Post Office Schemes: The post office offers numerous schemes that offer higher interest rates than banks. Even if you’re employed, you can invest some money to generate additional income. There’s no problem. We’re going to provide you with information about the schemes you can join at the post office.

Bank FDs offer limited benefits, but government schemes offer bumper returns. Banks have recently reduced FD interest rates. Instead of FDs, you can earn higher returns by investing in alternative options, without any hassle. The post office offers bumper interest rates on small savings schemes. Some schemes offer interest rates as high as 7%. Learn about some of these schemes below.

Bumper Interest on National Savings Certificates

You can open an account under the National Savings Certificate Scheme at the post office. This is a good scheme for those who invest in fixed deposits. This scheme offers a 7.7% annual interest rate. The interest is compounded every year. If you invest ₹10,000, it grows to approximately ₹14,490 in 5 years.

The original amount remains guaranteed. It is administered by the Central Government. This scheme also offers a tax exemption of up to ₹1.5 lakh under Section 80C. Taxation rules apply to interest. Your money remains locked in for 5 years.

Sukanya Samriddhi Yojana also offers great benefits.

The Sukanya Samriddhi Yojana is a great initiative for daughters. It is a very popular scheme. It currently offers an interest rate of 8.2%. This scheme is considered one of the safest interest rates available in the market.

Parents can open an account in their daughter’s name and deposit money for 15 years. This account remains active for 21 years, meaning the maturity period is 21 years. The entire maturity amount is tax-free.

Kisan Vikas Patra Scheme

You’ll be pleased to know that the Kisan Vikas Patra is considered a good post office scheme. Your money is completely safe here. It almost doubles in 115 months. Currently, the Kisan Vikas Patra offers an annual interest rate of 7.5%. The returns are compounded. If you invest Rs. 10,000 in the Kisan Vikas Patra scheme, your total amount will reach Rs. 20,000 over time.