Post Office Savings Schemes Offer Better Returns than Bank FDs: Know more:

5 Post Office Savings Schemes That Offer Better Returns than Bank FDs After the repo rate cut, banks have reduced their fixed deposit (FD) interest rates. If you’re worried about getting low returns, don’t worry! The Indian Post Office offers several savings schemes that can give you higher returns. Here are 5 great options:

Sukanya Samriddhi Yojana

• Interest Rate: 8.20% per year
• Investment: The minimum investment amount is Rs. 250, and you can invest up to Rs. 1.5 lakh in a year, as per this scheme.
• Features: This savings plan is for daughters. You get tax benefits under Section 80C. You can deposit money for up to 15 years from the day you open the account.

Senior Citizen Savings Scheme

• Interest Rate: 8.20% (on 5-year deposits)
• Investment: Minimum Rs. 1,000, Maximum Rs. 30 lakh
• Features: For people aged 60 years and above, tax benefits under Section 80C, 5-year term (can be extended by 3 years)

Public Provident Fund

• Interest Rate: 7.10% per year
• Investment: Minimum Rs. 500, Maximum Rs. 1.5 lakh per year.
• Features: 15 year term, tax benefits under Section 80C and tax-free returns, loan and partial withdrawal options available

Kisan Vikas Patra

• Interest Rate: 7.50%
• Investment: Minimum Rs. 1,000, no upper limit
• Features: Can be redeemed after 2.5 years, no tax benefits, any Indian citizen or minor can invest

5 Year National Savings Certificate

• Interest Rate: 7.70% per annum.
• Investment: Minimum Rs. 1,000, no upper limit
• Features: Tax benefits under Section 80C, no TDS deduction, safe government-backed investment, early withdrawal possible under certain conditions (with reduced interest rate)

If you want better returns than bank FDs, these post office savings schemes can be great options. You can earn higher profits by choosing the scheme that best fits your needs and convenience.