In the post office, savings accounts can be opened from time deposit (TD) account to SCSS, PPF, KVP, NSC, MIS and Sukanya Samriddhi account (SSY).
Monthly Income Scheme (MIS)
Monthly Income Scheme (MIS) is an investment scheme run under the Union Ministry of Communications. Even if you want a fixed amount every month for the necessary expenses, the Post Office Monthly Income Scheme is the right option for you. The Post Office Monthly Income Scheme (POMIS) offers 6.6 percent interest annually. An account can be opened in post office MIS with a minimum of 1000 rupees. Your capital is safe in this. Also, you get better returns than debt instruments.
Senior Citizen Savings Scheme (SCSS)
The maturity period of this scheme is 5 years. The current interest rate on SCSS is 7.4 percent per annum. This account can be invested only once, which ranges from a minimum of Rs 1000 to a maximum of Rs 15 lakh. Under SCSS, a person 60 years of age or older can open an account.
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5 Year Recurring Deposit (RD)
RD opens at post office minimum installation of Rs 100 per month. Its maturity period is 5 years. The current interest rate on post office RD is 5.8 per cent per annum. In the account single or joint, the names of minor and mentally weak persons above 10 years of age can be opened. If it is opened before the 15th of the month, then your monthly installments should be deposited in it before the 15th of every month.
Post Office Time Deposit (TD)
TDs can be opened from 1 year to 5 years in the post office. Account can be opened for minimum 1000 rupees, there is no maximum limit. The current interest rate on post office TD ranges from 5.5 per cent to 6.7 per cent annually.
Life Insurance Corporation of India (LIC) policies are very popular. LIC offers a variety of insurance and investment options.
New Bima Bachat Plan
This is a money-back plan. In this, single premium is returned along with loyalty (if any) at maturity. This scheme also takes care of the cash needs of the investor, so loan facility is available in it. Here policy options of 9, 12 and 15 years are available. The Sum Assured is payable on death during the first five years of the policy term in the plan. If there is a Loyalty Addition along with the Sum Assured on death after completion of five policy years, it is also payable. The minimum age for investors in the New Bima Bachat plan is 15 years. At the same time, the maximum age is 50 years.
New Jeevan Shanti deferred annuity plan
LIC has offered this scheme for pension after retirement. It is a non-linked, non-participating, individual, single premium, deferred annuity plan. In a statement issued by LIC, it is said that ‘the annual rate guarantee for the new Jeevan Shanti policy is given at the beginning of the policy.’ For a joint life plan, you have to invest at least 1.5 lakh rupees. Which you can pay according to your convenience on an annual, half-yearly, quarterly or monthly basis. The minimum annuity in this plan is Rs 12,000 per annum.
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LIC New Children’s Money Back Plan
Life Insurance Corporation of India also has one such scheme, which is designed keeping in mind the needs of children. The minimum age for availing this insurance is 0 years. Maximum age of taking insurance is 12 years. Its minimum sum assured is Rs 10,000. Premium Waver Benefit rider-option also available. The total term of LIC’s New Children’s Money Back Plan is 25 years. Under this plan, LIC pays 20-20 percent of the basic sum insured when the child is 18 years, 20 years and 22 years old.