Sunday, November 27, 2022

These post office schemes give more returns than the increased bank…

The repo rate was increased recently by the Reserve Bank. This increase has been done due to the increase in the inflation rate, while the interest rate of the loan was also increased by many banks. However, along with this, the rate of fixed deposits has also been increased. This will benefit the investors investing for long term.

Even after this hike in these rates by banks, the bank fixed deposit interest rates are lower as compared to post office schemes in 2022. Interest rates on fixed deposits offered by top banks like SBI, ICICI, HDFC, Axis Bank, PNB, BOB Interest rates on post office schemes like Senior Citizen Savings Scheme (SCSS), Public Provident Fund Account (PPF), and Sukanya Samriddhi Account much less than .

Senior Citizen Savings Scheme (SCSS)
Senior Citizen Savings Scheme (SCSS) is a small savings scheme, which offers a preferred investment option among senior citizens, between NPS and PMVVY, which gives better returns than fixed deposits. Under this, adults above 60 years of age, retired civil servants above 55 years of age but below 60 years of age, and retired military personnel above 50 years of age but below 60 years of age can open SCSS accounts.

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Under this, a single or joint account can be opened with a minimum amount of Rs 1000 and a maximum deposit of Rs 15 lakh. Senior citizens can also claim tax benefits up to Rs 1.5 lakh under section 80C on investments made under SCSS and presently Senior Citizen Savings Scheme is given at 7.4% per annum payable on quarterly basis. The maturity period of SCSS is 5 years.

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Public Provident Fund Account (PPF)
PPF scheme is a long term investment plan. It is most preferred for long term investors. One can invest in this with a minimum deposit of Rs 500 and a maximum annual contribution of Rs 1.5 lakh. A single adult resident Indian or a guardian on behalf of a minor can open a PPF account. This is a completely tax exemption scheme. PPF has a maturity period of 15 years, and on deposits, the investor is currently paid 7.1 percent compounded interest annually. It can be extended by 5 to 5 years.

Sukanya Samriddhi Account (SSA)
This post office scheme is for those who want to save financially for their daughter’s future. SSA accounts can be opened by parents on behalf of girls below 10 years of age and only one account can be registered in the name of a girl child for a maximum of two daughters in a family. A minimum deposit of Rs 250 and a maximum of Rs 1,50,000 can be made to create an SSA account and for a maximum period of 15 years after the account is created for the first time. Sukanya Samriddhi account deposits are tax-deductible under section 80C up to Rs 1.5 lakh annually.

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Sukanya Samriddhi Account now offers an annual interest rate of 7.6%, which is compounded annually and is subject to income tax deduction under Section 80C of the Income Tax Act. The guardian will manage the account till the daughter reaches the age of 18 years, and a girl child can close the account and get maturity benefit after 21 years of account opening.

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