These postal savings plans offer more than 7% interest rate: check maturity, other advantages
Post office savings plans: If you want to invest little and earn more, here are some of the wonderful savings programs offered by India Post Office. In particular, these postal savings plans offer a good return. Among several small post office savings schemes, check out the most popular such as Sukanya Samriddhi scheme, Savings scheme for the elderly, Public provident fund, Kisan Vikas Patra and National savings certificate scheme .Also Read – Postal Savings Plan Withdrawal Rule Revised: Here’s How Much You Can Withdraw Now
Sukanya Samriddhi Account Program: The India Post has a wonderful little savings program for people with the name Sukanya Samriddhi Account Scheme. This plan offers the highest interest of 7.6% and this plan will take 9 years to double the money. Under this program, a minimum of Rs 25 0 and a maximum of Rs 1 50,000 during a financial year can be deposited. In addition, a subsequent deposit in multiples of Rs 50 can be made, deposits can also be made in a lump sum. However, there is no limit on the number of deposits neither in a month nor in a fiscal year. Also Read – PPF Interest Rate Reduced Then Restored! What FM Sitharaman’s Tweet Means for Public Provident Fund Account Holders
Seniors Savings Plan: La Poste also offered this scheme for the elderly which is known as the Senior Citizen Saving Scheme (SCSS). This post office plan currently pays 7.4% interest and doubles your money in 9 years. With an interest rate of 7.4% per annum, payable from the filing date of March 31 / September 30 / December 31 first and thereafter, interest will be payable on March 31, June 30 , September 30 and December 31. The elderly should note that in the diet, there will be only one deposit to the account in multiple of INR.1000 / – maximum not exceeding Rs 15 lakh. Also Read – Want to deposit money into your post office PPF account? Follow the step by step guide here
Public provident fund: The India Post also offers a 15-year public provident fund (PPF) for people with a 7.1% interest. This scheme will take around 10 years to double your money at this rate. Under this scheme, a minimum of Rs 500 and a maximum of Rs 1,50,000 may be deposited during a financial year. Deposits can be made as a lump sum or in installments.
Kisan Vikas Patra Program: You can also invest in this plan which currently offers only 6.9% interest rate. With this interest rate, the amount invested here doubles in 10 years and 4 months. Under this scheme, a minimum of Rs 1000 and in multiples of Rs 100 can be deposited. However, there is no maximum limit.
National Savings Certificate Plan: You can earn a lot if you start saving a little bit each month on this program. Your Rs 1000 can reach Rs 1389.49 after 5 years if you invest in the National Savings Certificate Scheme. This plan 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.