Which is best savings scheme in post office?
Which is best savings scheme in post office?
Post Office Interest Rates 2022
| Scheme | Interest Rate (% p.a) | Best for |
|---|---|---|
| Post Office Time Deposit Account (TD) | 5.5 | Small savings |
| Post Office Monthly Income Scheme Account (MIS) | 6.6 | Small savings |
| Senior Citizen Savings Scheme (SCSS) | 7.40 | Retirement |
| Public Provident Fund Account (PPF) | 7.10 | Risk-averse investors |
What are the saving schemes in post office?
Post Office Savings Account(SB)
What is the interest of 1 lakh in Post Office?
1 lakh in the scheme, with a maturity period of 5 years. At the annual interest rate of 7.7%, he will receive a fixed monthly payout of Rs. 641.66….How Post Office Monthly Income Scheme Works?
| Investment Amount | ||
|---|---|---|
| Single Account | Rs.1,500 | Rs.4,50,000 |
| Joint Account | Rs.1,500 | Rs.9,00,000 |
Which is best saving scheme?
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 the interest of 60000 in post office?
The investment amount is INR 60,000. The interest earned is INR 9,697.
Which scheme give more interest?
Best Saving Plans
| Savings Plans | Current Interest Rate |
|---|---|
| Post Office Monthly Income Scheme (MIS) | 6.6% |
| Public Provident Fund (PPF) | 7.1% |
| KVP (Kisan Vikas Patra) | 7.6% |
| Sukanya Samriddhi Yojana (SSY) | 7.6% |
What are post office saving schemes?
Post office saving schemes are easy to enroll in and require limited documentation as simple procedures in post offices ensure that these saving schemes are safe investment tools and provide a fixed return as they are backed by the government.
When is the next interest rate update for post office savings scheme?
The Ministry of Finance updates the interest rates of the post office saving scheme in every 3 months. Presently, the next interest review is due in March 2020. Nonetheless, the interest rate updates range between 4-9%, thus allowing investors to receive substantial returns.
What are the benefits of investing in post office schemes?
The investments in the Post Office Schemes are more future and long-term oriented as it can be a best retirement or pension plan with the investment period extending up to 15 years for a PPF account. With this kind of Investment scheme, an investor can diversify his/her portfolio for a risk free and fixed return.
What is post office savings bank/savings certificate application?
Post Office Savings Bank/Savings Certificate claim application where no nomination exists or legal evidence is not produced. Application for Closure of Senior Citizen Savings Scheme account by spouse (Joint Holder)/nominee (s)/legal heirs.