Post Office Small Saving Scheme: Small savings can be useful in times of crisis like Coronavirus.
There are many options to make small savings in Post Office (Post Office), because in Post Office Scheme, your money is 100% safe.
Several schemes are available such as Post Office Recording Deposit (Post Office RD), Post Office Public Provident Fund (POPPF), Post Office Senior Citizen Scheme (POSCS), Sukanya Samriddhi Yojana (SSY).
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Post Office Small Saving Scheme: Small savings can come in handy in times of crisis like Coronavirus. There are many options to make small savings in Post Office, because in Post Office Scheme, your money is 100% safe. So you can invest without risk. There are many schemes available such as Post Office Recording Deposit (Post Office RD), Post Office Public Provident Fund (POPPF), Post Office Senior Citizen Scheme (POSCS), Sukanya Samriddhi Yojana (SSY), in which you can start investing with very little money Huh. The special thing is that with these money safe returns also get good.
Post Office Small Savings Schemes Eligibility The
Indian citizen should be 18 years of age to apply for the post office savings scheme. Parents can open savings account on behalf of the minor. Also a joint account can be opened by two or three adults.
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The Post Office Recurring Deposit
Scheme is a scheme of the Post Office Recurring Deposit Office , which offers good returns on deposits in small installments. Post office recurring deposit accounts can be opened for five years. Currently, the scheme is getting 5.8 percent interest. Explain that the Government of India announces the interest rate of all its small savings schemes every quarter.
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Post Office Senior Citizen Scheme (SCSS)
People of the age of 60 years or above can apply for the post office Senior Citizen Scheme . Under this scheme, the rate of interest is 7.4 percent on the amount deposited. There is a lock-in period of 5 years for the principal, but premature withdrawal is allowed after completion of one year after paying the fine. A maximum investment of Rs 15 lakh can be made in this scheme. A senior citizen couple can jointly invest up to Rs 30 lakhs.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana gets an annual interest rate of 8.5% on investment. The parents of this scheme have to invest only for 14 years. After this, maturity is attained when it is 21 years. After 14 years, the closing amount will get 8.5% per annum.
Post Office Public Provident Fund (PPF)
Interest is paid at the rate of 7.9% annually on the amount deposited in the Post Office Public Provident Fund. Individuals can invest a minimum of Rs 500 and a maximum of 1.5 lakh in a financial year. You can deposit money in the scheme in lump sum or in 12 installments. The duration of maturity is 15 years, in which joint account cannot be opened and a citizen of India can open one account only.
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Post Office Monthly Income (POMIS)
This scheme provides monthly returns, which is completely safe. It is a good scheme for senior citizens, which provides a guaranteed monthly income as well as interest. Two or three persons can open a joint account. In which all account holders will have equal share. Single accounts can also be converted into joint accounts. The minimum deposit limit is Rs 1,500 and the maximum amount is Rs 4.5 lakh. For joint account holders, the limit is Rs 9 lakh.
