Post Office: If you’re considering investing your hard-earned money with the aim of saving and earning returns, then post office schemes could be the perfect choice for you.
These schemes offer several advantages, including government-backed security, attractive interest rates, and tax deductions on your deposited amount. In this article, we will explore the post office schemes that offer an interest rate of over 7 percent.
Post Office Time Deposit (Post Office TD)
Any adult Indian individual can open an account in this post office scheme. The key feature of this scheme is that it offers tax benefits under Section 80-C of the Income Tax Act. In terms of annual interest, depositors who invest in this scheme for three years will receive a 7% interest rate, while those investing for five years will receive a 7.5% interest rate.
Post Office Monthly Income Scheme (Post Office MIS)
This post office scheme provides monthly interest payments, allowing you to earn a regular income. Any adult Indian individual can open an account under this scheme. The minimum amount required to open an account is Rs. 1000, and the maximum deposit limit is Rs. 9 lakh. Account holders receive an interest rate of 7.4% per annum.
Post Office Public Provident Fund (Post Office PPF)
Any Indian citizen can open an account in this post office scheme. The account can be opened with a minimum of Rs. 500 and a maximum of Rs. 1,50,000. Account holders also enjoy tax benefits under Section 80-C of the Income Tax Act. The scheme offers compound interest at a rate of 7.1% per annum.
National Savings Certificate
Investments in this post office scheme can start from a minimum of Rs. 1000. Tax deductions are available under Section 80-C of the Income Tax Act. The scheme provides an interest rate of 7.7% per annum.
Kisan Vikas Patra
This post office scheme is specifically designed with farmers in mind, although anyone can open an account. The unique feature of this scheme is that your investment amount will be doubled after a certain period. Account holders receive an interest rate of 7.5% per annum.
Mahila Samman Savings
Announced by Finance Minister Nirmala Sitharaman in the 2023 budget speech, this scheme is valid for two years until 2025 and is specially designed for women. Account holders receive an interest rate of 7.5% per annum.