THESE Post Office schemes will double your money in no time! Check details - Post Office investments include a number of saving schemes that provide a high rate of interest as well as tax benefits. Check here.
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Last Updated: Apr 26, 2021, 06:30 AM IST
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The tax planning season is still far away, so few people have tax savings on their mind right now. But experts say you should start your tax planning from April itself, rather than wait and make hasty decisions in the last few weeks of the financial year.
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Updated Apr 13, 2021 | 06:20 IST Here are five investment options where senior citizens can park their hard-earned savings to get a regular income at high interest rates. Representational image
New Delhi: Investors looking for fixed regular income on their capital have been the worst hit in this falling interest rate scenario. While top banks offer maximum 6% to senior citizens on their fixed deposits with a tenure between 5-10 years, post office small savings schemes provide relatively higher rate. However, investment experts believe that the current high rates on small savings schemes may not sustain further and it is just a matter of time that the government cuts interest rates on these schemes although for the current April-June quarter the interest rates cut was reversed. Under this scenario, here are five investment options where senior citizens can park their hard-earned savings to get a regular income
Highlights
The 5.5% interest rate is being offered to 1 year to 3 years time deposit (TD) of the post office and if you invest in it, then your money will double in about 13 years.
The 5.8 percent interest on the Post Office Recurring Deposit (RD) is being offered, if the money is invested and it will double in about 12 years.
The 6.6 percent interest is given on the Post Office Monthly Income Scheme (MIS) if the money is invested and it will double in about 10 years.
Post Office Saving Schemes can offer guaranteed returns which means that you can remain confident of the fact that you are not going to lose any hard-earned money.