Best savings schemes of post office give better returns, know how to invest and take advantage

With the changing times, the post office is not limited to just letters, but it is getting all the facilities that a bank gives you. Not only this, the post office is also constantly doing something new to keep itself updated in the age of technology. Let us know about some such investment scheme, due to which common man is getting facilities like a bank here. Also, the best part is that many post office schemes are also getting higher returns than banks. That is, you can get more returns by investing.

1. Savings Account (SA):Customers opening a post office savings account get 4% interest annually. Any person can open a savings account in the post office with a cash amount of Rs 500. The post office also provides the facility of opening a joint account. You can withdraw Rs 50 from your savings account. You can take advantage of Check Book, ATM Card, E-Banking, Mobile Banking, Aadhar Seeding, Atal Pension Yojana Pradhan Mantri etc.

2. Monthly Income Scheme:In the Regular Monthly Income Scheme, the customer gets 6.60 percent interest. This interest varies from year to financial year. To take advantage of the scheme, the customer has to keep a minimum of 1000 rupees in his account. Whereas at most he can keep only 4.5 lakh rupees in the account. However, the maximum limit for a joint account is Rs 9 lakh.

3. Senior Citizen Saving Scheme:The Post Office Senior Citizen Savings Scheme or POSCSS is a five-year scheme for senior citizens that offers an interest rate of 7.4 per cent. Interest is earned on quarterly basis. While opening the account, keep in mind that the person should have attained 60 years of age as on that date. The investment under this scheme avails benefits under section 80C of the Income Tax Act.

4. 5 Year Recurring Deposit:RD is opened in the post office on the minimum installation of Rs 100 per month. The current interest rate on post office RD is 5.8% per annum. Account can be opened in single or joint, in the name of minor above 10 years of age and mentally challenged person.

5. Post Office Time Deposit:TD can be opened in the post office from 1 year to 5 years. The account can be opened with a minimum of Rs 1000, there is no maximum limit. The current interest rate on post office TD ranges from 5.5 per cent to 6.7 per cent per annum.

6. Sukanya Samriddhi Yojana:Under this, the account can be opened before the age of 10 years after the birth of a girl child. You can open this account in just Rs.250. In this, interest is being given at the rate of 7.6 percent per annum, which is much higher than fixed deposits. The maximum amount that can be deposited in a financial year is Rs 1.5 lakh. You can also avail tax exemption under 80C by investing in this scheme.

7. Post Office Public Provident Fund:At present, 7.1 percent interest is being received on the amount deposited in Post Office Public Provident Fund (PPF) accounts. This account can be opened for 15 years, which can be extended for a further period of 5 years. A PPF account can be opened with a minimum of Rs 500. In this, it is necessary to invest a minimum of Rs 500 in a financial account, while you can invest a maximum of Rs 1.5 lakh in the account in a year.

8. Post Office National Saving Certificate:Investments in Post Office National Savings Certificates (NSCs) currently fetch an interest rate of 6.8 percent on an annual basis. You can invest in this for 5 years. The amount deposited in National Savings Certificate is eligible for tax exemption under section 80C of the Income Tax Act. To open an NSC account, you have to invest a minimum of 1000 rupees.

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