Post Office Small Savings Scheme In today’s time, investors have many options for investment. However, most investors still consider fixed deposits as a better option. Such investors usually expect that investment in the stock market is not safe and in such a situation their hard-earned money cannot be invested in the market. At the same time, many types of questions keep arising in the minds of investors looking for safe investment. In such a situation, information about the Small Savings Scheme of the post office can be useful to you. Actually, it is considered completely safe. At the same time, in some schemes of the post office, there is also a guarantee of double the money. These include schemes like Kisan Vikas Patra, PPF, NSC and Time Deposit.
Kisan Vikas Patra (KVP)
The current interest rate in a year under the Kisan Vikas Patra (KVP) is 6.9 percent. At the same time, the amount invested in 124 months doubles. Under this scheme, the investor can withdraw his funds at any time. But, if the investor withdraws his amount within a year, then he will not get any interest. Also, some fines will also have to be paid. At the same time, if the investor withdraws after two and a half years, then he will also get interest at the current 6.9 percent annual rate and will not incur any penalty. Any Indian citizen can invest in this scheme. Yes, no NRI can avail the S Scheme. In this scheme, there is also the facility of a joint account with a single account. At the same time, an account can be opened under the supervision of a guardian in the name of a minor over ten years of age.
National Saving Certificates (NSC)
National Savings Certificates (NSC) is a special savings scheme in small savings schemes. Returns are guaranteed in this. Income tax deduction can also be availed on investment in NSC. Talking about the interest rate, the interest rate is reviewed every quarter in the second small savings scheme, but at the time of investment in NSC, the interest rate remains the same for the entire maturity period. For new investors, the interest rate on NSC is currently 6.8 per cent per annum. The minimum investment amount in NSC is one thousand rupees and money can be invested in multiple of 100. There is no maximum investment limit. NSC has a lock-in period of five years.
Time deposit account
To open a fixed deposit account in the post office, you have to open a time deposit account. You can open this account for one, two, three and five years. The post office is getting a return of up to 5.5 percent on time deposits in 1-3 years of investment. If you do it for five years, you will get a return of 6.7 percent. If you withdraw your invested amount before maturity, then you will get interest like post office savings account only.
Post office recurring deposit (RD)
Post office recurring deposit (RD) is a small savings scheme. It is well liked by the employed and retired people. RD account can be opened for a period of five years. In this, any amount can be deposited in a minimum of 100 rupees per month or multiple rupees of 10 rupees. There is no restriction for depositing the maximum amount in it. The interest in recurring deposits of the post office is available on a compounded basis per quarter. Those investing in it will get interest every three months for a total of four periods per year. The interest of this scheme for the quarter ending June 30, 2021 is 5.8 percent.
