Post Office Schemes: Awareness about investing and saving has increased significantly these days. People are looking to invest a portion of their income for a secure future and better returns. In this context, Post Office investment schemes are proving to be an excellent option for those seeking safe and secure earnings without risk. Investors receive fixed interest rates due to government guarantees, along with tax savings and regular income. Let’s explore the major Post Office schemes in detail.
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Post Office Monthly Income Scheme (POMIS)
If you want a stable monthly income, the Post Office Monthly Income Scheme is a very useful option. This scheme currently offers an annual interest rate of 7.4 percent. A maximum of ₹9 lakh can be invested in a single account and up to ₹15 lakh in a joint account. Interest is credited to the bank account every month, providing a steady income.
Public Provident Fund (PPF)
If you want a safe, long-term investment, the Public Provident Fund is right for you. You can deposit a minimum of ₹500 and a maximum of ₹1.50 lakh annually. Currently, PPF offers an interest rate of 7.10 percent. This scheme has a tenure of 15 years and is also tax-exempt under Section 80C. The compounding interest system allows a substantial amount to accumulate over the long term.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is the most popular option for securing a daughter’s future. Parents can invest between ₹250 and ₹1.50 lakh annually under this scheme. Currently, it offers an interest rate of 8.20 percent. This scheme is ideal for a daughter’s education and marriage expenses and also offers tax benefits under Section 80C.
Post Office Time Deposit (TD)
Post Office Time Deposit is a scheme similar to bank FDs, offering 1, 2, 3, and 5-year tenures. One-year FDs offer 6.9 percent interest, 2 and 3-year FDs offer 7 percent interest, and 5-year FDs offer 7.5 percent interest. Investments can be made with a minimum of ₹1,000, and tax exemption is available under Section 80C for 5-year tenures.
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National Savings Certificate (NSC)
The National Savings Certificate is a scheme offering safe and assured returns. It has a maturity period of 5 years and currently offers an interest rate of 7.7 percent. Investments in this scheme can start with just ₹1,000. If an individual invests ₹5 lakh, they will receive approximately ₹724,517 after five years, resulting in a total profit of ₹224,517. However, HUFs, trusts, and companies cannot invest in this scheme.