Post Office Schemes: Check out the best interest rate for you

India
Post offers a variety of investment and saving schemes for all categories of
customers including individuals, a girl child, and senior citizens. All the
post office saving schemes offer reliability and risk-free returns. The schemes
are run through 1.54 lakh post offices across the country. These schemes also
offer tax benefits up to Rs 1.5 lakh upon investment.

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Have a look at the different post office savings schemes
and benefits offered in these schemes:

Post Office Savings Account

Interest Rate: 4%

The minimum deposit to open this account is Rs.500. The
account can be opened in single or joint ownership by domestic customers.
Facilities like cheque book, ATM cards, e-banking, and mobile banking services
are also available.

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5-Year Post Office Recurring Deposit Account (RD)

Interest Rate: 5.8% per annum

The tenure of this recurring deposit (RD) account is
fixed for five years. You can start from Rs 100 minimum fixed monthly deposit
payment. The interest gets compounded quarterly. Once you complete 12
installments with defaulting you can get a loan of up to 50% against the
deposit you have made in your account.

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Post Office Time Deposit Account (TD)

Interest Rate: 5.5% to 6.7% per annum

You can choose from 1 year, 2 years, 3 years, and 5 years
schemes. The minimum deposit allowed in this account is Rs 1,000. The interest
is calculated quarterly but is payable on an annual basis.

Post
Office Monthly Income Scheme Account (MIS)

Interest Rate: 6.6% per annum 

The minimum deposit allowed in this account is Rs 1,000
up to Rs 4.5 lakh in an individual account and up to Rs.9 lakh in a joint
account. You can get a monthly fixed income from the scheme. Penalties are
imposed if you close the account before completing one year.

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Senior Citizen Savings Scheme (SCSS)

Interest Rate: 7.4% per annum

This scheme allows you to deposit a lump sum amount in
one installment. The minimum deposit allowed is Rs 1,000 up to Rs 15 lakh.
Individuals above the age of 60 years are eligible to open this account.

Retired civilian employees aged between 55 years and 60
years and retired defense employees aged between 50 years and 60 years of age
are also eligible.

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15-Year Public Provident Fund Account (PPF)

Interest Rate: 7.1% per annum

The minimum deposit allowed for this account is Rs 500
and the maximum limit is Rs1.5 lakh. the tenure of the account is 15 years, you
only have to pay Rs.500 per financial year to keep the account active. You can
avail of tax benefits of up to Rs 1.5 lakh per year through this scheme. It is
a preferred scheme by salaried individuals.

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National Savings Certificates (NSC)

Interest Rate: 6.8%

The minimum deposit allowed is Rs 1000 with no upper
limit and tenure is fixed to five years. The interest gets compounded annually
and is payable only at maturity. The certificate can be pledged as security to
the housing finance company, banks, government companies, etc.

Kisan Vikas Patra (KVP)

Interest Rate: 6.9%

The minimum deposit for this account is Rs 1,000. The
tenure of the account is 124 months (10 years and 4 months). The tenure of the
account varies with the variation in the interest rate.

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Sukanya Samriddhi Accounts (SSA)

Interest Rate: 7.6%

Only girl children below the age of 10 years are eligible
for this account. The minimum deposit allowed is Rs 250 up to Rs.1.5 lakh per
financial year. The interest is calculated yearly and compounded annually. The
deposit can be made for a maximum of 15 years from the date of opening the
account.