program of the Government of India. Depositors receive an assured, consistent income. Interest is paid regularly in the Senior Citizen Savings Scheme (SCSS). The investor's account is credited with the computed interest each quarter. Additionally, interest is only evaluated once every three months.
Interest: 8.20% p.a.
Minimum Investment: Rs.1000/-
6. Public Provident Fund Account (PPF)
The National Savings Institute established the Public Provident Fund (PPF) in 1968. Government guarantees are provided for the scheme's investments and interest payments. Every three months, the Finance Ministry evaluates the interest. The scheme's interest, however, is paid annually on March 31. The interest, however, is determined regularly. Interest is computed on the lowest amount from the fifth to the thirty-first.
Interest: 7.10% p.a.
Minimum Investment: Rs.500/-
7. National Savings Certificate (NSC)
A small savings scheme called the National Savings Certificate (NSC) encourages low- and middle-income groups to put money aside. The returns are guaranteed because the government itself started this scheme. Each quarter, interest rates are set. This Fixed Income Savings Scheme has a 5-year expiration.
Interest: 7.7% p.a.
Minimum Investment: Rs.1000/-
8. Kisan Vikas Patra (KVP)
Kisan Vikas Patra is open to all Indian citizens. The scheme's unique selling point is that it will double your money in 115 months. (9 years and 7 months). Interest is a source of guaranteed revenue. Every quarter, the interest rate is set.
Interest: 7.50% p.a.
Minimum Investment: Rs.1000/-
9. Sukanya Samriddhi Accounts (SSA)
An effective Post Office Savings Scheme program is Sukanya Samridhi. It was introduced in 2015 with a focus on the education and marriage of girls by the Modi administration. This fixed-income plan provides income in the shape of interest. Each month, the interest is evaluated and calculated. In addition, the Sukanya Samriddhi Yojana calculator allows investors to estimate their profits.
Interest: 8% p.a.
Minimum Investment: Rs.250/-
10. Mahila Samman Savings Certificate, 2023
Mahila Samman Savings Certificates are the post office's most recent initiative. It was included in the 2023 budget. It officially began on April 1, 2023. Any woman in the nation is welcome to participate in this. Parents can establish accounts in the scheme for young girls. Just Rs. 1000 can be used to launch the plan. The most you can spend is Rs 2 lakh.
Interest: 7.5% p.a.
Minimum Investment: Rs.1000/-