Photo Credit: <strong>Source: India Post website</strong>
As a parent/guardian, here are 5 best post office savings schemes you can invest in, for your children’s future.
You can open an MIS account with only Rs 1000 while the upper limit varies for children. This scheme gets you monthly income till maturity (5 years) at 7.1% interest per annum.
Photo Credit: (Source: Towfiqu barbhuiya on Unsplash)
You can open a PPF account with a lump sum or periodical investment of Rs 500 to Rs 1,50,000 in a financial year. This scheme gets you 7.1% compounded interest per annum with tax deductions under 80C.
Photo Credit: Source: Freepik
Two SSA can be opened for your girl child with an investment of Rs 250 to Rs 1,50,000 in a financial year. With a maximum tenure of 15 years, this scheme gets you 7.6% interest per annum.
Photo Credit: Source: Twitter @sukanyaSamriddh
You can get multiple NSC accounts starting at Rs. 1000 with no maximum limit. This scheme will get you 7.0% interest compounded annually but payable only at maturity(5 years).
Photo Credit: Source: Freepik
You can open several KVP accounts with a minimum deposit of Rs. 1000 and no maximum limit to get 7.2% interest compounded annually and double the investment in 120 months.
Photo Credit: PM Kisan 13th installment: Know the date and steps to check the online status.