Post Office Investment: Get 6.8 Percent Interest With These Scheme
Amidst the slowdown in the stock market, some people may be sceptical about investing in equity-linked schemes.
For such people, investing in the Post Office Small Savings Scheme can be a good option that also gives higher returns in the long run.
We’ll tell you about three such post-office savings plans that offer guaranteed returns.These schemes come with a lock-in period of five years (except the fixed deposit or TD scheme).
There are many advantages to investing money in these post office savings schemes.
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5 Year Post Office Recurring Deposit Account (RD)
Through this, an interest rate of 5.8 percent per annum can be obtained on a minimum deposit of Rs 100 per month.
There is no limit on the maximum investment in this scheme. Talking about interest, the interest rate in this scheme is compounded quarterly.
Post Office Fixed Deposit Account (TD)
This scheme is a type of post office FD. Under this scheme, you can deposit money in the post office for one, two, three, or five years.
Under this scheme, the interest rate on fixed deposits of 1 year, 2 years, and 3 years is 5.5%. while the rate on a 5-year fixed deposit is 6.7%.
There is also a tax benefit of Rs 1.5 lakh on the 5-year TD under Section 80C of the IT Act.
How Much Investment is Required?
Under this scheme, you can open an account by depositing a minimum of Rs. 1000. After that, you can invest as much as you want in multiples of Rs. There is no maximum investment limit.
This is the Third Scheme
The plan comes with a 5-year lock-in period. Its interest rate is 6.8 percent. You can invest a minimum of Rs 1,000, and there is no maximum limit.
The amount deposited under this scheme is eligible for tax benefits under Section 80C of the IT Act.
This scheme allows you to withdraw your money only after the completion of the 5-year lock-in period. However, under certain conditions, you can exit the investment prematurely.
Interest Rates on Post Office Schemes
The government has again kept small savings interest rates unchanged for the July-September quarter of FY 2022–23.
New investments made in these schemes during the July–September 2022 quarter will also get the same rate of interest as in the previous quarter.
There has been no change in the interest rates of post office savings schemes for the 10th consecutive quarter.
The government cut interest rates on small savings schemes for the last time in April-June 2020.There has been no decrease or increase in them since then.Then 70-140 basis points were cut.
Let us tell you that the post office scheme in which the most interest is received is the Sukanya Samriddhi Yojana. A 7.6 percent interest rate is available on this scheme.