The Post Office (PO) offers a wide range of savings schemes to cater to the requirements of people. A significant number of people prefer investing in different post office schemes. The reason: Assured guaranteed returns and risk-free investment.
Considering the long-term benefits, the schemes are capable of doubling money. Most of the schemes are available with post offices across India. The scheme can be availed by visiting the India Post office branches.
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An individual can invest their money into schemes like National Savings Certificate (NSC), Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme (SCSS), Kisan Vikas Patra (KVP) and Post office Fixed Deposit to name a few. Check the details of schemes here:
Kisan Vikas Patra (KVP):
Kisan Vikas Patra is capable of doubling your money in 10 years and three months at the interest rate of 7 percent. Invest Rs 2 lakh in the KVP plan, after 123 months, the investors will get Rs 4 lakhs. A minimum investment of Rs 1000 can be made under this scheme.
Investors above the age of 18 can invest in the KVP scheme. The Post Office also offers investors a chance to open single and joint accounts in this scheme. The maximum number of individuals capped at three in this scheme.
Parents can also open an investment account in the KVP scheme in the name of their children. Investors can also select nominees in the schemes.
National Savings Certificate (NSC):
The NSC is earning an interest of 6.8 percent at present. The investment into the scheme matures in five years, investors will have to extend the investment after the 5th and the 10th year. If an investors deposit Rs 2 lakh for five years, at maturity, he/she will get Rs 2,77,899. If investors deposit the maturity amount again for five years, in the 10th year, he/she will get Rs 3,86,139.
Post Office Fixed Deposit (POFD):
This scheme offers a return of 6.7 percent on Fixed Deposits (FDs) of five years. The investors will have to renew it after every five years. If the investor invests Rs 2 lakhs, he/she will get Rs 2,67,000 upon maturity. If investors reinvest it, he/she will get Rs 3,56,445 after the next five years.
Senior Citizens Savings Scheme (SCSS):
The SCSS is giving a return of 7.6 percent to the investors. If he/she invests Rs 2 lakh, the investors will get Rs 2,76,000 after five years at the existing rate. If the investors reinvest, he or she will get Rs 3,72,608 after the next five years.
Sukanya Samriddhi Account Scheme:
Investors receive a 7.6 percent interest rate under this plan. The money of investors will double in this scheme in 9.47 years.
Monthly Income Scheme (MIS):
The MIS can earn 10 basis points more at 6.7 percent as compared to existing 6.6 percent.
