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Post Offices in India are one of the best investment option for the Indian citizens which provide high safety for the investment and attractive interest rates. High safety for investment is because the Post Offices are working under the control of the Central Government of India.
Central Government decides the interest rates in Post Offices every three months. Post Offices have new interest rate from 2021 January in relation with the Repo rate in the country
Savings Bank Account
Minimum age for opening A/c: 10 year
Investment amount, Min: 500 & Max: 1000
Rate of Interest: 4%
Time Deposit
Time Deposit is same like the fixed deposit in banks. It have high rate of interest and investing for a specific period of time.
Rate of Interest: 1-3 years, 5.5%
5 years, 6.7%
Recurring Deposit
Post Office RD is the most popular deposit among the middle class people. RD can be transfer to any branch as per our wish.
Duration: 5-10 year, RD can be closed at 3rd year also
Minimum amount: 100
Maximum amount: Unlimited
Rate of Interest: 5.8 %
Post Office Monthly Income Scheme
Maximum investment: 4.5 lakh for single & 9 lakh for Joint
Rate of Interest: 6.6%
Senior Citizen Saving Scheme
It is a scheme designed specifically for the senior citizen who have the age of 60 or above. The investment can be from 1000 to 15 lakh
Rate of Interest: 7.4%
Public Provident Fund
It is the fund for the 15 years time period. Minimum investment of this fund is 500 and the maximum is 1.5 lakh. The investors will get deduction in tax upto 1.5 lakh as per the IT act Sec 80 C
Rate of Interest: 7.1%
National Saving Certificate
It is the fund for the 5 years time period. Minimum investment of this fund is 1000. The investors will get deduction in tax upto 1.5 lakh as per the IT act Sec 80 C. The deposit will get the interest only at the maturity date.
Rate of Interest: 6.8%
Kisan Vikas Patra
It is the deposit scheme that doubles the invested amount. Investment period: 124 months. Minimum amount : 1000/-
Rate of Interest: 6.9%
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