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    Safe Investment: Post Office Schemes

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    Aparna Dixit
    The document discusses several safe investment schemes offered by post offices in India, including recurring deposit schemes, monthly income schemes, Kisan Vikas Patra, national savings certificates, and senior citizens savings schemes. The recurring deposit scheme allows small monthly investments starting from Rs. 10 with an interest rate of 7.5%. The monthly income scheme pays Rs. 80 per month on a Rs. 12,000 deposit with an interest rate of 8%. Kisan Vikas Patra doubles the amount in 8 years and 7 months. National savings certificates offer 8% interest compounded semi-annually. The senior citizens savings scheme provides 9% annual interest for individuals over age 60.

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    Safe Investment: Post Office Schemes

    Uploaded by

    Aparna Dixit
    26 views2 pages
    The document discusses several safe investment schemes offered by post offices in India, including recurring deposit schemes, monthly income schemes, Kisan Vikas Patra, national savings certificates, and senior citizens savings schemes. The recurring deposit scheme allows small monthly investments starting from Rs. 10 with an interest rate of 7.5%. The monthly income scheme pays Rs. 80 per month on a Rs. 12,000 deposit with an interest rate of 8%. Kisan Vikas Patra doubles the amount in 8 years and 7 months. National savings certificates offer 8% interest compounded semi-annually. The senior citizens savings scheme provides 9% annual interest for individuals over age 60.

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    Safe Investment

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    The document discusses several safe investment schemes offered by post offices in India, including recurring deposit schemes, monthly income schemes, Kisan Vikas Patra, national savings certificates, and senior citizens savings schemes. The recurring deposit scheme allows small monthly investments starting from Rs. 10 with an interest rate of 7.5%. The monthly income scheme pays Rs. 80 per month on a Rs. 12,000 deposit with an interest rate of 8%. Kisan Vikas Patra doubles the amount in 8 years and 7 months. National savings certificates offer 8% interest compounded semi-annually. The senior citizens savings scheme provides 9% annual interest for individuals over age 60.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    26 views2 pages

    Safe Investment: Post Office Schemes

    Uploaded by

    Aparna Dixit
    The document discusses several safe investment schemes offered by post offices in India, including recurring deposit schemes, monthly income schemes, Kisan Vikas Patra, national savings certificates, and senior citizens savings schemes. The recurring deposit scheme allows small monthly investments starting from Rs. 10 with an interest rate of 7.5%. The monthly income scheme pays Rs. 80 per month on a Rs. 12,000 deposit with an interest rate of 8%. Kisan Vikas Patra doubles the amount in 8 years and 7 months. National savings certificates offer 8% interest compounded semi-annually. The senior citizens savings scheme provides 9% annual interest for individuals over age 60.

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    Safe Investment : Post Office Schemes

    Ever increasing expenses and diminishing value of money makes it mandatory to invest wisely for secured future. There are a lot of avenues in India to invest and harvest the profits later as and when required. If you have a large sum then do not put it in savings account of a bank as it is not going to fetch you smart interest, rather I would suggest you to invest in following schemes:

    Recurring deposit scheme Do not worry if you do not have amount to invest at a single point of time. You can invest regularly month by month in recurring deposit scheme. You may invest as low as Rs.10 per month and no maximum limit. Rs. 100 account fetches Rs. 7289 on maturity. It may be continued for another 5 years on year to year basis. Rate of interest is 7.5% (quarterly compounded).After 1 yr. one withdrawal up to 50% of the balance is allowed. Monthly income scheme This one is my all time favorite. Rs. 80 will be paid every month on a deposit of Rs. 12000.Minimum amount can be in multiples of Rs. 1500 up to a maximum of 4.5 lakhs in single account and Rs. 9 lakhs in joint account. Rate of interest is 8%p.a.Maturity period is 6 years. Can be prematurely encashed after one year but before 3 years at the deduction of 2% of the deposit and after 3 years at the deduction of 1% of the deposit. A bonus of 5% on principal amount is admissible on maturity. Now having mentioned above two schemes, I would like to mention here that the real catch is when you opt for both the schemes together i.e. invest a lump sum amount in MIS and then reinvest the monthly income that you get from it in to RD scheme. Now you will get effectively almost doubled rate of interest. Kisan Vikas Patra Your money gets doubled in 8 years & 7 months. There is facility for premature encashment. Rate of interest is 8.4% (compounded yearly).No maximum limit on investment. These are available in denominations of Rs. 100, 500, 1000, 5000 and 10000, in all Post Offices and Rs. 50,000 in all Head Post Offices. A single holder type certificate is issued to an adult for himself or on behalf of a minor or to a minor. It can also be purchased jointly by two adults. National savings certificate (VIII issue) Rate of interest is 8% compounded six monthly and payable at maturity. Rs. 100 will fetch you about Rs. 160 after 6 years. Minimum Rs. 100 may be invested at least and there is no maximum limit. It is available in denominations of Rs. 100, 500, 1000, 5000 & 10000. A single holder type certificate may be purchased by an adult for himself or on behalf of a minor or to a minor. Deposits also qualify for tax rebate under Sec. 80C of IT Act. The interest income will also qualify for deduction under Section 80C of IT Act. Senior citizens savings scheme

    Good news if you are a senior citizen! Rate of interest is 9% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December. There shall be only one deposit in the account in multiple of Rs. 1000 up to a maximum of Rs. 15 lakhs. Maturity period is 5 years. A depositor may operate more than one account in individual capacity or jointly with spouse. Premature closure is allowed after one year on deduction of 1.5% interest & after 2 years 1% interest. Tax is deducted at source on interest if the interest amount is more than Rs. 10000 p.a. The investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961.

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