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3 best post office schemes: If you want to get guaranteed returns without any risk, then small saving schemes of post office are the best option. From April 1, 2023, almost all schemes except PPF have become more attractive than before.
The government has increased the interest rates on deposits in these schemes by 0.1-0.7 per cent. Small savings schemes that offer tremendous post office returns include National Savings Certificate (NSC), Post Office Time Deposit Scheme, Sukanya Samriddhi Yojana, Kisan Vikas Patra, Recurring Deposit and Senior Citizen Savings Scheme.
The rise in interest rates means that your money will now double three times faster than before. Here we look at three schemes based on the increased interest rates on KVP, NSC and SCSS, where your money will be doubled first.
Post Office Schemes: Where and how much interest increased
According to the information available on the post office website, the maximum interest rate on NSC has been increased by 0.7 percent. From April 1, it will get 7.7 percent interest, which was earlier 7 percent. The interest rate on Senior Citizen Savings Scheme has been increased from 8 percent to 8.2 percent and on Kisan Vikas Patra from 7.2 percent to 7.5 percent.
Kisan Vikas Patra (KVP)
Interest rate: 7.5% per annum
72/7.50 = 9.6 years or 115 months
According to Rule 72, your investment here will double in 115 months.
Senior Citizen Savings Scheme (SCSS)
Annual Interest: 8.20%
72/8.20 = 8.8 years or about 106 months
According to Rule 72, your investment here will double in 106 months.
Post Office NSC
Annual Interest: 7.70%
72/7.7 = 9.35 years or 112 months
According to the Rule of 72, your investment here will double in 112 months.
Know the rule of 72?
You can use the Rule of 72 formula to find out the time in which money will double in a scheme. Experts consider this to be the exact formula. Understand it in such a way that suppose you have invested in a scheme in which you get 6% interest annually. In this case, under Rule of 72, you have to divide 6 into 72. 72/6 = 12 years i.e. under this scheme your money will double in 12 years.
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