Post Office Deposit Schemes:

The post office offers a variety of deposit schemes to its customers. They are also known as small savings schemes. These schemes are quite popular due to better and guaranteed returns. These schemes are supported by the central government. Some of these schemes also get income tax exemption under Section 80C of the Indian Income Tax Act. The interest rate on these schemes is fixed by the government every three months. Today, we will tell you about the interest rates applicable in various small savings schemes of the post office.

1. Senior Citizen Savings Scheme (SCSS)
Senior citizens of 60 years or more can invest in this scheme to get regular interest income. The minimum investment amount in this scheme is Rs 1,000 and the maximum investment amount is Rs 15 lakh. At this time, customers are being given interest at the rate of 7.40 percent in this scheme.

2. Sukanya Samriddhi Yojana (SSY)
This scheme comes under the ‘Beti Bachao Beti Padhao’ campaign. In this scheme, investment amount, interest earned and maturity amount are exempt from income tax in all three. A parent or legal guardian can open an account under this scheme for a maximum of two daughters. The minimum investment amount in this scheme is Rs 1,000 and the maximum investment amount is Rs 1.50 lakh. At present, the scheme is getting interest at the rate of 7.60 percent.

3. Post Office Monthly Income Scheme (POMIS)
This plan has a maturity period of five years. The scheme only offers monthly interest payments from investors. The minimum investment limit in this scheme is Rs 1500 and maximum investment limit is Rs 4.50 lakh for single account and Rs 9 lakh for joint account. At present, the scheme is paying interest at the rate of 6.60 percent.

4. Kisan Vikas Patra (KVP)
If you want to double your investment amount, then you can invest in this scheme. In this scheme, the rate of interest and doubling of investment is fixed by the government on a quarterly basis. There is a minimum investment amount of Rs 1000 and no limit on the maximum investment amount in this scheme. This scheme is currently giving interest to customers at the rate of 6.90 percent.

5. Public Provident Fund (PPF)
In this scheme also, investment amount, interest earned and maturity amount are exempt from income tax in all three. The scheme has a lock-in period of 15 years, but the facility of partial withdrawal has been given for seven years. The minimum investment amount is Rs 500 and the maximum investment amount is Rs 1.50 lakh annually. At present, the scheme is getting interest at the rate of 7.10 percent.

6. Post Office RD (RD)
This scheme is planned for a small fixed amounts of investment at regular intervals. Customers can open a five-year RD account by going to the post office. There is a minimum investment amount of Rs 10 and no limit on the maximum investment amount in this scheme. At this time, customers are getting interest at the rate of 5.80 percent in this scheme.

7. Post Office Savings Account
Customers can open a savings account at the post office with only Rs 20. There is a minimum investment amount of Rs 20 and no limit on the maximum investment amount in this scheme. At this time, interest is being paid on this account at the rate of 4 percent.

8. Five Year National Savings Certificate
It has a lock-in period of five years. Income tax exemption under Section 80C is also available in this scheme. There is a minimum investment amount of Rs 100 and no limit on the maximum investment amount in this scheme. At present, interest is being received in this scheme at the rate of 6.80 percent.

9. Post Office Time Deposit (POTD)
The post office also offers time deposits from customers just like bank FDs. It occurs for one, two, three or five years. There is a minimum investment amount of Rs 200 and no limit on the maximum investment amount in this scheme. The scheme is currently getting interest at the rate of 5.50 to 6.70 percent.

We hope, this article helps you to understand the different types of Post Office Deposit Schemes.