Post office savings schemes offer both high returns and security. If you also want to secure the future of yourself and your family, then we will tell you about the best scheme of Post Office here. Let’s know about them…
Post Office Saving Scheme: When the common man invests money, he gives priority to safety over returns. For such people, the savings schemes of the post office provide both high returns and security. If you also want to secure the future of yourself and your family, then we will tell you about the best scheme of Post Office here. Let’s know about them…
From Savings Account, Time Deposit (TD) Account to SCSS, PPF, KVP, NSC, MIS and Sukanya Samriddhi Account (SSY) can be opened in the post office.
Monthly Income Scheme ( MIS)
Monthly Income Scheme (MIS) is an investment scheme run under the Union Ministry of Communications. Even if you want a fixed amount every month for important expenses, then the Post Office Monthly Income Scheme is the right option for you. In the Post Office Monthly Income Scheme (POMIS), 6.6 percent annual interest is available. Account can be opened in Post Office MIS with a minimum of Rs.1000. In this your capital is safe. Also, it gives better returns as compared to debt instruments.
Senior Citizen Savings Scheme ( SCSS)
The maturity period of this scheme is 5 years. The current interest rate on SCSS is 7.4 per cent per annum. This account can be invested only once, which ranges from a minimum of Rs 1000 to a maximum of Rs 15 lakh. Under SCSS, an account can be opened by a person who is 60 years of age and above.
5 Years Recurring Deposit ( RD)
RD is opened at the post office with a minimum investment of Rs 100 per month. Its maturity period is 5 years. The current interest rate on post office RD is 5.8% per annum. Account can be opened in single or joint, in the name of minor above 10 years of age and mentally challenged person. If it is opened before the 15th of the month, then your monthly installation should be deposited in it before the 15th of every month.
Post Office Time Deposit ( TD)
TD can be opened in the post office from 1 year to 5 years. The account can be opened with a minimum of Rs 1000, there is no maximum limit. The current interest rate on post office TD ranges from 5.5 per cent to 6.7 per cent per annum.