New Delhi, Business Desk. Post office fees offer a variety of deposit plans from its customers. They are also known as small savings plans. These plans are known for safer, better and guaranteed returns. What is special is that these schemes are supported by the Central Government. Some of these schemes are also exempt from income tax under Section 80C of the Indian Income Tax Act. The interest rate on these deposit schemes is fixed by the government every three months. Let us know about the current interest rates on these deposit schemes.
1. National Savings Certificate
The five-year period of this scheme is five years. The scheme also provides income tax exemption under section C0C. The minimum investment amount in this scheme is 100 and the maximum investment amount is not. The scheme is currently offering an interest rate of 6.80 per cent.
2. Post Office Fee Time Deposit (POTD)
Post office fees also allow time deposits from customers like bank FDs. It lasts for one, two, three or five years. The minimum investment amount in this scheme is 200 and not the maximum investment amount. The scheme is earning interest at 5.50 to 6.70 per cent.
Senior. Senior Citizen Savings Scheme (SCSS)
Senior citizens aged 60 years and above can invest in this scheme to earn regular interest income. The minimum investment amount in this scheme is Rs.1000 and maximum investment amount is Rs.15 lakhs. It comes with a five-year lock-in period. The scheme is currently paying 7.40 per cent interest to its customers.
Su. Sukanya Samrudhi Yojana (SSY)
In this scheme, the amount of investment, the amount of interest received and the amount of maturity, all are exempt from income tax. Parents or legal guardians can open an account under this scheme for a maximum of two daughters. The minimum investment amount in this scheme is Rs.1000 and maximum investment amount is Rs.1.50 lakh. The scheme is currently earning interest at 7.60 per cent.
Post. Post Office Fee Monthly Income Plan (POMIS)
The plan only offers monthly interest payments from investors. The minimum investment limit in this scheme is Rs 1500 and the maximum investment limit is Rs 4.50 lakh for a single account and Rs 9 lakh for a joint account. The maturity of the scheme is five years. The current interest rate on the scheme is 6.60 per cent.
6. Kisan Vikas Patra (KVP)
By investing in this investment option you can double your investment amount. In this scheme, the government fixes double the rate of interest and investment on a quarterly basis. The minimum investment amount in this scheme is Rs.1000 and there is no limit on the maximum investment amount. The interest rate on the scheme is currently 6.90 per cent.
7. Public Provident Fund (PPF)
Even in PPF, the amount of investment, the amount of interest earned and the maturity amount are three income tax exemptions. The lock-in period of this plan is 15 years, but can be partially withdrawn after seven years. The minimum investment amount in this scheme is Rs.500 and the maximum investment amount is Rs. 1.50 lakh. The interest rate on the scheme is currently 7.10 per cent.
8. Post Office Fees RD (RD)
The plan is designed to invest a certain amount of money at regular intervals. Investors can open a five-year RD account at a post office fee. The minimum investment amount in this scheme is 10 and the maximum investment amount is not. The interest rate in this scheme is presently 80.80.
9. Post Office Fee Savings Account
You can also open a savings account in post office fees. This is similar to a savings account opened in a bank. At the moment, the account is earning 4% interest.
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