Money can grow and give you good returns if invested well. Fixed deposits are one of the most lucrative options that come to mind and they are much-liked because of the low risk factor. There are many other schemes that give you a high rate of interest and good and guaranteed results. One such option is the Post Office Saving Schemes.
Post Office Saving Schemes are investment instruments that are higher-yielding when compared to fixed deposits. While fixed deposits are backed by the banks, the rate of interest and benefits in tax is not as high as Post Office Saving Schemes.
The post office schemes are backed by the government and offer interest rates ranging between 5.5 per cent and 7.6 per cent. In addition to such attractive interest rates, the Post Office Saving Schemes also reduces tax liability.
If these interest you, we have sorted out the three best post office schemes that can ensure a fruitful investment.
Sukanya Samriddhi Yojana (SSY)
As the name suggests, the scheme is meant for a girl child and can be opened for a girl under the age of 10. It can give returns at an interest rate of 7.6 percent. The Sukanya Samriddhi Yojana scheme can be opened with a deposit of as low as Rs 250 and the upper limit sets at Rs 1.5 lakh. An account holder under the SSY scheme can avail tax benefits under Section 80C of the Income Tax Act, where the interest earned under the Sukanya Samriddhi Yojana scheme is tax-free.
Senior Citizen Savings Scheme (SCSS)
This account ensures earning with an interest rate of 7.4 per cent per annum and can be opened by an individual who is above 60 years of age. The deposits made in the account must be in multiples of Rs 1,000 and the maximum deposit a person can make should not exceed Rs 15 lakh.
Public Provident Fund (PPF)
With a minimum deposit of Rs 500 and a maximum deposit of Rs 1.5 lakh in one financial year, the Public Provident Fund is currently offering an interest rate of 7.1 per cent per annum. The account maturity period for the PPF scheme is 15 years, excluding the year of opening the account under this scheme.
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