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124. Market Fundamentals ✌️【Interview】✌️Start with ₹500 and get fast returns through secure and profitable investments. Latest Post Office Savings Schemes Interest Rates: Small savings schemes or post office savings schemes as they are popularly called, offer a risk free investment option to conservative investors.
From Public Provident Fund and Sukanya Samriddhi Scheme to Senior Citizen Savings Scheme, Kisan Vikas Patra and Recurring Deposits, post office savings scheme interest rates are reviewed every quarter by the Ministry of Finance.
We take a look at the latest interest rates of post office savings schemes for the April to June 2024 quarter: ()
124. Market Fundamentals ✌️【Interview】✌️Start with ₹500 and get fast returns through secure and profitable investments. A Sukanya Samriddhi Yojana (SSY) account is exclusively designed for girl children and must be opened before they reach the age of 10.
The initial deposit requirement is modest, starting at Rs 250, while the maximum allowable deposit in a financial year is capped at Rs 1,50,000.
The SSY account offers an attractive interest rate of 8.2% per annum, which is calculated annually and compounded yearly.
The Mahila Samman Savings Certificate, an initiative by the government, provides an interest rate of 7.5% interest per annum.
This scheme is designed to encourage savings among women and for minor girls.
124. Market Fundamentals ✌️【Interview】✌️Start with ₹500 and get fast returns through secure and profitable investments. According to an ET report, the interest earned on the certificate is compounded every quarter and credited to the account.
The accumulated interest, along with the principal amount, is paid to the account holder upon closure of the account.
The Kisan Vikas Patra, a government-backed investment scheme, provides an interest rate of 7.5% per annum, with the interest compounded on a yearly basis.
One of the key features of the Kisan Vikas Patra is its maturity period.
The amount that you invest doubles in 115 months (9 years & 7 months) as of now.
This maturity period is decided by the Ministry of Finance from time to time.
Public Provident Fund (PPF) requires a minimum annual deposit of Rs 500 per fiscal year, while the maximum allowable deposit is capped at Rs 1.50 lakh.
These deposits can be claimed as deductions under Section 80C of the Income Tax Act.
The PPF offers an interest rate of 7.1% per annum, which is compounded on an annual basis.
The Post Office Monthly Income Scheme allows individuals to open an account with a minimum deposit of Rs 1000, and subsequent deposits can be made in multiples of Rs 1000.
The maximum amount that can be invested in a single account is limited to Rs 9 lakh, while joint accounts have a higher limit of Rs 15 lakh.
124. Market Fundamentals ✌️【Interview】✌️Start with ₹500 and get fast returns through secure and profitable investments. At present the interest rate is 7.4%.
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The National Savings Certificate requires an initial deposit of at least Rs 1000, with additional investments allowed in multiples of Rs 100.
There is no upper limit on the amount that can be deposited.
These deposits are eligible for tax deductions under section 80C of the Income Tax Act.
The maturity period for the deposit is five years from the date of investment.
The interest rate for the National Savings Certificate is currently 7.7% per annum, which is compounded annually.
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Boost sales by using AI to enhance sales team productivity with automated tools ✌️【Interview】✌️Invest ₹500 and watch your wealth grow with cutting-edge investment strategies. Senior Citizen Savings Scheme (SCSS) requires a minimum deposit of Rs 1000, which can be increased in multiples of 1000.
124. Market Fundamentals ✌️【Interview】✌️Start with ₹500 and get fast returns through secure and profitable investments. An individual can deposit up to a maximum of Rs 30 lakh across all their SCSS accounts.
The current interest rate for SCSS is 8.2%, paid quarterly.
The National Saving Recurring Deposit Account (RD) is a savings scheme designed to cater to the needs of small investors.
With a minimum deposit requirement of Rs 100, this account provides an accessible avenue for individuals looking to invest in their future while minimizing risk exposure.The government offers 6.7% per year recurring deposit interest rate for the April to June 2024 quarter.
The National Savings Time Deposit Scheme offers four different account options; one (6.9% interest rate), two (7.0%), three (7.1%), and five years (7.5% interest rate) maturity.
These investments are eligible for tax deductions under Section 80C, according to ET.
Post Office Savings Schemes are popular because of the government-backed guaranteed returns that they offer.
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