List of 09 Best Post Office Saving Schemes in India 2022 for Safe Investments
Post offices in India offer different types of savings schemes for children, women, senior citizens, and others to enhance their financial conditions. First, however, it is necessary to know more about them in detail to help make the right decision. Not only that, people can pick a scheme that suits their exact requirements. The schemes offer high-interest rates as well as tax benefits with zero risks.
On the other hand, the Government of India will determine the interest rates every year based on inflation and other factors. Therefore, it is wise to compare the schemes from various sources before buying them. This, in turn, gives ways to get more ideas before investing money. Those who want to open a saving scheme in post offices should know the eligibility and other things that will help proceed further. Here are some post office saving schemes to choose from in India.
List of 9 Best Post Office Saving Schemes in India 2022 for Safe Investments
Here we listed out the 09 best post office saving schemes in India for safe investments. These office post office saving schemes offer high-interest rates as well as tax benefits with zero risks.
- Post Office Savings Account
- Post Office Monthly Income Scheme (POMIS)
- Post Office Recurring Deposit
- Senior Citizen Savings Scheme (SCSS)
- Sukanya Samriddhi Yojana (SSY)
- National Savings Certificate (NSC)
- National Savings Time-Deposit
- Public Provident Fund (PPF)
- Kissan Vikas Patra (KVP)
1. Post Office Savings Account
A post office savings account is similar to a bank savings account that carries an interest rate of 4%. Moreover, it is possible to transfer the account anywhere in India. The minimum balance required to open this account is Rs. 50 with no TDS calculation. Furthermore, one can even open an account for a minor that will help meet exact needs in financial planning.
2. Post Office Monthly Income Scheme (POMIS)
Post office monthly income scheme, shortly known as POMIS, offers fixed guaranteed income with high-interest rates. It is the best post office saving scheme available in India, with an annual interest rate of 6.6%. Apart from that, the scheme provides methods to withdraw the deposit after 1 year with a penalty of 2%. The minimum amount required to open this scheme is Rs. 1500 and a maximum amount of Rs. 4.5 lakhs.
3. Post Office Recurring Deposit
A recurring deposit, shortly known as RD, is a monthly investment plan that gives ways to generate good returns. There is no upper limit needed for this scheme, and one can invest as little as Rs.10. Moreover, people can even open multiple accounts under RD in a bank that will help improve the financial conditions to a large extent. But, on the other hand, it is wise to know the interest rates before opening an account.
4. Senior Citizen Savings Scheme (SCSS)
Post offices offer great opportunities for senior citizens to save money that give ways to gain more advantages. The post office senior citizen saving scheme is mainly designed for people who are above 60 years old. Not only that, voluntary retirees who are above 55 years old are also eligible to apply for the scheme. The current interest rate for the savings scheme is 7.4% and may vary every year. Furthermore, the deposit has a maturity period of 5 years and allows premature withdrawals with a 1% penalty after one year. Not only that, the investments are eligible for tax deductions under section 80C of the Income Tax Act.
5. Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Scheme is a post office saving scheme for the girl child with an annual rate of 7.6%. The scheme will mature after 21 years, and parents can use the amount for education or other purposes. Moreover, the scheme allows premature withdrawal when a girl attains 18 years. The minimum deposit amount is Rs. 1000, and the maximum deposit amount is Rs. 1.5 lakhs. However, the scheme includes some other changes, and parents should know about them in detail.
6. National Savings Certificate (NSC)
National Savings Certificate (NSC) is one of the best Indian post office saving schemes that come with an attractive interest rate of 6.8% per annum. The minimum deposit for this scheme is Rs.100 and has no maximum limit. Apart from that, it allows people to get loans from banks during emergencies. Moreover, the certificates are transferable within the country that gives you the flexibility to overcome financial problems.
7. National Savings Time-Deposit
National Savings Time-deposit, shortly known as TD, is one of the post office tax saving schemes that provide high-interest rates when compared to a regular savings account. The scheme also permits minor accounts, thereby showing methods to enhance the cash flow. At the same time, the interest rates may vary in a year, and one should check the same properly before opening an account.
8. Public Provident Fund (PPF)
Public provident fund (PPF) is one of the best options available for investment purposes that have a minimum tenure of 5 years. However, people can extend the term based on their choices. A PPF account holder can designate a nominee for his/her account at the time of opening an account. Investments made in 5-year accounts are eligible for tax deductions that will help save more money. The minimum deposit amount is Rs. 500, and the maximum deposit is Rs. 1.5 lakhs. One can withdraw the amount between the 3rd and 5th year after opening the account.
9. Kissan Vikas Patra (KVP)
Kissan Vikas Patra (KVP) is the best saving scheme in the post office, which encourages long-term financial planning. It is available in different types, and people can choose the right one among them based on their options. The scheme offers guaranteed income returns with a 6.9% interest rate per annum. It has a maturity period of 10 years and 4 months that cater to the needs of investors. Also, the scheme comes with a lock-in period of 30 months, and encashing cash is not allowed for investors.
How to open a savings scheme in post offices?
Anyone who wants to open savings schemes should visit the nearby post offices to know more about the details. People should also submit certain documents for date of birth proof and other things to gain more advantages. A post office savings scheme is the right choice for generating money with low risks. It even gives ways to generate high returns to manage financial troubles in the future. Investors should compare the interest rates of savings schemes that will help save more money.
