Best Interest Rates: Apart from fixed deposits in banks, common citizens have many such options where they can invest. The special thing is that this investment is without risk.
If you want to invest your hard earned money without risk, then apart from fixed deposits in banks, post office small savings schemes are also a better option. The special thing is that in these post office schemes you will get attractive interest without any risk. Along with this, apart from government security, the benefit of tax exemption will also be available.
After revising the interest rates in the month of April this year, these small savings schemes are getting better interest as compared to banks like SBI, ICICI Bank, HDFC Bank, Axis Bank, PNB, Bank of Baroda.
Which schemes are getting more than 8% interest?
There are two such post office schemes, where investors are getting better returns as compared to FDs of banks. These schemes are Sukanya Samriddhi Yojana (SSY) and Senior Citizen Savings Scheme (SCSS), where investors are getting more than 8% interest.
Sukanya Samriddhi Yojana – This is a small savings scheme of the Central Government, with the help of which investment can be made for a long period keeping in mind the education and future of the daughters. Investors are getting interest at the rate of 8% per annum on this scheme.
Senior Citizen Savings Scheme – Any person above 60 years of age can invest in this scheme. Interest is being received on this scheme at the rate of 8.20%, which is higher than the FD of many banks.
National Savings Certificate (NSC) – At present, interest is being received on this scheme at the rate of 7.7% per annum. A minimum of Rs 100 can be invested in this scheme. There is no upper limit to invest in it. Investors get the benefit of tax exemption under section 80C of the Income Tax Act on investment of up to Rs 1.50 lakh in this scheme during a business year.
Post Office Time Deposit Scheme – Like FDs of banks, post office also gives investment opportunity for a period of 1 year, 2 years, 3 years and 5 years. In this scheme, the benefit of tax exemption up to Rs 1.50 lakh is available during a business year on a deposit of 5 years. At present, interest is being received at the rate of 7.5% on the 5-year time deposit scheme.
Which banks are getting the highest interest on FD?
- State Bank of India – For common citizens, this bank is offering interest ranging from 3% to 7.10% on fixed deposits of different tenures.
- HDFC Bank – This private sector bank is offering interest rates ranging from 3% to 7.10% on FDs for common citizens.
- ICICI Bank – This bank is offering interest at the rate of 3% to 7.10% per annum on FD for common citizens.
- Axis Bank – This is also a big private sector bank, which is offering 3.50% to 7.10% interest annually on FD.
- Punjab National Bank – This is a public sector bank, which is offering interest ranging from 3.5% to 7.25% on FDs to common citizens.
- Bank of Baroda – This is also a public sector bank, which is offering interest ranging from 3% to 7.25% per annum on FDs of different tenures.
