Investing in post office schemes is a trusted and time-tested method for many individuals, even in the current age of diverse investment options. Recently, in Budget 2023, the Finance Minister Nirmala Sitharaman made changes to some popular post office schemes such as the Post Office Monthly Income Scheme and the Senior Citizen Savings Scheme.
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The Post Office Monthly Income Scheme (MIS) offers customers the chance to receive a fixed income every month by investing a lump sum of money. The budget 2023 increased the investment limit to Rs 9 lakh for a single account and Rs 15 lakh for a joint account, while the interest rate remains at 7.10 percent.
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The Senior Citizen Savings Scheme is aimed at providing a secure investment option for senior citizens. It offers an annual interest rate of 8.00 percent and has had its investment limit increased from Rs 15 lakh to Rs 30 lakh by the government.
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For those who want to secure the financial future of their girl child, the Sukanya Samriddhi Yojana is a great option. It allows for investments from Rs 250 to Rs 1.5 lakh per financial year and offers a return of 7.6 percent.
The Kisan Vikas Patra scheme offers a return of 7.2 percent and allows for investments starting from Rs 1,000, with amounts to be in multiples of Rs 100. The money invested doubles in 120 months.
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The National Savings Certificate (NSC) is a small savings scheme that offers a 7.00 percent return on investment. It allows for investments from Rs 1,000 to Rs 100, in multiples, and has a total investment period of 5 years.
