These 3 post office schemes offer up to 8.7% interest.

These 3 post office schemes offer up to 8.7% interest. Read details inside

• New Delhi: India Post under the Department of Posts, offers nine saving schemes such as savings account, National savings recurring deposit, National savings time deposit, National savings monthly income account, senior citizens saving schemes, Public provident fund, National Savings Certificates, Kisan Vikas Patra Account and Sukanya Samriddhi Account. From these nine schemes, PPF, senior citizens saving schemes and Sukanya Samriddhi offer 8 per cent or above interest. 

1. 15-year PublicProvident Fund Account- This account can be opened with a minimum of Rs 500 and maximum of Rs 1,50,000 in a financial year. The deposits in the account can be made in lump-sum or in 12 installments                                                                                                      
 This account offers an interest rate of 8 per cent per annum which is compounded yearly.    Any individual can open this account Rs 100 but has todeposit a minimum of Rs 500 ifiscal. The deposits made in this account are eligible fordeduction from income under Section 8O of Income Tax Act. It may be noted that the interest is completely tax-free. One can avai lo nfacility against this account from the third
financial year from the year of opening the account. It has a maturity period of 15 years which can be extended within one year of maturity for a further five years and so on.

2. Sukanya Samriddhi Account- The minimum amount required for opening under this scheme is Rs 1000 and maximum Rs 1.5 lakh in a financial year with subsequent deposits in the multiple of Rs 100. There is no ceiling on the number of deposits made in a month or fiscal. It offers an interest rate of 8.5 per cent per annum which is calculated on a yearly basis. It may, however, be noted that if minimum Rs 1,000 is not deposited in a fiscal, account will become discontinued and can be revived with a penalty of Rs 50 per year with a minimum amount required for deposit for that year. This account can be opened up to the age of 10 years only from the date of birth of girl child. 

3. Senior Citizen Savings Scheme (SCSS)- There shall be only one deposit in the account in multiple of Rs 1,000 and a maximum not exceeding Rs 15 lakh. It offers an interest rate of 8.7 per cent per annum which is payable from the date of deposit of March 31 or September 30 or December 31 in the first instance and thereafter, interest shall be payable on March 31, June 30, September 30 and December 31. This account can be opened by cash for the amount below Rs 1,00,000 and for Rs 1 Lakh and above by cheque only. The premature closure of this account is allowed after one year on deduction of an amount equal to 1.5 per cent of the deposit and after 2 years 1 per cent of the deposit. The maturity period of this account is of 5 years.