- By Aditya Pratap Singh
- Mon, 19 Aug 2024 01:41 PM (IST)
- Source:JND
Post Office Small Savings Schemes: Even though the stock market is enticing countless youths, there is still a populace who trusts the Post Office's small savings plans. The main reason for this inclination is, these schemes are risk-free and there is a sovereign guarantee on the money deposited in the post office, which indicates that every penny of the customer is safe.
On the other hand, investment in the stock market is subject to market risks and only up to Rs 5 lakh of a customer's deposit in banks are secure. In addition to these advantages, the appealing returns also make small savings plans lucrative.
Post office has 10 saving schemes
There are a total of 10 savings plans of the post office including savings account. These are as follows- National Savings Recurring Deposit Account i.e. Post Office RD, National Savings Time Deposit Account i.e. Post Office FD/TD, Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), National Income Monthly Income Account (MIS), Kisan Vikas Patra (KVP), National Savings Certificate (NSC), Sukanya Samriddhi Account (SSY), Mahila Samman Savings Certificate and Post Office Savings Account.
The interest on these savings plans is reviewd on a quarterly basis but it is not necessary that the interest changes. Often the government continues the interest of the previous quarter for the next quarter.
Post Office Schemes
Savings Account- A savings account is opened in the post office for Rs 500. The interest rate on this is 4 percent per annum.
Post Office Time Deposit (TD)- You can open a TD in the post office for a period of 1 year to 5 years. The account can be opened for a minimum of Rs 1000, there is no maximum limit. Presently, the interest rate for various maturity periods is from 6.9 percent to 7.5 percent per annum.
5-year Recurring Deposit (RD)- RD can be opened in the post office at a minimum installment of Rs 100 per month. Its maturity period is 5 years. The interest rate is 6.7 percent per annum.
PPF
Post Office PPF account- It can be started with a minimum of Rs 500. The interest rate is 7.1 percent per annum.
Post Office Monthly Income Scheme Account (MIS)- The maturity period of MIS is 5 years. An account can be opened in Post Office MIS with a minimum of Rs 1000. The interest rate is presently 7.4 percent per annum.
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Sukanya Samriddhi Scheme- SSY account can be started with a minimum of Rs 250. The annual interest is 8.2 percent for the September 2024 quarter.
Senior Citizen Savings Scheme (SCSS)- The maturity period of this scheme is 5 years. Investment can be made in this account only once, which ranges from a minimum of Rs 1000 to a maximum of Rs 15 lakh. The interest rate is 8.2 percent per annum.
National Saving Certificate- The maturity period of NSC is 5 years. Investment can be started in it with a minimum of Rs 1000. The interest rate is 7.7 percent per annum.
Kisan Vikas Patra- KVP can be taken for a minimum of Rs 1000. The present interest rate for this is 7.5 percent per annum.
Mahila Samman Savings Certificate- Investment in Mahila Samman Savings Certificate Scheme can be started from Rs 1000. The interest rate is 7.5 percent per annum.
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