There are so many post office scheme to double the money, post office provides
- Kisan Vikas Patra(KVP)
- Sukanya Samriddhi Account(SSA)
- Mahila Samman Savings Certificate
- Post Office Savings Account(SB)
- National Savings Recurring Deposit Account(RD)
- National Savings Time Deposit Account(TD)
- National Savings Monthly Income Account(MIS)
- Senior Citizens Savings Scheme Account(SCSS)
- Public Provident Fund Account(PPF )
- National Savings Certificates (VIIIth Issue) (NSC)
- PM CARES for Children Scheme, 2021
Post Office Scheme to Double the Money with Kisan Vikas Patra(KVP)
Kisan Vikas Patra (KVP) is a small savings certificate scheme offered by the Government of India, primarily aimed at farmers and rural areas. It is a popular investment option, especially for those with a lower risk tolerance and a desire to invest for the long term.
Under the KVP scheme, investors can start with a minimum investment of 1000 rupees, and multiples of 1000 rupees.
Main benefit of the KVP scheme is that it ensures a fixed return. The interest rate is fixed, and it is not subject to market fluctuations, it is an ideal investment option for low risk investors. This scheme is backed by the Indian government, adding to its appeal as a secure investment option.
An important feature of the KVP Certificate scheme is its transferability. Investors can transfer their KVP certificates from one person to another person or from one post office to another post office However, this transfer can only be done once the maturity period is completed.
In conclusion, the KVP scheme is an excellent investment option for those with a lower risk appetite and a preference for long-term investments. It provides a guaranteed return and is supported by the Indian government, making it a secure investment choice. Moreover, investing in this scheme is straight forward, and its transferability adds to its convenience.
Kisan vikas patra is an government backed small saving scheme with an fixed interest rate of 7.5% ( as on January 2024), the invested amount in Kisan Vikas Patra will double in 115 months (9 year 7 months).
click here To know full details about Kisan Vikas Patra.
Post Office Scheme to Double the Money with Sukanya Samriddhi Yojana (SSY)
The Sukanya Samriddhi Yojana (SSY) was started by the Indian government in 2015 as a part of the “Beti Bachao, Beti Padhao” campaign, main focus on promoting small savings for girls. The main objective of SSY is to encourage parents to save for the education and marriage expenses of their daughters. This scheme is designed to provide financial security and support for girls.
Key features of the Sukanya Samriddhi Yojana include:
Eligibility: Accounts can be opened for girls up to the age of 10.
Account Opening: Any authorized bank or post office can facilitate account opening.
Deposit Limit: Minimum deposit of Rs. 250, up to a maximum of Rs. 1.5 lakh per year.
Maturity: Partial withdrawal allowed after the girl reaches 21 years.
Interest Rate: Currently at 8.2% per annum.
Partial Withdrawal: Up to 50% for higher education.
Tax Benefits: Eligible for tax deduction under section 80C.
This scheme serves as a valuable financial tool for parents to secure their daughters’ future educational and marital needs, providing an interest rate of 8.2% per annum and tax benefits under section 80C.
In this Scheme invested money will double but the amount will be get after maturity.
The Sukanya Samriddhi Yojana (SSY) is an excellent long term investment scheme as it provides the benefit of annual compounding, resulting in higher returns over an extended period, even with smaller contributions. Contributions to the account can be made for a maximum of 15 years. The SSY account continues to earn interest until maturity, even if no further deposits are made after maturity.
Read More: New Sukanya Samriddhi Yojana Intrest Rate 2023,Tax Benefits,Calculator, and Other Details
Post Office Scheme to Double the Money with Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate 2023, provides an annual interest rate of 7.5% in post offices starting from April 1, 2023. The Finance Minister announced a new small savings scheme for women and girls in the 2023-24 budget, named the Mahila Samman Savings Certificate in the context of the Amrit Mahotsav of Independence.
The Mahila Samman Savings Certificate is a single-window scheme available from April 2023 to March 2025 for a duration of two years. It offers women or girls the option to deposit up to a maximum of ₹2 lakhs in their names for a fixed period of two years with a specified interest rate.
Maturity
The maturity period for Mahila Samman Savings Certificate accounts is two years. Therefore, after two years from the opening date, the account holder will receive the maturity amount
Partial Withdrawal
Under the Mahila Samman Savings Certificate partial withdrawal of up to 40% of the remaining amount is allowed after one year from the account opening date.
Tax Benefits
This scheme does not incur Tax Deducted at Source (TDS) on earned interest. However, it’s clarified that TDS will apply to the Mahila Samman Savings Certificate under Section 194EE of the Income Tax Act. TDS is applicable only when the interest earned from the scheme in a financial year exceeds ₹40,000 or ₹50,000 (for senior citizens). As the maximum interest amount on investments under this scheme for up to two years is not more than ₹40,000, TDS is not deducted on interest up to ₹40,000 under this Scheme.
Read More: New Mahila Samman Saving Scheme Eligibility, How to Apply, Calculation, Interest Rate, Tax Benefits
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