post office
Even today, most people resort to bank FD to keep their savings safe. But in times of rising inflation, the returns of 6-7% often fall short. In such a situation, if you want better earnings with safe investment, then small savings schemes of post office are emerging as a good option.
The special thing about these schemes is that they offer interest ranging from 7.4% to 8.2% and there is also 100% guarantee from the government. This means that your money remains completely safe and you can get better returns than FD.
Why are people’s thinking changing?
Inflation is continuously increasing, while FD returns are not increasing that fast. Therefore, now people are looking for such options where money remains safe and they also get better returns. Post office schemes fulfill this need to a great extent.
Know 5 best post office schemes
1. Sukanya Samriddhi Yojana (SSY)
This scheme with interest of about 8.2% is for daughters below 10 years of age. Tax-free returns are available in this and investment can be started with small amount.
2. Senior Citizen Savings Scheme (SCSS)
For people above 60 years, this scheme gives about 8.2% interest. Interest is received every three months, which ensures regular income.
3. National Savings Certificate (NSC)
This scheme with 7.7% interest and tenure of 5 years gives the benefit of both safe investment and tax saving.
4. Kisan Vikas Patra (KVP)
You get about 7.5% interest in this and your money doubles in the stipulated time (about 115 months). Good option for long term investment.
5. Monthly Income Scheme (MIS)
You get fixed income every month with around 7.4% interest. It is better for retired people and those who want regular income.
What is the difference between FD and post office?
In bank FD, insurance protection is available only up to ₹ 5 lakh, whereas in post office schemes, the entire amount is guaranteed by the government. Besides, interest is also often higher in these schemes.
What should investors do?
If you depend only on FD, you may miss better opportunities. Choose the right scheme according to your financial goals and diversify your investments a little. This will keep your money safe and grow faster.
