India Post provides reliable investment and returns through various post office saving schemes. The number of schemes that come under risk-free investment is available across all the post offices in India. They are the Public Provident Fund, the Sukanya Samriddhi Account, the National Savings Certificate, the Senior Citizen Savings Scheme (SCSS), the Post Office Savings Account, and the 5-year Time Deposit.
The country-wide reach of this scheme deals with the post-service that extends tax benefits to different types of investments. It has also upgraded the various interest rates of post office schemes which are mentioned below.
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Here is a list of various post office saving schemes along with their new interest rates:
1. POST OFFICE MONTHLY INCOME SCHEME ACCOUNT (MIS)
As per this scheme, the interest rate will be 7.1 percent with a maximum investment limit of Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account.
2. SENIOR CITIZEN SAVING SCHEME (SCSS)
This particular scheme has an 8 percent interest rate per annum. The maximum limit in the account should not exceed more than Rs 15 lakh.
3. PUBLIC PROVIDENT FUND ACCOUNT (PPF)
The interest rates considered in this scheme will be 7.1 percent per annum, which will be compounded annually. The minimum price is Rs 500 and it will take a maximum amount of Rs 1,50,000 in a financial year. The deposits can have a lump sum or installments.
4. SUKANYA SAMRIDDHI ACCOUNT (SSA)
The rate of interest in this scheme goes up to 7.6 percent, which is calculated on a yearly basis and also compounded yearly.
The deposits are made in a lump sum with no limit on the number of deposits, which is based on a month or a financial year.
5. NATIONAL SAVINGS CERTIFICATE (NSC)
The national savings scheme has an interest rate of 7 percent that gets compounded annually and is payable at the time of maturity.
6. KISAN VIKAS PATRA (KVP)
The interest rates grow to 7.2 percent, which is compounded annually, and the amount invested is doubled in 120 months.
