Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

Kisan Vikas Patra (KVP)

KVP is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

• Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
• Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
• Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

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Let us tell you that it can also be opened in the name of children above 10 years of age. If you open this special account (Post Office Monthly Income Scheme) in the name of your children, then you will not even have to worry about his school fees. Let us know all the details related to this scheme.

Where and how to open account?

You can open this account (Post Office Monthly Income Scheme Benefits) in any post office.
Under this, a minimum of Rs 1000 and a maximum of Rs 4.5 lakh can be deposited.
At present, the interest rate under this scheme (Post Office Monthly Income Scheme Interest Rate 2021) is 6.6 percent.
– If the child’s age is more than 10 years, then you can open this account (MIS Benefits) in his name
.
The maturity of this scheme is 5 years, after that it can be closed.

Know the calculation

If your child is 10 years old and you deposit Rs 2 lakh in his name, then every month your interest will become Rs 1100 at the current rate of 6.6 per cent.
In five years, this interest will become a total of 66 thousand rupees and in the last you will also get a return of 2 lakh rupees (Post Office Monthly Income Scheme In Hindi).
In this way, you will get 1100 rupees for a small child, which you can use for his education.
This amount can become a good help for the parent.
Similarly, if you deposit Rs 4.5 lakh, then you will get about Rs 2500 every month.

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Returns are guaranteed in this small savings. In this, you also get the benefit of tax exemption under section 80C of the Income Tax Act on investments up to Rs 1.5 lakh. Due to being a government scheme, your money here also increases according to the fixed interest, while remaining completely safe.

How much interest is getting on NSC

The interest rate on National Savings Certificate is 6.8 percent. Its maturity period is 5 years. The interest rates on NSC and other small savings are reviewed by the government every quarter.

NSC: How much will be earned from interest

The interest on NSC is compounded annually but the payment is made on the payment maturity of 5 years. If you invest Rs 5 lakh in this scheme, you will get Rs 6,94,746 on maturity at 6.8 percent interest. That is, you will get the benefit of interest of Rs 1,94,746.

For how much value can NSC buy

You can buy National Savings Certificate from any branch of the post office. You can buy this certificate in denominations of Rs 100, 500, 1000, 5000 and Rs 10,000. The minimum amount for investment should be Rs 100. While there is no limit on the maximum amount.

Benefits of NSC

An amount of up to Rs 1.50 invested in NSC gets the benefit of tax exemption under section 80C of the Income Tax Act. It is getting higher interest as compared to fixed deposit. This certificate can be used as collateral. Being a government scheme, returns are guaranteed on it.

The post Post Office Launch New Plan: Good News! On depositing 5 lakhs in this scheme, interest of Rs 194746 will be available, know details first appeared on Rightsofemployees.com.

Many such schemes are run by the Post Office Saving Schemes, through which you can easily double your money in a few years. If you are also looking for a scheme to double the money, then today we will tell you about such schemes, in which your money will be doubled soon. Let us tell you how many years it will take for you to double your money in these schemes.

These schemes include Post Office Time Deposit, Post Office Savings Account, Post Office Recurring Deposit, Post Office Monthly Income Scheme, Post Office Public Provident Fund, Post Office Senior Citizens Savings Scheme, Post Office Sukanya Samriddhi Account and Post Office National Savings Certificate. .

1. Post Office Time Deposit To double the money, post office time deposit is the best scheme. In this, interest of 5.8 percent is available on time deposits from 1 to 3 years. By investing in it, your money will double in about 13 years.

2. Post Office Monthly Income Scheme The money in the Post Office Monthly Income Scheme doubles in about 10.91 years. In this, you get the benefit of interest at the rate of 6.7 percent.

3. Post Office Senior Citizens Savings Scheme

The money in the Senior Citizen Savings Scheme of the Post Office will double in about 9.73 years. In this, the benefit of interest will be available at the rate of 7.6 percent.

4. It will take about 18 years to double the money in the Post Office Savings Account. Let us tell you that this scheme takes the most time because the rate of interest is also low in it. At present, customers are getting interest at the rate of 4 percent in this.

5. Post Office Recurring Deposit Money in Post Office Recurring Deposit will double in about 12.41 years. In this, you get the benefit of interest at the rate of 5.8 percent.

6. Post Office National Saving Certificate

The National Saving Certificate of the Post Office is getting 6.8 percent interest. Investing in this 5-year savings scheme will double the money in about 10.59 years.

Let us tell you that after a long time, the central government has increased the interest rates of some small savings schemes. The increase in the interest rates of these small savings schemes has become effective from October 1. If you are looking for a safe option to invest, then Post Office Savings Scheme can be a better option for you.

The post Post Office Launch New Plan: Good News! Money will be doubled in these 6 schemes of Post Office, check all details here first appeared on Rightsofemployees.com.