Learn Everything There Is To Know About Post Office Savings Schemes In India

The Post Office Saving Schemes as the name says is not a single scheme, instead it includes a list of schemes that provide risk-free and reliable returns on the investment. These returns and securities are the perks that an investor associated with the central government's various savings portfolios.

Savings Schemes under Post Office Investments

The savings schemes that are included in Post Office Saving Schemes are:

• Post Office Time Deposit Account (TD)
• Post Office Savings Account
• Five Years Post Office Recurring Deposit Account (RD)
• Post Office Monthly Income Scheme Account (MIS)
• Public Provident Fund (PPF) Account for 15 Years
• Senior Citizen Savings Scheme (SCSS)
• National Savings Certificates (NSC)
• Sukanya Samriddhi Accounts (SSA)
• Kisan Vikas Patra (KVP)

Benefits of Investing in Post Office Saving Schemes

• Easy Enrollment Process: In order to start investing in one of the Post Office Saving Schemes, there is very limited documentation required. The proper steps and procedure ensure that the investment in these schemes is easy to opt.

•   Simple to Invest: These schemes are very easy to enroll and invest and this is the reason they are best suited for both urban and rural investors.

• Invest Money for Long Term: Most of the Post Office Savings Schemes are long term schemes that give an opportunity to save for long term goals. For example, the investment period of the PPF scheme is 15 years.

• Good Interest Rate: The interest amount of all the schemes under Post Office investment fall under the range of 4% to 9%, which is considered as good.

• Risk-Free Investment: Since Post Office Saving Schemes are government schemes so they are completely risk-free. Almost all the schemes involve the least risk.

• Tax Exemption: Most of the Post Office Saving Schemes provide tax rebate under Section 80C of the Income Tax Act on the amount that the investor deposits. Some schemes such as SCSS, Sukanya Samriddhi Yojana, PPF, etc. as well provide the tax exemption over the interest earned amount.

• Different Schemes to Cater to the Requirements of All: Post Office Saving Schemes contain a group of schemes so that one can purchase a scheme according to his/her requirements.

How to Apply for a Post Office Saving Scheme?

Now let us take you through the easy steps of applying for any of the post office saving schemes listed below:

• Step 1: Primary, visit the preferred branch of the post office.
• Step 2: Now, get the account opening form of the preferred post office scheme that you wish to invest in. You can also download the forms from the official website of the Indian post.
• Step 3: Fill up the form with all correct information and then submit it with the KYC evidence and other documents including the photograph as per the requirement of the post office saving scheme.
• Step 4: Now, simply complete the enrolment by depositing the sum as per the selected investment schemes

Conclusion

Any investor who is looking forward to the no-risk investment portfolio and substantial return generation should consider opting for the post office saving schemes. The saving parkways such as the Public Provident Funds, Sukanya Samriddhi Accounts, National Savings Certificate, and so on come up with negligible financial risk and an attractive rate of interest. The minimum sum of investment is pocket-friendly, which makes it an ideal investment avenue even for those belonging from a lower economic class to invest in such schemes.

Also Read: Term Insurance Policies For Both Husband And Wife In India