Banks have reduced interest rates on Fixed Deposits. Banks have taken this step after RBI cut the repo rate twice in a row. Senior citizens and investors who do not want to take risks on investment have suffered the most due to the reduction in interest on FD.
But there is still hope. Many such savings schemes are running in the post office, in which interest up to 8.2% is being given. That is, more than a bank FD. So, if you are also looking for safe and high returns, then know about these great schemes of the post office.
These 5 schemes of the post office will give more profit and security
When the interest rates on FDs of banks are decreasing, then the post office can prove to be a great option for you. There are many such savings schemes here which are not only safe but also give higher returns than bank FDs. So, why not invest your savings in the right place this time.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a great scheme to invest in the name of daughters. In this, you can invest a minimum of ₹ 250 and a maximum of ₹ 1.5 lakh annually. Currently, this scheme is receiving interest at the rate of 8.20%. This scheme allows opening an account for every daughter and also provides tax exemption under Section 80C. This is a great option to secure the future of daughters.
Senior Citizen Savings Scheme
Senior Citizen Savings Scheme is specially designed for senior citizens. The minimum investment in this is ₹ 1,000 and the maximum investment is ₹ 30 lakh. This scheme is also giving interest at the rate of 8.20%. The duration of this scheme is 5 years and the minimum age for investment is 60 years. It also provides income tax exemption under Section 80C! This is a safe and beneficial scheme for regular income after retirement.
Public Provident Fund
Public Provident Fund (PPF) is a popular long-term savings scheme. In this, you can invest a minimum of ₹ 500 and a maximum of ₹ 1.5 lakh annually. This scheme is getting interest at the rate of 7.10%. The investment period is 15 years and it also provides tax exemption under section 80C. PPF is a great option for long-term financial goals.
Kisan Vikas Patra
You can invest a minimum of ₹ 1,000 in Kisan Vikas Patra, and there is no maximum investment limit on it. It gives interest at the rate of 7.50%. The investment can be redeemed after 2.5 years, and there is no tax benefit on it. This is a good option for those who want to invest for the medium term.
5-Year National Savings Certificate
You can invest a minimum of ₹ 1,000 in 5-Year National Savings Certificate (NSC) and there is no maximum investment limit in it. It provides interest at the rate of 7.70%. It also offers tax benefits under section 80C and there is no TDS deduction on it! NSC is a good option to save tax with safe investment.