Post Office Saving Schemes The Senior Citizens Savings Scheme of the Post Office offers an interest rate of 7.4 percent with quarterly compounding frequency. Apart from this, the Public Provident Fund Scheme gives an interest rate of 7.1 percent with annual compounding frequency.
Every person must save according to his capacity. The mode of saving can be chosen by the individual. There are many types of schemes in the bank, through which savings can be done.
Apart from this, investing in the stock market can be done. However, investing in the stock market is subject to market risks, in which the risk is high, but there are many types of products in the stock market, in which the risk is less than the rest.
Apart from these, there are many types of savings schemes in the post office, through which any person can save. In such a situation, today we will tell you about some such schemes of the post office, in which you get an interest of more than 7% on investing.
Savings schemes with interest rate above 7%
- The Senior Citizen Savings Scheme offers an interest rate of 7.4 per cent with quarterly compounding frequency.
- The Public Provident Fund scheme offers an interest rate of 7.1 per cent with annual compounding frequency.
- Sukanya Samriddhi Yojana offers an interest rate of 7.6 percent with annual compounding frequency.
Who can open Senior Citizen Savings Scheme Account?
- Person above 60 years of age.
- Retired civil servants above 55 years and below 60 years of age, subject to the condition that the investment is made within 1 month of receipt of retirement benefits.
- Retired Defense personnel above 50 years and below 60 years of age, subject to the condition that the investment is made within 1 month of receipt of retirement benefits.
- The account can be opened in individual capacity or with spouse only.
- The entire amount deposited in a joint account shall be payable only to the first account holder.
Who can open Public Provident Fund Scheme account?
- A single adult who is an Indian citizen.
- Guardian on behalf of the minor / terminally ill person.
- Who can open Sukanya Samriddhi Yojana Account?
- Guardian in the name of the girl child below the age of 10 years.
- Only one account can be opened in the name of girl child in post office or any bank in India.
- This account can be opened for a maximum of two girls in a family. In case of birth of twin/triple girl child, more than two accounts can be opened.
