5 Best Post Office Schemes: Many individuals believe that it is possible to earn a cash income of 40,000 to 50,000 rupees while working from home. They expect to achieve maximum returns on their investments without taking significant risks. In this context, we will discuss five of the best investment schemes offered by the post office.
Senior Citizens Savings Scheme
For senior citizens seeking a secure investment option that also provides tax benefits, the Post Office Senior Citizens Savings Scheme Account (SCSS) is an excellent choice. This scheme is available to individuals aged 60 and above. Currently, it offers an annual interest rate of 8.20%. The government fully secures this scheme, ensuring zero risk. The maturity period is set at five years, and the maximum investment limit is 30 lakh rupees per individual. Interest rates are reviewed and adjusted every three months.
Time Deposit Scheme
The Post Office’s fixed deposit scheme, commonly referred to as the Time Deposit Account, is another viable investment option. By participating in this scheme, investors can earn over 2 lakh rupees solely from interest. Interest is credited annually, with calculations made every three months. Investors can choose to deposit their funds for periods of 1, 2, 3, or 5 years. The interest rate for a one-year investment is 6.9%, while investments for two and three years yield an interest rate of 7%.
National Savings Certificate (NSC)
The National Savings Certificate is a fixed-income investment option available to any Indian citizen through post offices. NSC can be acquired either individually or jointly and is issued in the form of a passbook. This investment also offers tax-saving benefits. Currently, it provides an annual interest rate of 7.7%, with interest paid out only at the end of the investment term. The minimum investment amount is 1,000 rupees, and there is no upper limit on the investment in NSC.
Kisan Vikas Patra
When considering secure investment options with substantial returns, Kisan Vikas Patra, a post office initiative, stands out. This scheme allows your investment to double in just 115 months, offering an interest rate of 7.5%. Additionally, in case of emergencies, you can secure a loan against your KVP account. The interest accrued on Kisan Vikas Patra is calculated on a compounding basis, and tax is applied to the total amount received by investors participating in this scheme.
Monthly Income Scheme
The Monthly Income Scheme (MIS) is a deposit program offered by the post office. By making a one-time investment, you can receive a consistent monthly income. Accounts under the Monthly Income Scheme can be opened by family members, including spouses, siblings, or any relative. For children under the age of 10, parents or legal guardians are permitted to establish an account in the child’s name. Accounts can be opened either individually or jointly. The scheme requires a single investment, allowing a maximum of Rs 9 lakh in a single account and Rs 15 lakh in a joint account.
Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.