The Post Office offers several savings schemes for everyone – general and senior citizens. Investors who are looking for safe investment options and guaranteed returns can opt for such schemes. Some of the post office schemes include Kisan Vikas Patra (KVP), Sukanya Samriddhi Account (SSA), Public Provident Fund (PPF) among others. These schemes have different investment criteria. The minimum investment requirement, age, and period vary from scheme to scheme.
A look at the features of these financial schemes provided by the post office.
POMIS
Post Office Monthly Income Scheme (POMIS) is a savings scheme in which you just need to invest once. POMIS provides 7.40 per cent interest rate annually. You can open a POMIS account with Rs 100 and then invest in multiples of Rs 1,000. In one account, the maximum investment is Rs 9 lakh including investment in any joint account.
Kisan Vikas Patra
Kisan Vikas Patra (KVP) provides a 7.5 per cent interest rate per annum. In this, the minimum investment is Rs 1,000 and there is no limit on maximum.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a girl child special scheme. Under this scheme, a girl’s parents or legal guardians can deposit a maximum of Rs 1.50 lakh in a year. SSY provides 8.2 per cent interest rate.
Senior Citizens Savings Scheme
Senior Citizens Savings Scheme (SCSS) gives 8.2 per cent interest rate. Only one deposit in one account is allowed under SCSS in multiple of Rs 1,000 and not more than Rs 30 lakh.
National Savings Certificate
National Savings Certificate (NSC) provides an interest of 7.7 per cent per annum compounded annually. One can invest a minimum of Rs 1,000 and there is no maximum limit.
Post Office RD
Under this recurring account (RD), you can get an interest of 6.7 per cent per annum. One can deposit a minimum of Rs 100 and there is no maximum limit of investment.
Public Provident Fund (PPF)
Minimum deposit required is Rs 500 per financial year to up to Rs 1.5 lakh. The scheme gives 7.1 per cent interest rate annually and the interest earned on PPF is tax-free. The lock-in period is 15 years.
Post Office Savings Account
It provides a 4 per cent interest rate per year on individual/joint accounts. The minimum amount required to start an account is Rs 500.
