Post Office Saving Schemes: There are numerous programmes being run by the national government. This is a modest savings plan. which applies to people of all social groups, including the elderly, women, working people, and children. These government programmes are giving the average citizen a lot of money for the future. This can be a very effective savings and retirement plan for the present. The nice part is that all of these post office plans have quarterly interest rates that are available. Recently, the government changed the interest rates on Post Office 5-year RDs.
About Kisan Vikas Patra Scheme
Interest is offered in this government programme at a rate of 7.5 percent annually. With merely Rs 1,000, one can begin investing in this scheme. Following this, investments in multiples of Rs 100 may be made. There is no upper limit on how much you can invest. A joint account might be opened in order to invest. Additionally, the nominee facility is accessible. The government is offering investors in this more than 7% interest. In 115 months, the investment in this government programme doubles in value. Any person younger than 10 years old is eligible to open an account under the programme.
What is Post Office Recurring Deposit Scheme
Let us advise you that this post office programme is thought to be ideal for people who receive 5-year returns that are guaranteed. It keeps all of the invested money secure. In the RD plan, several investments of Rs 100 may be made. In the RD programme, annual interest will be available for 5 years at a rate of 6.7 percent rather than 6.5 percent.
Senior Citizen Saving Scheme
A unique programme is the Senior Citizen Savings Scheme. Recently, the Financial Minister made a significant declaration relating to older folks along with establishing the new tax system. The investment cap has been raised in this from Rs. 15 lakh to Rs. 30 lakh. Seniors are now receiving larger returns on their investments than in the past because to this development. It now has an interest rate of 8.2 percent. The Financial Minister has set a ceiling of Rs 30 lakh for investments, and if the interest rate is raised to 8.2%, the entire amount, plus Rs 12.30 lakh at maturity after 5 years, will be Rs 42.30 lakh. This will cost Rs. 20,500 per month. Seniors will now receive Rs. 20,500. which before was Rs 9,500. Seniors receive money each month under this government programme.
Mahila Samman Certificate Scheme
The MSSC programme is solely available to women. Women may invest in this plan for a two-year period. This indicates that women can only invest in this programme till 2025. Women and girls can make a lump sum investment in this programme of up to Rs. 2 lakh. Interest is paid at a rate of 7.5 percent concurrently. After one year after the account opening, women are eligible to withdraw 40% of the funds. The return on a two-year investment of Rs. 2 lakh is Rs. 2 lakh 32,000 at maturity.
Details of PPF Account
Visit any post office or bank to open a PPF account. Just 500 rupees can be used to start this account. PPF allows for annual investments of Rs. 1.5 lakh. This account will mature in 15 years. After reaching maturity, you can add another five years. In terms of interest, it is offered at a rate of 7.1%. A PPF investment of Rs 12,500 will last for 15 years. At maturity, a total of Rs 40.68 lakh will be received. This will require a total investment of Rs. 22.50 lakh. The income from interest will total Rs. 18.18 lakh.
Post Office Saving Scheme
In this post office programme, a minimum deposit of Rs. 500 is required, however there is no maximum deposit amount. Anyone and any elder can open a joint account. Any minor may also open the account on their behalf. On this programme, the government is offering interest rates higher than 4%.