SCSS, KVP, RD among 5 investment schemes that provide guaranteed income to senior citizens
Some of the post office schemes for senior citizens include - Senior Citizen Savings Scheme (SCSS), Kisan Vikas Patra (KPV), recurring deposit (RD), fixed deposit (FD), and other monthly income schemes.
Many saving schemes are offered by the Post Office for senior citizens. These government investment schemes provide fixed returns on investment.
Senior Citizen Savings Scheme, Kisan Vikas Patra, other schemes
Some of the post office schemes for senior citizens include - Senior Citizen Savings Scheme (SCSS), Kisan Vikas Patra (KPV), recurring deposit (RD), fixed deposit (FD), and other monthly income schemes.
Benefits of Post Office Saving Schemes
Let's take a look at all these saving schemes and their benefits.
Senior Citizen Savings Scheme (SCSS)
Any individual above 60 years of age can invest in this scheme. The interest rate is 8.2 per cent per annum.
Post Office RD
The current post office RD interest rate is 6.70% per annum. Unlike bank recurring deposits, post office RDs have a defined duration of five years.
National Savings Time Deposit Account (TD) or post office FD
Post Office FD is the oldest and preferred form of investment offered by the Indian Postal Services. They are considered as safe as the Government of India backs them. The 5-year FD has an interest rate of 7.5 per cent annually.
Post Office Kisan Vikas Patra (KVP)
Investment in Kisan Vikas Patra certificates doubles in 115 months (nine years and seven months). The initiative is open for investment with a minimum deposit of Rs 1,000 and no maximum restriction. The Kisan Vikas Patra Yojana allows any adult to create an account, either individually or jointly (up to three adults).
Post Office monthly income scheme (Post Office MIS)
The interest rate in Post Office MIS is 7.4% per year, payable monthly. One can establish an account with a minimum of Rs 1,000. The maximum amount limit for a person is Rs 9 lakh, while the maximum amount restriction for a joint account is Rs 15 lakh. Interest is paid at the end of each month beginning with the date of opening and continuing until maturity.