7 Best Post Office Schemes That Offer Over 7% Interest
by priyanka roshan | june 18, 2024
Sukanya Samriddhi Account Scheme
It encourages parents to save for their girl child's future education and marriage expenses with a competitive annual interest rate of 8.2%, compounded annually.
Kisan Vikas Patra (KVP)
KVP is a savings certificate scheme provided by the Government of India to promote savings, especially in rural areas. It offers guaranteed returns with an interest rate of 7.5% per annum.
National Savings Certificates (NSC)
NSC is a savings scheme promoting small savings with a secure investment option, offering guaranteed returns at an annual interest rate of 7.7%, compounded annually and payable at maturity.
Mahila Samman Savings Certificate (MSSC)
Designed to promote financial inclusion among women in India, MSSC offers a secure financial instrument with an interest rate of 7.5% per annum.
Monthly Income Scheme (POMIS)
Offered by the Indian Postal Service, POMIS is suitable for those seeking regular income from their savings without significant risk. It offers an annual interest rate of 7.4%.
Senior Citizen Savings Scheme (SCSS)
SCSS is a popular choice for retirees, providing a reliable income stream with an interest rate of 8.2% per annum.
Public Provident Fund (PPF)
Known for its safety and tax benefits, PPF is favored for long-term savings and retirement planning. It offers an annual interest rate of 7.1%, compounded annually.