Post Office Investment Schemes In India

Below mentioned is a list of post office savings schemes available in India:

1. Post Office Savings Account
2. Post Office Recurring Deposits
3. Post Office Time Deposit
4. Post Office Monthly Income Scheme
5. Senior Citizen Savings Scheme
6. Public Provident Fund (PPF)
7. Sukanya Samriddhi Yojana
8. National Savings Certificates
9. Kisan Vikas Patra

(Source - https://www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspx)

1. Post Office Savings Account: Post office savings account is just like a savings account with a bank but with one exception that it is held with the post office. This is a deposit scheme provided at the post offices throughout India, this account provides a fixed interest rate on the balance of the account. Only one account can be opened in one post office and can only be transferred from one post office to another. A post office savings account can also be opened for a minor. MInimum deposit amount under this savings account is Rs. 500. Under the non-cheque facility of post office savings accounts, the minimum balance required to be maintained is Rs. 50.

2. Post Office Recurring Deposits: Post office recurring deposit is a monthly investment scheme for a fixed 5 year tenure, that provides 5.8% rate of interest. Minimum amount for monthly deposits is Rs. 100. Post office recurring deposits can be transferred from one post office to another. Under this scheme the first deposit is made when the user opens the account followed by subsequent monthly deposits that are to be made on the due date.

3. Post Office Time Deposit: Post office time deposit scheme is a popular investment scheme offered by the India Post. This scheme is open for all but is more popular in the rural areas of the nation. Under this scheme the depositors have the flexibility to choose to open the time deposit account for a period of 1,2,3 or 5 years. Minimum deposit amount under time deposit account is Rs. 1000.

4. Post Office Monthly Income Scheme: This is a very unique scheme which offers guaranteed monthly income on the lump sum investment by an individual. The minimum investment amount under this scheme is Rs. 1000 and the maximum investment amount is Rs. 4.5 Lakh for single holding account, Rs 9 Lakh for joint accounts. Post office monthly income scheme has a maturity period of 5 years. This scheme offers liquidity to the investors by allowing withdrawal of the deposit after 1 year.

5. Senior Citizen Savings Scheme: Senior Citizen Savings Scheme was designed for individuals above 60 years of age. This scheme was launched with a main objective of providing a regular income to the senior citizens of the country. An investor can avail tax benefits under this scheme and premature withdrawals are also allowed. Any individual who has completed 60 years of age or above can open a Senior Citizen Savings Account. The maturity period of this scheme is 5 years.

6. Public Provident Fund (PPF): Public Provident Fund (PPF) is a long term investment scheme that offers an attractive rate of interest on the investments made. The interest earned on the investment and the returns are tax free. The tenure for this investment scheme is 15 years. Minimum amount of investment under this scheme is Rs. 500 and maximum is Rs. 1.5 Lakh in a financial year.

7. Sukanya Samriddhi Yojana: Sukanya Samriddhi Yojana was introduced with a motive to provide a means of savings for the girl child in every family. Tenure of this scheme is 21 years from the date of opening the account till the marriage of the girl child or till the girl child attains the age of 18 years. This scheme was launched under the Beti Bachao Beti Padhao campaign. Investments made towards this scheme can be utilized to fulfill girl child’s future financial needs. Only one SSY account can be opened under the name of one girl child. Minimum deposit amount under this scheme is Rs. 250.

8. National Savings Certificates: National Savings Certificates is a fixed income scheme. The main objective of this scheme is to allow individuals to make small or medium savings and also provide tax benefits. Under this scheme the individual should be an Indian citizen. Under this scheme the minimum amount of certificate can be Rs. 100. Investments under this scheme can be done in denominations of Rs 100, 500, 1000, 5000 and Rs. 1000.

9. Kisan Vikas Patra: Kisan Vikas Patra is a small investment scheme that offers facilities to the investors to invest in long-term savings plans. Minimum investment amount under this scheme is Rs. 1000.