In today’s times, when the stock market and mutual funds are constantly fluctuating, people are looking for investment options where their money is safe, and they don’t have to worry about returns. The savings schemes of the Indian Postal Department fulfill this need. These schemes are not only government-operated but also offer fixed returns.
Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana is specifically launched for daughters under 10 years of age. The investment made in this scheme can turn into a large sum over the long term. Currently, it offers an annual interest rate of 8.2 percent. The biggest feature of this scheme is that the invested amount is eligible for tax exemption under Section 80C of the Income Tax Act, and the entire amount received on maturity is tax-free. This scheme is considered very useful for major expenses like daughters’ education and marriage.
Senior Citizen Savings Scheme
For people aged 60 years or older, the Senior Citizen Savings Scheme is a safe and stable source of income. This scheme currently offers an interest rate of 8.2 percent, which is paid quarterly. A maximum of Rs. 30 lakh can be invested in this scheme. Due to the regular interest income, this scheme proves to be very helpful in managing expenses after retirement.
Public Provident Fund
The Public Provident Fund (PPF) is suitable for those who want to make safe investments for the long term. It has a tenure of 15 years, and the interest earned is compounded annually. Currently, this scheme offers an interest rate of 7.1 percent. PPF falls under the EEE category, meaning that investment, interest, and maturity are all tax-free. This scheme is very popular for creating a retirement fund.
Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate is a short-term savings scheme launched for women and girls, with a tenure of two years. This scheme offers an interest rate of 7.5 percent, and a maximum of Rs. 2 lakh can be invested. A partial withdrawal facility is also available if needed. This is considered a good option for women who want safe returns in a short period.
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National Savings Certificate
The National Savings Certificate (NSC) is a five-year scheme that currently offers an interest rate of 7.7 percent. There is no maximum limit on investment in this scheme. The interest is compounded annually, but the payment is made at maturity. Along with tax savings, this scheme provides better returns compared to bank fixed deposits.
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