Which saving scheme is better in post office?
Table of Contents
Which saving scheme is better in post office?
Comparison of the various Post office savings schemes
| Scheme | Interest Rate | Maximum Investment |
|---|---|---|
| National Savings Certificates (NSC) | 6.8\% p.a. (Compounded annually) | No limit |
| Kisan Vikas Patra (KVP) | 6.9\% p.a. (Compounded annually) | No limit |
| Sukanya Samriddhi Accounts | 7.6\% p.a. (Compounded annually) | Rs 1.5 lakh per financial year |
Which scheme is best for monthly income in post office?
Comparing Post Office MIS with other Monthly Income Plans
| POMIS | Monthly Income Mutual Fund |
|---|---|
| Assured income at an annual rate of 6.6\% | Invested in 20:80 equity-debt ratio and hence no guaranteed income |
| No TDS | TDS applied |
| Fixed return rate | Floating rate as per the market movement |
Is saving in post office a good idea?
All post office saving schemes are eligible for tax deductions under Section 80C of ITA. The National Savings Time Deposit scheme is one of the best FD schemes offered by the post office. They offer 1-year, 2-year, 3-year, and 5-year FD options. The minimum principal amount prescribed for a post-office FD is Rs 1000.
Which scheme has highest interest rate?
Best Saving Plans
| Savings Plans | Current Interest Rate |
|---|---|
| Public Provident Fund (PPF) | 7.1\% |
| KVP (Kisan Vikas Patra) | 7.6\% |
| Sukanya Samriddhi Yojana (SSY) | 7.6\% |
| Atal Pension Yojana | N/A |
What is post office saving scheme?
A Comparative Study of Interest Rate and Taxability on Different Savings Schemes
| Post Office Savings Product | Interest rate per annum |
|---|---|
| National Savings Certificate (NSC) | 6.8\% (compounded annually) |
| Kisan Vikas Patra (KVP) | 6.9\% (compounded annually) |
| Sukanya Samriddhi Accounts (SSA) | 7.6\% (compounded annually) |
What is the new post office scheme?
The investor will need to invest a lump sum of Rs 10 lakh in the Post Office scheme, and after five years, they will receive Rs 14,28,964 at a 7.4\% interest rate. As per this calculation, investors will get over Rs 4,28,000 as interest on their investments.
Which is the best saving scheme?
What are the different savings schemes offered by post offices?
Post Office Savings Schemes: Post Offices across India offer multiple savings schemes, some of which offer high interest to customers. They are Post office Monthly Income Scheme Account, 5-Year Post Office Recurring Deposit Account, Senior Citizen Savings Scheme, 15 year Public Provident Fund Account, and Sukanya Samriddhi Accounts.
Is post office a good place to save money in India?
The Post Office of India has alluring schemes for Indians to save a few extra bucks. They are offering better interest rates than a bank savings account. Post office savings schemes give guaranteed returns and they also qualify for income tax benefits under section 80C.
Why are post offices better than banks for saving money?
They are offering better interest rates than a bank savings account. Post office savings schemes give guaranteed returns and they also qualify for income tax benefits under section 80C. Since post offices have a larger reach than any other financial instrument and help deepen financial inclusion in the country.
Is the post office still in the savings game?
Concealed by telephone, messaging apps, emails, and social media, post offices are still in the game when it comes to savings schemes.