Details of the post office schemes available for women
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1. One of best post office saving scheme for women is the post office savings accounts where with the interest rate of 4% women can open by just depositing ₹500.
2. Post office time Deposit account- it is similar to fixed deposits offered by banks. It’s maturity strays from 1 year- 5 years. Minimum investment ₹1000 and no maximum limit.
3. Public provident fund- guaranteed interest rate of 7.1%, tax benefits, flexible maturity option. Minimum investment-₹500 ot a maximum of ₹1.5 lakhs per year.
4. National savings certificate- interest rate of 7.7% with a tenure of 5 years. minimum investment is of ₹1000.
1) Post Office Savings Account(SB)
2) National Savings Recurring Deposit Account(RD)
3) National Savings Time Deposit Account(TD)
4) National Savings Monthly Income Account(MIS)
5) Senior Citizens Savings Scheme Account(SCSS)
6) Public Provident Fund Account(PPF )
7) Sukanya Samriddhi Account(SSA)
8) National Savings Certificates (VIIIth Issue) (NSC)
9) Kisan Vikas Patra(KVP)
10) Mahila Samman Savings Certificate
11) PM CARES for Children Scheme, 2021
1. Mahila Sammans Savings Certificate (MSSC) is a scheme by the Indian Government for women and guardians of minor girls. It offers a 7.5% annual interest rate for a two-year term, allowing investments from ₹1000 to 2 lakhs. Investors can withdraw up to 40% of the invested amount after one year.
2.The Sukanya Samriddhi Yojana is a post office savings scheme for girl children, promoting financial security and encouraging savings for education or marriage. It offers an 8% interest rate for the FY 2023-24, a 21-year tenure, and tax benefits. Parents or guardians can open an account for a girl child under 10 with deposits ranging from ₹250 to ₹1.5 lakhs, eligible for tax deduction under Section 80C of the Income Tax Act.
3.The Post Office Monthly Income Scheme is an excellent choice for women seeking low-risk savings options, offering a fixed interest rate and regular monthly income over 5 years. Women can deposit up to 4.5 lakhs in an individual account or 9 lakhs in a joint account. However, it’s essential to note that the interest earned is taxable.
4.The Post Office Savings Account is an attractive option for women, offering a 4% interest rate with a minimum deposit of ₹500. It provides flexibility in withdrawals and can be transferred between post offices.
5.The Recurring Deposit scheme is popular among women, requiring a monthly deposit of ₹1000. It offers a fixed interest rate, flexible deposit amounts ranging from ₹100 to ₹60,000 per year, and the option to close the account after one year or let it mature over five years.
6.The post office time deposit account offers women a secure savings option with various maturity periods ranging from 1 to 5 years, similar to fixed deposits in banks. It requires a minimum investment of ₹1000 with no maximum limit. Parents or guardians can also open accounts for girl children, making it an ideal savings avenue for their future education. Current interest rates range from 6.9% to 7.5%.
7.The Public Provident Fund (PPF) is a government-backed savings scheme available at post offices, offering women a guaranteed interest rate of 7.1% along with tax benefits. It resembles the Sukanya Samriddhi Yojana but is open to anyone. Women can invest between ₹500 and ₹1.5 lakhs annually, with flexible tenures of up to 15 years, extendable in blocks of 5 years.