Quick Answer: Is It Safe To Keep Money In Post Office?

Which post office saving scheme is best?

InstrumentInterest rate (%) from October 1, 2020Max amt (Rs)Sukanya Samriddhi Account7.61.50 lakhPublic Provident Fund7.11.50 lakh per annum5 Yr NSC-VIII Issue6.8No limitTime Deposit#5.50-6.70No limit6 more rows•Dec 23, 2020.

Can I double my money in 5 years?

Similarly, if you want to double your money in five years, your investments will need to grow at around 14.4% per year (72/5). If your goal is to double your invested sum in 10 years, you should invest in a manner to earn around 7% every year. Rule of 72 provides an approximate idea and assumes one time investment.

Which bank is safest in India?

List of Best, Safe Banks in India1) HDFC Bank. If market confidence is a measure of the soundness of a Bank, then HDFC Bank takes the cake. … 2) State Bank of India. … 3) ICICI Bank. … 4) AXIS Bank. … 7) Kotak Mahindra Bank, IndusInd Bank.

What is the maximum limit of MIS in post office?

In a Monthly Income Scheme (MIS) account, the maximum investment limit is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account, according to India Post. The investment must be done in multiples of ₹ 100. The maturity period of MIS account is 5 years.

Is FD a good option?

Fixed Deposits (FDs) are one of the safest and most preferred investment options available to those averse to investing in risk instruments such as equity and mutual funds. … However, before you invest in a FD, you need to consider the following points: ⦁ Safety: FDs are secured investments that offer assured returns.

What are the benefits of post office?

Benefits of Post Office Savings AccountsPost Office regular savings account.Post Office time deposit account (TD)Post Office recurring deposit account (RD)Post Office monthly income deposit account (MIS)Public Provident Fund account (PPF)Sukanya Samriddhi Yojana Account (SSY)Kisan Vikas Patra (KVP) account.National Savings Certificate (NSC)More items…

Which is better bank or post office?

In fact, the Kissan Vikas Patra is offering an interest rate of 6.9 per cent, which is way better than banks….Post office interest rates comparison with banks.Bank FDs/Post Office SchemeInterest rateSBI Regular DepositsMaximum 5.4%Hdfc Bank Regular DepositsMaximum 5.5%Kissan Vikas Patra6.9%NSC6.8%2 more rows•Sep 21, 2020

How much money can be deposit in post office?

Single account holders can deposit a maximum of Rs one lakh while joint account holders can deposit a maximum of Rs two lakhs. One of the main features of a Post Office savings account is that there is no lock-in or maturity period.

Is it safe to keep money in FD?

Your investment in a bank is insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme, which covers your deposits up to Rs. 1 lakh for both principal and interest amount held in the same capacity and same right. So, even if the bank you have an FD in goes insolvent, your money would be safe.

What is the benefit of post office account?

The post office savings account is a deposit scheme provided by the post office throughout India. The account provides a fixed interest rate on the account balance. It is a beneficial scheme for individual investors who wish to earn a fixed rate of interest by investing a significant portion of their financial assets.

Is Post Office Rd tax free?

The Post Office 5 year RD also comes under the tax exemption under section 80C up to Rs. 1,50,000 limit. The interest is chargeable to tax as per tax slab and interest of more than Rs. 10,000 per annum is applicable to TDS of 10%.

How can I keep money at the post office?

2. Savings Schemes under Post Office InvestmentsPost Office Savings Account.5-Year Post Office Recurring Deposit Account (RD)Post Office Time Deposit Account (TD)4.Post Office Monthly Income Scheme Account (MIS)5.Senior Citizen Savings Scheme (SCSS)6.15 year Public Provident Fund Account (PPF)More items…•

Which is better Bank FD or Post Office FD?

Five-year post office deposit is offering 6.7 per cent whereas SBI’s five-year FD is offering 5.40 per cent. … The effective interest rate for senior citizen bank FDs is as follows: SBI one-year FD is 5.40 per cent, HDFC Bank one-year FD is 5.60 per cent and ICICI Bank one-year FD is 5.50 per cent.

What is better than fixed deposit?

Popular investments under this scheme include PPF, Post office time deposit, Senior citizen savings scheme, and Monthly income scheme among others. PPF, a long-term investment option offers guaranteed returns and offers a return of 7.90 per cent, and also falls under the EEE category (exempt, exempt and exempt).

What is the interest rate of MIS in post office?

Post office MIS Vs Bank FD Vs NSCPost Office MISBank Fixed DepositFixed rate of interest at 6.60%Rate of interest is fixed at 7% to 9%Guaranteed ReturnsAssured returnsNo TDS applicableTDS is applicableThere is an investment limitThere is no investment limit5 more rows•Nov 24, 2020