Post Office investment options for high returns
New Delhi : It is always best to keep investing money in different sectors to fetch good interest rates. Are you also looking for some good options? Do you want your investments to be at less risk or completely risk-free? If yes, then you can opt for the traditional method of investment in Post Office, now available with a varied variety of investments.
Here are some good options you can choose from the various investment options by Post office of India:
1: Post Office Savings Account
Money in the savings acoount in post office gets an interest of 4% pa, the account can be single or joint. A savings account can be opened in a post office for a minimum ammount of Rs 20. The customer is required to maintain a minimum balance of Rs 50 in the account.
2: 5-Year Post Office Recurring Deposit Account (RD)
The Recurring Deposit Account (RD) fetches an interest rate of upto 6.7%. The interest is compounded on a quarterly basis. On maturity, a recurring deposit of Rs 10 per month fetches a return of Rs 717.43 over five years.
3: Post Office Time Deposit Account (TD)
The Post Office also offers an option of Time Deposit, better known as Fixed Deposit, with four options of maturity periods: 1 year, 2 years, 3 years and 5 years. Interest rates vary between 6.6% to 7.4% depending upon the duration of fixed deposit.
4: Post Office Monthly Income Scheme Account (MIS)
The post office offers an interest rate of 7.3 per cent on deposits in the monthly income scheme (MIS) account. The interest is payable on a monthly basis. The minimum investment required to set up a MIS is Rs 1,500 and the maximum investment limit is Rs 4.5 lakh in single account and Rs 9 lakh in joint account.
5: Senior Citizen Savings Scheme (SCSS)
For senior citizens, the post office has a special interest rate of 8.3% on deposits in the senior citizen savings account. The maximum limit of investment in the account is Rs 15 lakhs.
6: PPF account
The Public Provident Fund Account (PPF) account earns an interest rate of 7.6%. The account can be opened with an investment of a minimum of Rs 500. Deposits can be made as lump sum or in 12 installments.
7: National Savings Certificates (NSC)
The National Savings Certificate earns an interest rate of 7.6%. The interest is compounded annually and payable at maturity. Investment can be made against a minimum of Rs 100 as deposit. An amount of Rs 100 returns Rs 144.23 after the maturity period of five years in this account.
8: Kisan Vikas Patra (KVP)
The post office pays an interest rate of 7.3% on deposits in Kisan Vikas Patra (KVP). The KVP scheme requires a minimum investment of Rs 1,000 and it should be in multiples of Rs 1,000. There is no maximum limit if you want to invest in the KVP. The amount deposited in the Kisan Vikas Patra doubles in a period of 118 months.