.Is. The interest rate of these savings schemes has been increased by 10 to 70 basis points. However, there has been no change in the interest rates of PPF. The interest rate of Sukanya Samriddhi Yojana has been increased from 7.6 percent to 8 percent. The interest on Monthly Income Account has now increased from 7.1 per cent to 7.4 per cent and on Kisan Vikas Patra from 7.2 per cent to 7.5 per cent.

Those investing in Senior Citizen Savings Schemes will now get 8.2 per cent interest instead of 8 per cent.

Interest rates on time deposits also increased

The government has also increased the interest rates on time deposits of one, two, three and five years. Now one year time deposits will get 6.8 percent interest. Till now 6.6 percent interest was being received. 6.9 percent interest will be available on two-year time deposits. Earlier this rate interest rate was 6.8 percent.

Similarly, the interest on three-year time deposits has been increased from 6.9 per cent to 7.0 per cent. Investors will now get 7.5 per cent interest instead of 7 per cent on 5-year time deposits.

The post Good news! Government has increased the interest rates of SSY, KVP, NSC and PPF schemes, check new rate first appeared on Rightsofemployees.com.

At the same time, there are some schemes in which interest is more than fixed deposit ie FD. National Saving Certificate (NSC), Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme (SCSS), Kisan Vikas Patra (Kisan Vikas Patra – KVP) are all such schemes. Good money can be made in a safe way by investing in them.

In such a situation, if you want to invest money in a government scheme for a long time and also want to avoid risk, then the Kisan Vikas Patra scheme of the post office can be a good option for you. Any adult citizen can open his account in this. If you want, you can also open a joint account in the name of 3 people.

Investment in KVP will double your money

Kisan Vikas Patra (KVP) is a savings scheme provided by the Government of India. This is a double money scheme of the Government of India where you get interest at the rate of 6.9% per annum and it doubles in 124 months (10 years and 4 months). You can start with investing as little as Rs 1,000 in KVP. There is no maximum investment limit in this. You can open any number of KVP accounts.

Post Office’s National Saving Certificate Scheme

6.8 percent interest is being received on the National Saving Certificate of the Post Office. Along with guaranteed returns on NSC, tax exemption is also available on the amount invested. The maturity period of this scheme is for 5 years. Your money will double in about 10.59 years on investment in this 5-year savings scheme.

Time deposit scheme

Post office time deposit is a great scheme to double the money. In this, the benefit of interest is available at the rate of 5.8 percent on time deposits ranging from 1 to 3 years. By investing in it, your money will double in about 13 years.

Sukanya Samriddhi Yojana

Post Office’s Sukanya Samriddhi Yojana is currently getting interest at the rate of 7.6 percent. A maximum investment of Rs 1.5 lakh and a minimum of Rs 250 can be made in this scheme in a financial year. Annual compound interest is available on this scheme. This post office scheme will double your money in nine and a half years i.e. 113 months. By the way, after 21 years of investing in this scheme, the benefit of maturity is available.

Senior Citizens Savings Scheme

Your money will double in about 113 months in the Senior Citizen Savings Scheme of the Post Office. In this scheme, the benefit of interest will be available at the rate of 7.6 percent.

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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 centn 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.

c (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.

The post Post Office New Plan: Doubling money with post office scheme Rs 1,00,000 to Rs 2,00,000 in 124 months , know here complete details first appeared on Rightsofemployees.com.

Everyone wants that after 60 years old age passes peacefully. If you also want to do retirement planning, then this is a good opportunity for you. The government has run many schemes to take care of your old age. Where you can invest National Pension System (NPS) is a government pension scheme. This includes both equity and debt instruments. Investors should invest in NPS scheme to get higher monthly pension after retirement. By investing in NPS, you can get a pension of Rs 2 lakh every month in old age.

Income Tax Exemption and Complete Pension Withdrawal Amount

NPS Pension Scheme is a government scheme just like Public Provident Fund (PPF), Employees Provident Fund (EPF), Sukanya Samriddhi Yojana etc. Under this, the investor is given income tax exemption on maturity and the entire pension withdrawal amount. An investor can increase his monthly pension amount by making the right use of the free maturity amount.

NPS Better Scheme for Retirement

Dhan Transcend Capital Karthik Jhaveri Director said that the National Pension System (NPS) scheme can be a better scheme for retirement. In this, the investor gets the facility of debt along with equity. Under this, 60 percent exposure is available in equity and 40 percent in debt. According to Karthik Jhaveri, assuming long term equity return of 12 per cent and long term debt return of 8 per cent, one can expect a return of 10 per cent of NPS in the long term. He should invest in NPS at the earliest for higher pension.

Monthly pension of Rs 63,768 in 20 years

If you invest Rs 5000 every month from 20 years to retirement, then you will get a lump sum maturity amount of 1.91 crore to 1.27 crore. According to this post 6 per cent return on 1.27 crore investors can get a monthly pension of Rs 63,768 per month.

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