3 Post Office Schemes with High Returns and Calculators

There are multiple Post Office Schemes to choose from but which scheme will give you high returns? What are the interest rates of best Post Office Schemes? We will check in this post.

Some of the best Post Office Schemes with High Returns include PPF (Public Provident Fund), SSY (Sukanya Samriddhi Yojana) and SCSS (Senior Citizen Saving Scheme). PPF is a government backed saving scheme for everyone with 7.1% interest rate, SSY is for a girl child with 8.0% interest rate and SCSS scheme helps senior citizens to get good returns with 8.2% interest rate in a year.

Note that mentioned interest rates are applicable for April 2023 to June 2023, subjected to be reviewed every quarter by government of India.

Table of Contents

Post Office Schemes with High Returns Video
PPF (Public Provident Fund)
- PPF Calculator
SSY (Sukanya Samriddhi Yojana)
- SSY Calculator
SCSS (Senior Citizen Saving Scheme)
- SCSS Calculator
Which scheme is best in post office?
Download Post Office Schemes Excel Calculators
Conclusion

Post Office Schemes with High Returns Video

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PPF (Public Provident Fund)

Below are some features are benefits of PPF:

PPF full form is Public Provident Fund. It is a government backed saving scheme with a lock in period of 15 years
Which means once you open PPF account, you have to keep it active for next 15 years
Minimum amount to be deposited in PPF is Rs. 500 in FY to keep the account active
Maximum amount that can be deposited in PPF is Rs. 1.5 Lacs in FY to get maximum interest
You can open PPF account in any nationalized bank or post office
Current interest rate in PPF is 7.1% per annum (as of June 2023)
Interest rates are reviewed every quarter by Government of India
You get Tax Benefits in PPF under Section 80C
Maximum Rs. 1.5 Lacs can be claimed as deduction in Section 80C after you deposit in PPF
Also, the interest amounts and maturity amount earned in PPF are tax free

PPF Calculator

Use the PPF Calculator below to check how much interest you can get in Public Provident Fund:

Use the above calculator to know how much interest you can get in PPF if you invest over 15 years.

ALSO READ: Rs. 1000 PPF Interest Calculation for 15 years

SSY (Sukanya Samriddhi Yojana)

Sukanya Samriddhi Yojana is another good Post Office Scheme for a girl child. Below are some features and benefits:

Attractive interest rate of 8.0%, that is fully exempt from tax under section 80C.
Minimum Rs. 1000 can be invested in one financial year (April to March)
Maximum investment of Rs. 1,50,000 can be made in one financial year (April to March)
If the minimum amount of Rs 250/- is not deposited in any financial year, a penalty of Rs 50/- will be charged
Deposits in an account can be made till completion of 14 years, from the date of opening of the account
The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage
Passbook will be issued to customers
Withdrawal Facility
To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age.
If the beneficiary is married before maturity of account, account has to be closed.
Monthly interest is calculated and compounding frequency is annual
You can open a maximum of 2 accounts in a family

SSY Calculator

Use the SSY Calculator below to check how much interest you can get in Sukanya Samriddhi Yojana:

Use the above calculator to know how much interest you can get in Sukanya Samriddhi Yojana if you invest over long term.

ALSO READ: How to Save Income Tax on Salary above 7 Lakh

SCSS (Senior Citizen Saving Scheme)

SCSS or Senior Citizen Saving Scheme is another Post Office Scheme with high returns for Senior citizens in India.

Below are some features and benefits of SCSS:

SCSS or Senior Citizen Saving Scheme is for the senior citizens of India – Age 60 years or above
It helps you get quarterly interest payout after every quarter based on the principal amount you deposit and interest rate
The current interest rate in SCSS is 8.2% for the quarter April 2023 – June 2023
So for example, you deposit Rs. 1 Lakh in SCSS, at 8.2% interest rate, you will get Rs. 2050 as quarterly interest payout
SCSS tenure is 5 years, and you can extend it with a block of 3 years as well
You get Income Tax Benefits under Section 80C with SCSS account – maximum Rs. 1.5 Lakh can be claimed in a financial year
The interest rate provided in SCSS is highest compared to any other Post Office saving scheme
SCSS is an effective and long-term saving option which offers security and added features that are usually associated with any government-sponsored savings
Senior Citizen Saving scheme is available through certified banks and post offices across India

SCSS Calculator

Use the SCSS Calculator below to check how much interest you can get in Senior Citizen Saving Scheme:

Use the above calculator to know how much interest you can get in Senior Citizen Saving Scheme if you invest over long term.

ALSO READ: Income Tax Saving Options for Senior Citizens

Which scheme is best in post office?

So we have seen some of the best Post Office Schemes with High Returns currently. Now which Post Office Scheme is best for you?

It depends on your age group and gender.

For a girl child with given eligibility, Sukanya Samriddhi Yojana is best for long term goal. Also for a girl child PPF can be opened as well for long term savings.

For a boy child, PPF is the best option or even if you are a teenager, you can open Public Provident Fund account for long term goals or for retirement.

And if you are a senior citizen, you can open Senior Citizen Saving Scheme in post office and enjoy periodic returns during your retirement phase.

Comment below the post office scheme you are investing in or want to know more about.

Download Post Office Schemes Excel Calculators

You can also download the Excel calculator for various Post office schemes using the links below:

Conclusion

So these are some of the best Post Office Schemes with High Returns.

PPF gives us 7.1% interest rate, SSY gives 8.0% and SCSS gives 8.2% interest rate currently for April 2023 to June 2023 quarter. Note that these interest rates are subjected to be reviewed and updated by government of India in every quarter.

Some more Reading:

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