We all want to save money, don't we? Maximizing savings is crucial, and top post office schemes are one of the top choices for their higher interest rates and minimal risk compared to Bank Fixed Deposits (FDs). Here are some standout options:
Senior Citizen Top Savings Scheme (SCSS)
Designed exclusively for individuals aged 60 and above, the Senior Citizen Savings Scheme (SCSS) mandates a lump sum investment with a ceiling of Rs 30 lakh. This scheme also provides tax benefits under Section 80C of the Income Tax Act.
Interest Rate: Currently pegged at 8.2%.
Maturity Period: The scheme matures in 5 years, extendable by another 5 years.
Kisan Vikas Patra (KVP)
The Kisan Vikas Patra is a savings certificate that ensures guaranteed returns. Though it does not offer tax benefits, there is no upper limit on investment in this scheme.
Interest Rate: Compounded annually at 7.5%.
Maturity Period: The scheme matures in 115 months (9 years and 7 months).
Post Office Monthly Income Top post Scheme (MIS)
The Post Office Monthly Income Scheme (MIS) requires a minimum annual investment of Rs 1500, with a maximum limit of Rs 9 lakh. The income earned is taxable, with interest disbursed monthly.
Interest Rate: Annual interest rate of 7.4%.
Maturity Period: The scheme matures in 5 years.
National Savings Certificates (NSC)
The National Savings Certificates offer assured returns with interest paid at maturity. A minimum investment of Rs 1000 is required, with no upper limit. Additionally, investors benefit from tax exemption.
Interest Rate: Compounded annually at 7.7%.
Maturity Period: The scheme matures in 5 years.
Mahila Samman Savings Certificate
Targeted at Indian women, the Mahila Samman Savings Certificate is a popular choice, though it does not provide tax benefits.
Interest Rate: Compounded annually at 7.5%.
Maturity Period: The scheme matures in 2 years.
In conclusion, these post office schemes present compelling opportunities to amplify your savings with minimal risk. Explore these options to secure higher returns and achieve your financial goals.
-by DailyBharat
