New Delhi: The Post Office Savings Plan has emerged as one of the safest options for traditional investors who don’t want to take a lot of market risk and are dependent on a fixed interest rate.
The Small Postal Savings Plans are of 9 types:
1. Postal savings account (CS)
2. National Recurring Deposit (RD) Savings Account
3. National Term Savings Account (TD)
4. National monthly income savings account (MIS)
5. Seniors Savings Account (SCSS)
6. Public provident account (PPF)
7. Sukanya Samriddhi Account (SSA)
8. National cash certificates (8th issue) (NSC)
9. Kisan Vikas Patra (KVP)
Although many of the above plans do not have a maximum balance, for the opening and continuation of plans, you will need to maintain a minimum amount balance.
If you too are curious about the minimum required balance for an account, you can check the minimum balance for the different types of small savings accounts as shown below:
|Post office savings account||Rs. 500 / –|
|Recurring National Savings Deposit Account||Rs. 100 / –|
|Monthly income plan||Rs. 1000 / –|
|Term account||Rs. 1000 / –|
|Public provident fund||Rs. 500 / –|
|Sukanya Samriddhi Account||Rs. 250 / –|
|Seniors Savings Plan||Rs. 1000 / –|
|National cash voucher (8th issue)||Rs. 1000 / –|
|Kisan Vikas Patra||Rs. 1000 / –|
Among the above small post office savings schemes, Sukanya Samriddhi Account Scheme achieves 7.6% p.a. interest rate, Seniors Savings Scheme achieves interest rate of 7.4% per quarter and the public provident fund scheme, an interest rate of 7.1% per year.