New Delhi: Post Office offers a slew of Small Savings Schemes to let investors invest their savings in safe options that offer bumper returns. The state-owned company hasn’t changed the interest rates on its schemes for the September quarter, meaning that the investors can reap decent profits from their investments.
On all the investment schemes offered by Post Office, investors get the government’s surety on returns. Here’s a list of all small savings schemes offered by Post Office in which you can invest to double your investments in a span of a few years:
1. Post Office Time Deposit
Post Office Time Deposit (TD) is similar to a fixed deposit investment option offered by public and private banks in India. Investors can invest in the scheme for a tenure of 1 to 3 years to get a 5.5% interest.
On investments of five years, investors can bag an interest of 6.7% on their invested sum. So, in this plan, investors money can get their money doubled in about 10.75 years.
2. Post Office Savings Bank Account
Post Office Savings Bank Account offers investors an opportunity to save their money in a bank account. However, investors get just a 4% annual return on their investments, which means that their investment will double in nearly 18 years.
3. Post Office Recurring Deposit Scheme
Post Office Recurring Deposit Scheme is one of the most popular investment schemes offered by Post Office. Currently, India Post Office is offering a 5.8% annual interest on investments in Post Office Recurring Deposit (RD). The invested sum in the Post Office Recurring Deposit Scheme doubles in 12.41 years.
4. Post Office Monthly Income Scheme
Post Office is currently offering an annual interest of 6.6% in the Monthly Income Scheme (MIS). Investor’s money in Post Office Monthly Income Scheme will double in about 10.91 years.
5. Post Office Senior Citizens Savings Scheme
Currently, investors get an interest of 7.4% in the Post Office Senior Citizen Saving Scheme (SCSS) meant for old age people. At the current interest rates, the invested sum will double in about 9.73 years.
6. Post Office PPF
The 15-year Public Provident Fund (PPF) run by Post Office is also one of the most sought after investment options in India. Currently, investors get an interest rate of 7.1% on their investment, which gets doubled in 10.14 years in the scheme.
7. Post Office Sukanya Samriddhi Account
Investors get the best interest rate at 7.6% in Post Office Sukanya Samriddhi Account meant for girls. The investment in this scheme doubles in about 9.47 years, offering amazing returns to investors. Also Read: 7th Pay Commission: Central government employees to get festive bonus ahead of DA hike, check eligibility
8. Post Office National Saving Certificate
Post Office National Saving Certificate offers an interest rate of 6.8% on investments. In this 5-year savings plan invested sum doubles in about 10.59 years. Investors can also avail tax benefits in the plan. Also Read: MAJOR coal crisis! 14 power plants temporarily shut in Uttar Pradesh, 8 due to lack of fuel