New Delhi, May 1: Post Office Savings Schemes are popular among common man as one get assured returns upon maturity of the scheme in which he or she had invested. The central government provides the guaranteed of returns on Post office schemes, hence these are considered as the safest option to pick to perk your money.
Post Office Schemes 2021
There are a few Post Office Schemes in which you can invest without risking your money and your money will be doubled. These schemes are Post Office Time Deposit, Post Office Savings Bank Account, Post Office Recurring Deposit account, Post office monthly income scheme, Post office Senior Citizens Savings Scheme Account (SCSS), Post Office PPF, Post Office Sukanya Samriddhi Account(SSA), and Post Office Kisan Vikas Patra (KVP).
Post Office Savings Account
One can open a Post Office Savings Account which guarantees 4 per cent interest rate. At the current interest rate, your money will be doubled in 18 years.
Post Office Time Deposit Account
Post office offers time deposit account for four tenures. There are 1 year, 2-year, 3-year, and 5-year Time deposit accounts. While you will get 5.5 per cent annual interest on 1 year, 2-year, and 3-year time deposit accounts, 5-year account fetches 6.7 per cent.
So, if you perk your money in 1 year, 2-year, and 3-year time deposit accounts, your money will be doubled in around 13 years. If you invested in 5-year time deposit account, your money will be doubled in 10.75 years.
Post Office Monthly Income Scheme Account (MIS)
Post Office Monthly Income Scheme or MIS is a popular small savings scheme. One will get 6.6 per cent interest rate annually. At the current rate of interest, your money will be doubled in around 11 years.
Post Office National Savings Recurring Deposit Account(RD)
One can open Post Office National Savings Recurring Deposit Account. This scheme offers 5.8 per cent of annual interest. At this rate, one can double his or her money in around 12-13 years.
Post Office PPF
Post Office 15 year Public Provident Fund Account (PPF) is another popular scheme which is offering an interest rate of 7.1 per cent annually for the tenure of 15 years. At this rate, your money will be doubled in 10.74 years.
Post Office Senior Citizens Savings Scheme Account (SCSS)
Post Office Senior Citizens Savings Scheme currently offers an interest rate of 7.4 per cent. At this rate, one double his or her money in 9.73 years by investing in this account.
Post Office Kisan Vikas Patra (KVP)
Post Office Kisan Vikas Patra offers 6.9 per cent annual interest rate. Your money will be doubled in 10 years 4 months.
Sukanya Samriddhi Account (SSA)
Sukanya Samriddhi Account offers an annual interest rate of 7.6 per cent. One can double his or her money in 9.47 years.