Savings scheme

From PPF to Sukanya Samriddhi Yojana, this is what the programs offer you


Postal savings: Besides delivering mail and offering a wide range of financial services, India Post offers a number of popular investment options and can be opened easily at any nearby post office with a minimum of Rs 1,000. Read also: Double your money with small savings programs like Kisan Vikas Patra

For investors, India Post has several deposit programs, commonly known as Postal Savings Programs, and the government currently offers nine Postal Savings Programs. Here’s what you need to know about dieting.

What are small savings?

These nine small savings programs include the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Term Deposit. All of these plans have a term of five years. There is also a Savings Plan for Seniors (SCSS). You should also be aware of the possibility of opening a savings account with the post office with a minimum deposit of 500.

The interest rates applicable to these small savings plans change from time to time.

What are the interest rates?

1) Swiss Post savings account

It’s like any other savings account you open with banks. India Post also allows you to transfer money to your online postal savings account. It offers an interest rate of 4% per annum.

2) La Poste term account

You have the option of opening term deposits in the form of postal savings for 1, 2, 3 and 5 years of service. It is similar to term deposits offered by banks. 1 to 3 year post office term deposits give an interest rate of 5.5%. The five-year term deposit gives 6.7%.

3) 5 years post office RD

You can make small monthly investments in these RD accounts. This recurring deposit system offered by post offices will offer you 5.8% interest.

4) Seniors Savings Plan (SCSS)

Investors who are over the age of 60 can deposit up to 15 lakh over their lifetime into a senior savings plan. It helps you earn regular interest income, but it has a 5 year lock-up period. The senior regime gives 7.4%.

5) Post office monthly income scheme

Under this program, you can invest a maximum of ₹ 4.5 Lakh individually and ₹ 9 Lakh jointly in the post office. This scheme will provide a stable monthly income, and gives an interest rate of 6.6%.

6) National Savings Card (NSC)

The national savings certificate has a shelf life of 5 years. This will earn 6.8% interest

7) Public provident fund (PPF)

One of the most popular tax regimes is the PPF which expires in 15 years. Even though it is a long-term savings plan, you have the option for investors to benefit from a partial withdrawal after 5 years. You need to make a minimum deposit of 500 each year to ensure the account stays active. This currently stands at 7.1%.

8) Kisan Vikas Patra (KVP)

The Kisan Vikas Patra (KVP) will mature or double in value in 124 months, at an interest rate of 6.9%.

9) Sukanya Samriddhi Yojana (SSY)

If you want to invest for your daughter then this is one of the most popular savings programs for girls. It offers you an interest rate of 7.6%. A maximum of two accounts is allowed for a household of two girls individually. Once the child turns 21, he or she can claim the amount at maturity.


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