Post Office Small Saving Scheme: Every person definitely keeps a part of his earnings for savings. Although there are many investment options available in the market, but even today there is a large population of the country who prefers to invest only in government-backed schemes. The post office keeps coming up with many savings schemes from time to time for crores of people of the country. It includes the names of many small savings schemes like Public Provident Fund, Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme, Kisan Vikas Patra etc. These schemes have been made according to the needs of different sections of the country. To make the schemes attractive, the government keeps on changing its interest rates from time to time. If you too are thinking of investing in post office small savings schemes, then we are giving you information about it.
1. Senior Citizen Savings Scheme (SCSS)
The name of the excellent post office scheme for senior citizens is Senior Citizen Savings Scheme (SCSS). Under this scheme, citizens above 60 years of age can get the benefit of interest rate of up to 8.2 per cent for every deposit of up to Rs 30 lakh in a joint account. At the same time, deposits up to Rs 15 lakh are allowed in a single account.
2. Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is one of the special schemes of the government started for the girl child. Under this scheme, you can open an account in the post office for girls below 10 years of age. In this scheme, you get the facility to invest a maximum of Rs 1.5 lakh every year. After this, after the girl child completes 21 years, she can withdraw the entire money. The interest rate has been fixed by the government at 8.00 per cent for the July to September quarter.
3. Post Office Monthly Income Scheme
Under the Post Office Monthly Income Scheme, you can open single or joint accounts in the post office. Under this scheme, a maximum of Rs 15 lakh can be invested in a joint account and up to Rs 9 lakh in a single account. The government has fixed 7.4 per cent interest rate on the scheme for the July to September quarter.
4. Kisan Vikas Patra
Kisan Vikas Patra Yojana is another small saving scheme of the post office, under which the amount invested doubles in a total of 115 months. No investment limit has been fixed in this scheme and the government is offering 7.5 percent interest rate on the scheme in the quarter from July to September.
5. Post Office RD Scheme
Post Office Recurring Deposit Scheme is also one of the excellent small savings schemes. Under this scheme, you can get big funds by investing small amount every month. Under this scheme, a maximum interest rate of 7.5 percent is being offered on the 5-year RD scheme.
6. Post Office Time Deposit Scheme
Under the time deposit scheme of the post office, you can invest money for 1 year, 2 years, 3 years or 5 years. It is similar to the FD scheme of banks. By investing in this scheme, you will get the benefit of interest at the rate of 7.5 percent.
7. Public Provident Fund
This is one of the long term savings schemes of the post office. Under this scheme, you can invest an amount ranging from Rs 500 to Rs 1.5 lakh every year. At the same time, the benefit of 7.1 percent interest rate is available under the scheme.
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