The post office provides various savings schemes for general and senior citizens. Conservative investors looking for safe investment options and guaranteed returns opt for these schemes. Besides FD in banks, they can invest in any government-backed (post office) savings scheme. Some of the post office schemes include Kisan Vikas Patra (KVP), Sukanya Samriddhi Yojana (SSY), Public Provident Fund (PPF), among others. The post office schemes provides assured returns to its depositors.
A look at a few financial schemes provided by the post office and their features and returns on investment.
Post Office Monthly Income Scheme
Post Office Monthly Income Scheme (POMIS) is a savings scheme in which you just need to invest once. POMIS provides 7.40 per cent interest rate annually. You can open a POMIS account with Rs 100 and then invest in multiples of Rs 1,000. In one account, the maximum investment is Rs 9 lakh including investment in any joint account.
Kisan Vikas Patra
Kisan Vikas Patra (KVP) provides a 7.5 per cent interest rate per annum. In this, the minimum investment is Rs 1,000 and there is no limit on maximum.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a girl child special scheme. Under this scheme, a girl’s parents or legal guardians can deposit a maximum of Rs 1.50 lakh in a year. SSY provides an 8.2 per cent interest rate.
Senior Citizens Savings Scheme
Senior Citizens Savings Scheme (SCSS) gives 8.2 per cent interest rate. Only one deposit in one account is allowed under SCSS in multile pf Rs 1,000 and not more than Rs 30 lakh.
National Savings Certificate
National Savings Certificate (NSC) provides an interest of 7.7 per cent per annum compounded annually. One can invest a minimum of Rs 1,000 and there is no maximum limit.
Post Office RD
Under this recurring account (RD), you can get an interest of 6.7 per cent per annum. One can deposit a minimum of Rs 100 and there is no maximum limit of investment.
Public Provident Fund (PPF)
Minimum deposit required is Rs 500 per financial year to up to Rs 1.5 lakh. The scheme gives 7.10 per cent interest rate annually and the interest earned on PPF is tax-free. The lock-in period is 15 years.
Post Office Savings Account
It provides 4 per cent per year interest rate on individual/joint accounts. The minimum amount required to start an account is Rs 500.
