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5 Post Office schemes offering higher returns than fixed deposit plans; time to close FDs? | Personal Finance News

New Delhi: The Post Office offers a wide range of ideas offering exciting returns with safety on the investment. Some machines offer better interest rates than fixed deposit offers offered by many public and private lenders.

Long-term investment in post ideas can make investors richer after a few years. However, investors need to always put their money into consideration to complete saving for their retirement or other events.

1. Public Service Provider Fee (PPF)

Postal Service Provider Fund (PPF) requires investors to invest regularly for 15 years. Subscribers can opt out of the policy after five years of investment. They can also take out a loan against their investment from the 4th year onwards while part deductions are allowed from the 7th year onwards. Currently, investors receive an interest rate of 7.1 per cent per annum for investments in the Post Office Social Provider Fund.

2. National Savings Certificates (NSC)

National Securities Certificates (NSC) certificates currently offer 6.8 returns for investors. The program grew five years with a fixed return policy, including tax benefits. Investors are required to make a total investment in the idea and the amount paid during the growth period.

3. Sukanya Samriddhi Yojana (SSY) Post Office

Sukanya Samriddhi Yojana Post Office (SSY) is an idea that offers opportunities to investors who have daughters. The program can be opened in the name of a girl under the age of 10. The process grows at age 21. The funds can be used for children’s education or marriage. Investors received interest at 7.6 per cent interest rate under the consideration.

4. Deposit Time Posting (TD)

The postal deposit (TD) system is similar to a fixed deposit offer offered by banks. Subscribers can open a Post office account by investing a lump sum for a period of 1, 2, 3 or 5 years. Investors can get tax benefits for a machine that grows in 5 years. Currently, the machine offers an interest rate of 6.7 per cent. Also Read: What is Web 3.0 and how can it help users in the future? Everything you need to know

5. Senior Citizenship Savings System (SCSS)

The Social Security Service (SCSS) is an investment plan for individuals aged 60 or over. Currently, the Post Office offers an interest rate of 7.4% on such machines. Also Read: Do you want to record e-pAN card? Check out the step-by-step guide

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