3 postal savings schemes offering better interest rates than fixed deposits

Silver can grow and give you good returns if invested well. Fixed deposits are one of the most lucrative options that come to mind and they are highly valued due to the low risk factor. There are many other schemes that give you high interest rate and good and guaranteed results. One of these options is the Post Office Saving Schemes.

Postal Savings Plans are investment instruments that offer a higher return than term deposits. While fixed deposits are guaranteed by banks, the interest rate and tax benefits are not as high as postal savings schemes.

Post office schemes are government backed and offer interest rates ranging from 5.5 percent to 7.6 percent. In addition to these attractive interest rates, the Postal Savings Plan also reduces tax liability.

If these appeal to you, we have sorted out the three best postal schemes that can assure you of a successful investment.

Sukanya Samriddhi Yojana (SSY)

As the name suggests, the scheme is for a girl and can be opened to a girl under the age of 10. It can give returns at an interest rate of 7.6%. The Sukanya Samriddhi Yojana program can be opened with a deposit as low as Rs 250 and the upper limit is set at Rs 1.5 lakh. An account holder under the SSY scheme may enjoy tax benefits under Section 80C of the Income Tax Act, where interest earned under the Sukanya Samriddhi Yojana scheme is exempt from tax. tax.

Seniors Savings Plan (SCSS)

This account guarantees income with an interest rate of 7.4% per annum and can be opened by a person aged over 60. Deposits made to the account must be in multiples of Rs 1,000 and the maximum deposit a person can make must not exceed Rs 15 lakh.

Public Provident Fund (PPF)

With a minimum deposit of Rs 500 and a maximum deposit of Rs 1.5 lakh in a financial year, the Public Provident Fund is currently offering an interest rate of 7.1% per annum. The maturity period of the PPF scheme account is 15 years, excluding the year in which the account was opened under this scheme.

Read all the latest Assembly news, breaking news and live updates here.

Leslie M. Gill