DelhiDesk Investors who don’t want to take risks and are looking for higher interest rates than bank fixed deposits can consider Post Office Saving Schemes in India. The government provides nine schemes, including Public Provident Fund, Sukanya Samriddhi Yojana, National Savings Certificate, Post Office Time Deposit, and Senior Citizen Savings Scheme, all of which offer government security and tax deductions. Some of these schemes, such as SSY and SCSS, offer more than 8% interest rates, which is higher than top lender FDs. Other schemes, such as NSC and the 5-year post office deposit scheme, also offer good interest rates and tax deductions. In comparison, the latest FD rates of banks such as SBI, HDFC, ICICI, Axis, PNB, and BoB range from 3% to 7.25% pa to the general public.
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👉 Apart from bank FDs, Post Office Saving Schemes offer higher interest rates and government security
👉 India Post provides 9 deposit options, including PPF, SSY, NSC, Post Office Time Deposit, and SCSS
👉 SSY and SCSS offer an interest rate of over 8%
👉 NSC offers an interest rate of 7.7% and qualifies for tax deduction under Section 80C
👉 Post Office Time Deposit Scheme offers tax deductions and currently fetches 7.5%
👉 Latest FD rates of top lenders like SBI, HDFC, ICICI, Axis, PNB, and BoB range from 3% to 7.25% pa
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