Money can grow and give you good returns if invested well. Fixed deposits are one of the most attractive options that come to mind and they are highly preferred due to the low risk factor. There are many other schemes which give you high interest rate and good and guaranteed results. One such option is Post Office Savings Schemes.
Post Office Savings Schemes are investment instruments which are higher yielding than Fixed Deposits. While fixed deposits are backed by banks, the rate of interest and tax benefits are not as high as post office savings schemes.
Post office schemes are backed by the government and offer interest rates between 5.5 per cent to 7.6 per cent. Apart from such attractive interest rates, post office savings schemes also reduce the tax liability.
If these interest you, we have shortlisted three best post office schemes that can ensure a fruitful investment.
Sukanya Samriddhi Yojana (SSY)
As the name suggests, this scheme is for a girl child and can be opened for a girl child below the age of 10 years. It can give returns at an interest rate of 7.6 per cent. The Sukanya Samriddhi Yojana scheme can be opened with a minimum deposit of Rs 250 and the upper limit is fixed at Rs 1.5 lakh. An account holder under the SSY scheme can avail tax benefits under section 80C of the Income Tax Act, where the interest earned under the Sukanya Samriddhi Yojana scheme is tax-free.
Senior Citizen Savings Scheme (SCSS)
This account ensures earning with an interest rate of 7.4 per cent per annum and can be opened by a person above 60 years of age. The amount deposited in the account should be in multiples of Rs 1,000 and an individual cannot deposit more than a maximum of Rs 15 lakh.
Public Provident Fund (PPF)
With a minimum deposit of Rs 500 and a maximum of Rs 1.5 lakh in a financial year, the Public Provident Fund is currently offering an interest rate of 7.1 per cent per annum. The account maturity period for PPF scheme is 15 years, excluding the year of account opening under this scheme.
read all breaking news, today’s fresh news And Assembly Election Live Updates Here.