Investment: 5 Post Office Schemes including PPF, Time Deposit Scheme and Kisan Vikas Patra earn more interest than FD, Find out how much return you will get if you invest for 10 years
- The PPF account is earning 7.1% interest.
- The Kisan Vikas Patra scheme is earning 6.9% interest.
The government made no reduction in the small savings scheme in the October-December quarter. Because of this, these schemes still pay more interest than the fixed deposit (FD). You can get a good return by investing in it. Here are 5 post office schemes in which you will get more interest than FD on investment.
PPF scheme::
An account can be opened at a bank or post office under this scheme. Apart from this it can also be transferred to any bank or any post fee.
This account can be opened for only Rs. But then it is necessary to deposit Rs.500 every year. A maximum of Rs 1.5 lakh can be deposited in this account every year.
The plan is for 15 years. From which money cannot be withdrawn in the meantime. But after 15 years the plan can be extended for 5-5 years.
This account cannot be closed before 15 years. But after 3 years the loan can be taken against this account. Anyone can withdraw money under the rules from the 7th year of this account if they wish.
The government reviews interest rates every three months. This interest rate can be more or less. The account is currently earning 7.1% interest.
What is the return on investment for 10 years?
Under this scheme, if you invest Rs 1 lakh for 10 years, you will get Rs 2,02,136. That is, you will get Rs 1,02,136 lakh as interest.
Kisan Vikas Patra ::
- The Kisan Vikas Patra (KVP) Savings Scheme is currently offering 6.9% interest.
- There is no maximum investment limit in KVP. However, your minimum investment should be Rs.
- The investor must be at least 18 years of age. It also has the facility of joint account apart from single account.
- Minors can also be included in the scheme. But that account must be handled by their parents.
- If you want to withdraw your investment you have to wait at least 2.5 years. It has a lock-in period of two and a half years.
- The amount deposited under this is exempted under Section 80C of the Income Tax Act.
What is the return on investment for 10 years?
Under this scheme, if you invest Rs 1 lakh for 10 years, you will get Rs 1,98,201. That is, you will get interest in excess of Rs 98,201 lakh.
Post Office National Savings Certificate Scheme ::
- Post Office National Savings Certificate (NSC) is earning 6.8% annual interest
- The interest is calculated on an annual basis, but the amount of interest is paid at the end of the investment period
- The amount deposited in the National Savings Certificate is tax deductible under Section 80C of the Income Tax Act.
- You have to invest a minimum of Rs 100 to open an NSC account.
- This account can also be opened in the name of a minor and a joint in the name of 3 adults.
- You can invest any amount in NSC. There is no maximum investment limit.
What is the return on investment for 10 years?
Under this scheme, if you invest Rs 1 lakh for 10 years, you will get Rs 1,96,262. That is, you will get interest in excess of Rs 96,262 lakh.
Time Deposit Scheme ::
A fixed deposit account can be opened at the post office by cash or check.
According to India Post, in the case of a check, the account will be deemed to have been opened from the date of receipt of the check in the government's account.
- This account can also be opened in the name of a minor and as a joint account in the name of two adults.
- A minimum deposit of Rs. 1,000 is required to open a Post Office FD account. It has no maximum limit.
- The Post Office Time Deposit Account offers interest rates ranging from 5.5% to 6.7% for a period of 1 to 5 years.
- Deposit tax will be paid at 5.5% for 1 to 3 years and 6.7% for 5 years investment.
- A tax exemption of up to Rs 1.5 lakh can be availed under Section 80C of the Income Tax Act for 5 years of investment.
- Under this scheme interest is paid on an annual basis, but it is calculated on a quarterly basis.
What is the return on investment for 10 years?
Under this scheme, if you invest Rs 1 lakh for 10 years, you will get Rs 1,94,342. That is, you will get interest in excess of Rs 94,342 lakh.
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Post Office Monthly Income Scheme ::
The interest is being paid at 6.6%. An account can be opened with a minimum of Rs 1,000 under this scheme.
If your account is single, you can deposit up to Rs 4.5 lakh. On the other hand, if you have a joint account, a maximum of Rs 9 lakh can be deposited in it. The maturity period is 5 years.
- Interest under this scheme is paid on an annual basis, but is calculated on a quarterly basis.
- A joint account can also be opened in the name of a minor and in the name of 3 adults.
- You can contact your nearest Post Office to open a Post Office Monthly Income Account.
What is the return on investment for 10 years?
Under this scheme, if you invest Rs 1 lakh for 10 years, you will get Rs 1,92,439. That is, you will get interest in excess of Rs 92,439 lakh.
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