If we look at the FD of 5 years, the interest rates of the banks are between 5.4-5.5 per cent. But, the post office is still paying 6.7 percent interest on them.
Most people start making money and start planning about saving money. For most people of the country, saving means putting it in guaranteed income instruments. These means include schemes of post office and public sector banks.
However, the rate of interest rates has been declining for the past few years, despite this, many people still do not want to put their money anywhere else except fixed income products.
If we look at the medium-term schemes like 5-year FD, then the interest rates of banks are between 5.4 per cent and 5.5 per cent. But, the post office is still paying 6.7 percent interest on them.
Where will you get more money for investing 5 lakh rupees for 5 years
This means that if you invest 5 lakh rupees for 5 years in a government bank, then you get 1.54 lakh rupees as interest on it. But, if you invest this money in the post office, then you get Rs 1.97 lakh on maturity. This is Rs 43,000 more than the bank FD.
Senior citizens also benefit in post office
If you are a senior citizen, then you get 7.4 percent interest in the post office. If you invest 5 lakh rupees for 5 years in the post office, then you will get 2.21 lakh rupees. But, on applying the same amount to a senior citizen in a government bank, 5.9 to 6.1 per cent gets interest. In this way, you get at least Rs 50,000 more on the post office scheme.
Money doubles in 124 months in KVP
National Savings Certificate (NSC) sold through the post office gets 6.8% interest in 5 years. In this, all types of investors get about Rs 2 lakh extra on Rs 5 lakh. In Kisan Vikas Patra (KVP), your money doubles in 124 months. In this way, you get 6.9 percent interest annually on it.
On the other hand, the interest of FD of 120 months SBI is 5.4% only. Other PSU banks usually offer interest between 5.3 per cent and 5.6 per cent.
Can start with Rs 1,000
The important thing is that the minimum amount to be invested in KVP and NSC is just Rs 1,000 and investors can invest above that in a coefficient of Rs 100. Returns for these schemes are fixed at the time of deposit.
In 5-year FD and Senior Citizen saving schemes, interest rates are added on a quarterly basis, while interest rates in KVP and NSC are added on an annual basis.
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