The government-run saving schemes can come in handy for you if you are looking to invest money and want some risk-free returns. Apart from banks, post offices also provide many savings schemes which can help you to build a corpus with small investments. You can invest in savings plans like National Savings Certificate (NSC), Sukanya Samriddhi Yojana, Senior Citizens Savings Scheme (SCSS) and Kisan Vikas Patra (KVP), among others if you don’t have a high risk appetite.
These savings schemes have the potential to double your money over the long term. The majority of these programs are offered by post offices all over India, and they can be availed at any local post office.
Kisan Vikas Patra (KVP) Return
Investments in Kisan Vikas Patra will be doubled in ten years and four months (124 months). If you invest Rs 2 lakh in the KVP scheme today, you would receive Rs. 4 lakhs in 124 months. The Kisan Vikas Patra scheme currently offers a 6.9 percent interest rate, which is even higher than the return on fixed deposits offered by many banks.
National Savings Certificate (NSC)
Currently, the National Savings Certificate offers a 6.8 percent interest rate. If the government maintains the current rate, your investments in NSC would nearly double after 10 years. You will need to renew your investment after the fifth year, as the scheme’s maturity period is five years. If you invest Rs 2 lakh in NSC you will receive Rs 2,77,898 after five year. Now, if you deposit the entire maturity amount for another five years, you will receive Rs 3,86,140 in the tenth year.
Senior Citizens Savings Scheme (SCSS) Maturity
This savings scheme is only open for elderly people, above the age of 60 years. Senior Citizens Savings Scheme offers 7.4 percent return on the investment. If you invest Rs 2 lakh, you will receive Rs 2,74,000 rupees at the current rate in five years. After five years of reinvesting, you will receive Rs 3,75,000. Your investment of Rs 2,00,000 will nearly double in 10 years.
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