Your money can grow and earn significant returns if you invest sensibly. One of the best options that come to mind is fixed deposits, which are well-liked because they carry little risk. Other schemes exist that provide a high rate of return along with reliable and guaranteed returns. One option is post office schemes.

Compared to fixed deposits

Post Office Savings Schemes offer higher returns on investments. Banks guarantee fixed deposits, but post office savings schemes provide better interest rates and tax advantages. The post office programs, which offer interest rates ranging from 5.5 percent to 7.6 percent, are supported by the government. In addition to offering such alluring interest rates, Post Office Savings Schemes significantly reduce tax obligations.

Sukanya Samriddhi Yojana:

As the name suggests, the plan is for a girl child and can be used by any girl under the age of ten. Returns are possible at an interest rate of 7.6%. The minimum opening deposit for the Sukanya Samriddhi Yojana scheme is Rs 250, while the maximum deposit is Rs 1.5 lakh. Account holders under the Sukanya Samriddhi Yojana program can take advantage of tax benefits under Section 80C of the Income Tax Act because interest received under the program is tax-free.

Anyone over 60 can open this account, which offers a 7.4% annual interest rate and earnings guarantees. The maximum deposit that may be made into the account is Rs 15 lakh, and deposits must be made in multiples of Rs 1,000.

With a minimum deposit requirement of Rs. 500 and a maximum deposit limit of Rs. 1.5 lakh each fiscal year, the Public Provident Fund now offers an interest rate of 7.1% per annum. The PPF program’s account maturity period is 15 years, excluding the year the account was opened.

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