Financial schemes that give good returns on Investment

The number of people interested in investing is increasing with the changed circumstances. The government has made risk-free investment avenues available to encourage deposits. People are switching from ordinary savings to investments as there is also a fixed interest guarantee on these. Of these, post office savings schemes are the main ones. Income on some post office small savings schemes is not taxable. These are not affected by market fluctuations. Anyone over the age of 18 or an adult on behalf of a minor can invest in Post Office Tax Savings Schemes. Two or three people can also take a joint account together. Currently there are five types of schemes that offer higher returns to customers.

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1. Public Provident Fund:
   A person can open only one PPF account in his own name. There is no possibility of a joint account in this. Nomination facility will be available to customers. This account can be transferred from one post office to another. Maturity in this scheme is 15 years. It can be extended up to 5 years block after expiration. You can deposit a minimum of Rs.500 to a maximum of Rs.1.5 lakh in a year. Interest earned on PPF investments is not taxable. The interest rate on PPF deposits is up to 7.1 per cent.

2. Sukanya Samridhi Account:
   Those who want to join the Sukanya Samiddhi Yojana scheme must first open a Sukanya Samridhi account. There is no tax on interest earned on deposits. The government has introduced this scheme for the financial security of girls. Parents can open this account in the name of girls below the age of ten. Maturity in this scheme is 21 years. The girls are paid the maturity amount after she turns 21 years old. You can deposit at least Rs 250 to Rs 1.5 lakh a year. The girl has the option to close the account before the expiration date after the age of 18. At present the Sukanya Samridhi account interest rate is 7.6 per cent.

3. Post Office Time Deposit Account:
   Income on these deposits is not taxable. This is similar to a fixed deposit. Time deposits with a maturity of one, two, three or five years are available to customers. You can open any number of time deposit accounts at different post offices. But their maximum maturity is up to five years. Customers can deposit any amount from a minimum of Rs.1,000 without any limit. There is no tax on income up to Rs 1.5 lakh after maturity. Those who opt for Time Deposits are not likely to opt out of the scheme within six months. 6.7 per cent interest on time deposits with five years maturity. Deposits with a maturity of 1,2,3 years carry an interest rate of 5.5 per cent.

4. Senior Citizen Savings Scheme:
   People over 60 years of age, retirees between 55 and 60 years of age, VRS recipients can invest in this scheme. The maturity of the deposits is five years. A personal account or a joint account can also be taken by the spouses together. More than one account can be opened under this scheme. The deposit limit is Rs 15 lakh. Penalty will be imposed if the account is closed before maturity. Customers will not receive any interest if the SCSS account is closed within a year. Maturity can be extended for another three years after expiration. If the interest available to customers exceeds Rs 40,000, it will be taxed. The current interest rate on the scheme is 7.4 per cent.

5. Post Office Savings Account:
   Consumers are guaranteed a fixed interest rate on these. You can open a Post Office Savings Account at any bank branch or post office. There are many benefits to this. The minimum balance for check and non-check accounts is different. A balance of Rs.50 is required for non-check accounts and Rs.500 for accounts with check facility. It also has a nomination facility. It is possible for a person to open only one Post Office Savings Account nationwide. A single transaction is required for at least three years to prevent the account from being closed. Income up to Rs.10,000 in a financial year is not taxable. Post office savings account deposits earn up to four percent interest.

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