India has a variety of post office saving schemes that are popular among people looking to save money and earn interest on their savings. Here are some of the post office saving schemes in India:
- Post Office Savings Account: This is a basic savings account that can be opened with a minimum deposit of Rs. 500. The account can be opened by an individual or jointly, and comes with an interest rate of 4%.
- Post Office Time Deposit Account: This account is similar to a fixed deposit account, where you can invest a lump sum amount for a fixed period of time. The minimum deposit amount for this account is Rs. 1,000, and the interest rate ranges from 6.6% to 7% depending on the duration of the deposit.
- National Savings Recurring Deposit Account: This is a type of recurring deposit account where you can make regular deposits every month and earn interest on your savings. The minimum deposit amount for this account is Rs. 100 per month, and the interest rate is 5.8%.
- Post Office Monthly Income Scheme: This is a low-risk investment scheme that offers a fixed monthly income to investors. The minimum deposit amount for this account is Rs. 1,000, and the interest rate is 7.1%.
- Public Provident Fund Account : The account can be opened with a minimum deposit of Rs. 500, and the maximum deposit limit is Rs. 1.5 lakh in a financial year. Deposits can be made in lump-sum or in installments, but the total amount deposited in a year should not exceed Rs. 1.5 lakh. The interest rate is fixed by the government and is currently 7.1% per annum. The maturity period of a PPF account is 15 years. However, you can extend it for another 5 years, or can withdraw the entire balance after the maturity period.
- National Savings Certificate: This is a government-backed savings scheme that offers a fixed rate of interest. The minimum investment amount for this scheme is Rs. 1,000, and the interest rate is 7%.
- Kisan Vikas Patra: This is a savings scheme targeted at farmers and people from rural areas. The minimum investment amount for this scheme is Rs. 1,000, and the interest rate is 7.2%.
- Sukanya Samriddhi Accounts : Sukanya Samriddhi Account (SSA) is a savings scheme launched by the Government of India as a part of the "Beti Bachao Beti Padhao" campaign. The scheme is aimed at promoting the welfare and education of the girl child in the country. The scheme is open to parents or legal guardians of a girl child below the age of 10 years. The account can be opened with a minimum deposit of Rs. 250 and a maximum deposit of Rs. 1.5 lakh in a financial year. The interest rate is fixed by the government and is currently 7.6% per annum. The interest is compounded annually and is tax-free. The account matures after 21 years from the date of opening or when the girl child gets married after the age of 18 years, whichever is earlier.
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