Post Office Schemes: As the holiday season approaches, we consider presenting gifts to our loved ones on special events like Dhanteras and Diwali in hopes of improving their future. The best gift they can provide might be to invest for their financial future. You can invest this Dhanteras or Diwali in one of the several investment plans that the Post Office offers. Let us tell you about these plans.
For people searching for five years of assured profits, the Post Office Recurring Deposit Account is a secure choice. A minimum of Rs 100 or any amount in multiples of Rs 10 can be invested in this plan each month. The five-year post office RD will now get 6.7 percent annual interest from October 1, 2023, to December 31, 2023, as opposed to 6.5 percent.
Public Provident Fund (PPF) accounts can be opened at any post office or bank branch. The opening balance for this account is merely Rs 500. A maximum of Rs 1.50 lakh can be deposited in PPF per year. This account will mature in fifteen years. You can extend it for an additional five years after maturity. The PPF scheme offers an annual interest rate of 7.1 percent. if you keep a 15-year PPF account with monthly deposits of Rs. 12,500. Thus, upon maturity, you will receive a total of Rs 40.68 lakh. You will invest a total of Rs 22.50 lakh in this, and you will receive interest of Rs 18.18 lakh. The interest rate determined by these computations was 7.1% annually for a period of 15 years. If the interest rate fluctuates when the money matures, it can alter.
Women Honor Certificate
The government offers a programme called the Mahila Samman Savings Certificate specifically for female investors. Investments in this scheme may be made for a period of two years, ending in March 2025. A Rs 2 lakh investment may be made under this initiative in the names of women or girls. An annual fixed interest rate of 7.5 percent is offered in this. After a year from the date of account opening, forty percent of the funds are withdrawable. When your Mahila Samman Savings Certificate matures, you will receive Rs 2.32 lakh if you invest Rs 2 lakh for two years. It functions exactly like FD.
Kisan Vikas Patra
Interest is paid on the money invested in Kisan Vikas Patra at a rate of 7.5% annually. The minimum amount to invest in this scheme is one thousand rupees. Following this, investments in multiples of Rs 100 are possible. The amount that can be invested in this has no upper limit. Creating a joint account is another way to invest. In addition, nominee facilities are offered. On its investment, the government is providing interest at a rate higher than 7%. In 115 months, the money put into Kisan Vikas Patra will quadruple. A minor under the age of ten may open an account under the Kisan Vikas Patra Scheme.
Senior Citizen Saving Scheme
The Senior Citizen Savings Scheme allows you to invest up to Rs 30 lakh (SCSS). At the moment, it has an 8.2 percent interest rate. You would receive Rs. 20,500 every month. Senior persons used to receive Rs 9,500, but now they receive Rs 20,500. Seniors who participate in this government programme receive money each month in the form of interest.
Post office savings account
This scheme requires a minimum commitment of Rs 500 and allows for an unlimited maximum deposit. Anyone can open an account in their own name, either alone or in partnership with an adult. It is possible to open the account on behalf of a minor. On this initiative, the government is offering 4% interest.
Sukanya Samriddhi Yojana
In 2015, Sukanya Samriddhi Yojana was launched, marking eight years of involvement. This is a 21-year-old scheme. However, the initial 15 years are when the daughter’s parents must make the money deposit. For six years, the account is still active even though no money has been deposited. Daughters under the age of ten have their accounts opened under the Sukanya Samriddhi Yojana solely in their parents’ names. You can deposit between Rs 250 and Rs 1.50 lakh a year under this arrangement. With Rs 250, you can open an account under the Sukanya Samriddhi Yojana. An eight percent interest rate is being paid on this. This programme for daughters is being run by the government.