Today everyone wants to save money. But they are very worried about the security of their money that the money should not be drowned. What has been said is correct. In the pursuit of something new and more, it is not justified to lose your previous savings. That's why people want to invest money in such a place where your money is guaranteed by the government. One of these is the post office.
People's confidence in the post office
People have full faith in the post office. The reason is that there is security given by the government at the post office. Today we will try to know which savings schemes are run by the post office and how you can take advantage of those schemes. Many people are not able to take advantage of savings schemes due to lack of information.
post office savings plans
The savings schemes mainly operated by the post office are as follows.
1.Kisan Vikas Patra (KVP)
2. National Saving Certificate (NSC)
3. Senior Citizen Saving Scheme
4. Public Provident Fund (PPF)
5. Time Deposit Scheme
6. Recurring Deposit
7. Sukanya Samriddhi Yojana
8. MIS Scheme
9. National Pension System (NPS)
10. Savings Account
Now about these different schemes, we will know who can take advantage of these savings schemes and what are its benefits.
1. Kisan Vikas Patra (KVP)
Kisan Vikas Patra is a popular scheme run by the post office, in which the money is completely safe. This is a scheme supported by the government. The biggest advantage in this scheme is that even a person with less money can invest in this scheme. A minimum investment of Rs 1000 can also be made in this scheme. There is no limit for maximon investment. Any person from India can invest money in this scheme. The current interest rate of KVP is 6.9%. This is a money doubling scheme. After 124 months i.e. 10 years and 4 months, the money becomes double in KVP. If for some reason you just want to get out of this scheme, then after two and a half years you can get out of this scheme. With interest comes money.
The money earned from this scheme is taxable.
2.National Savings Certificate (NSC)
The National Savings Certificate has a tenure of 5 years. It can be cashed only after 5 years. Any citizen of India can invest money in this scheme. Minimum Rs 1000 can be invested in this scheme. There is no maximum limit. Tax exemption can be availed on deposits up to Rs.150,000. Presently the annual interest rate of this scheme is 6.8%. This is a scheme run by the Government of India. NSC is received by you in the form of a certificate of fixed value. This scheme is very popular among tax payers.
3. Senior Citizen Saving Scheme
Senior Citizen Saving Scheme is for senior citizens. Money can be deposited in this scheme after 60 years. Minimum 1000 and maximum 15 lakh rupees can be deposited in this scheme. This scheme is also for 5 years. After 5 years, this scheme can be extended for another 3 years. The current annual interest rate of this scheme is 7.4%. This scheme is exempted under Section 80C of Income Tax.
4.Public Provident Fund (PPF)
Any Indian citizen can open a PPF account. A minimum deposit of Rs 500 and a maximum of Rs 150,000 can be made in this account for a year. This account is operated by the Government of India. Hence it is completely safe. This account is for 15 years. It offers compound interest of 7.1%. This account can be opened only in one post office or bank.
5. Time Deposit Scheme
Any Indian person can take the time deposit scheme in the post office. This scheme is for 1 year, 2 years, 3 years and 5 years. The investment limit in this can be minimum 200 rupees and maximum anything. The interest rate available in this scheme for 1 to 3 years is 5.5%, while the interest rate available for 5 years is 6.7%. One can exit from this scheme in the middle after 1 year.
6. Recurring Deposit
Recurring deposit can be opened by any citizen of India. This is a guaranteed scheme run by the Government of India. It can be started with a minimum of Rs 200. There is no maximum limit. The interest rate available on this is 5.8%. This scheme is for 5 years. But it can be extended for 5 - 5 years as long as you want.
7. Sukanya Samriddhi Yojana
The account of Sukanya Samriddhi Yojana can be opened by a daughter between the age of 0 to 10 years. This account can be opened by the parents or guardians of the daughter. Money can be deposited in it for 15 years. This account matures at 21 years. After 18 years girl can withdraw money.
Up to 1.5 lakh rupees can be put in this scheme every year.
8. MIS Scheme
MIS is a monthly income scheme. Any citizen of India who is above 18 years can take this scheme. There is a minimum deposit of 1000 rupees. The maximum amount that can be deposited is Rs 4.5 lakh. 9 lakh can be deposited if two persons jointly open MIS account. The interest earned on this is 6.6%. The money in this scheme is completely safe. This scheme runs for 5 years. The deposited money is returned after 5 years. In the MIS scheme, the interest earned annually is divided by 12 months and the money continues to be received every month. MIS is a very good plan for regular income every month.
9. National Pension System (NPS)
NPS is done to ensure that there is a fixed income every month after retirement. Any citizen of India who is above 18 years can take NPS. Along with this, the NPS account of the person doing government job, private job opens. In this scheme, after retirement, a hefty amount of 60% of the total money is available immediately. One has to buy an annuity of 40% share, on the basis of which monthly pension is available every month. This is a very good plan for regular monthly income after retirement.
10. Savings Account
A post office savings account can be considered just like a bank account. Check book, ATM card and passbook are also available in this account. Netbanking facility is also available.
The interest of Post Office Savings Account is 4%. The account can be opened on single and joint days.
In this post, an attempt has been made to give complete information about the savings schemes of the post office. Which can be very beneficial for you.
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