New Delhi: The post office offers several small savings schemes to let investors invest their savings in safer options that offer bumper returns. The state-owned company has not changed the interest rates on its plans for the September quarter, which means investors can make decent returns from their investments.
All the investment schemes offered by the post office get government collateral on the returns to the investors. Here is a list of all the small savings schemes offered by the post office in which you can invest to double your investment in a few years:
1. Post Office Time Deposit
Post Office Time Deposit (TD) is similar to the fixed deposit investment option offered by public and private banks in India. Investors can invest in this scheme for a tenure of 1 to 3 years to earn an interest of 5.5 per cent.
Investors can get an interest of 6.7 per cent on their investment amount for five years of investment. So, in this scheme, investors’ money can double their money in approximately 10.75 years.
2. Post Office Savings Bank Account
Post Office Savings Bank Account provides an opportunity to the investors to save their money in the bank account. However, investors only get a 4% annual return on their investments, which means their investments will almost double in 18 years.
3. Post Office Recurring Deposit Scheme
Post Office Recurring Deposit Scheme is one of the most popular investment schemes offered by the post office. Currently, the Indian Post Office is offering 5.8% annual interest on investments in Post Office Recurring Deposits (RDs). The amount invested in the Post Office Recurring Deposit Scheme doubles in 12.41 years.
4. Post Office Monthly Income Scheme
The Post Office is currently offering an annual interest of 6.6% in Monthly Income Scheme (MIS). Investors’ money in the Post Office Monthly Income Scheme will double in about 10.91 years.
5. Post Office Senior Citizen Savings Scheme
At present, investors in the Post Office Senior Citizen Savings Scheme (SCSS) for older people get an interest of 7.4%. The amount invested will double in about 9.73 years at current interest rates.
6. Post Office PPF
The 15-year Public Provident Fund (PPF) operated by the post office is also one of the most sought-after investment options in India. At present investors get an interest rate of 7.1% on their investments, which doubles in 10.14 years in the scheme.
7. Post Office Sukanya Samriddhi Account
Investors get the best interest rate of 7.6% in Post Office Sukanya Samriddhi Account for Girls. The investment in this scheme doubles in approximately 9.47 years, giving astonishing returns to the investors. Read also: 7th Pay Commission: Central government employees will get festive bonus before DA hike, check eligibility
8. Post Office National Savings Certificate
The Post Office National Savings Certificate offers an interest rate of 6.8% on investments. The amount invested in this 5 year savings plan almost doubles in 10.59 years. Investors can also avail tax benefits in the scheme. Read also: Big Coal Crisis! 14 power plants temporarily closed in Uttar Pradesh, 8 due to fuel shortage