Post Office Savings Schemes
✅ a. Post Office Savings Account
Interest: 4% p.a.
Minimum balance: ₹500.
Similar to bank savings account.
Government-backed and low risk.
✅ b. Post Office Recurring Deposit (PORD)
Tenure: 5 years.
Interest: ~6.7% p.a. (compounded quarterly).
Minimum monthly deposit: ₹100.
Premature closure after 3 years allowed.
✅ c. Post Office Time Deposit (TD)
Tenure: 1, 2, 3, or 5 years.
Interest: 6.9% to 7.5% p.a. (as per tenure).
5-year TD qualifies for Section 80C tax benefit.
✅ d. Senior Citizens Savings Scheme (SCSS)
Age: 60+ years (or 55+ with retirement proof).
Tenure: 5 years (extendable by 3 years).
Interest: ~8.2% p.a. (paid quarterly).
Max investment: ₹30 lakh.
Tax benefit under Section 80C.
✅ e. Monthly Income Scheme (MIS)
Interest: ~7.4% p.a.
Interest paid monthly.
Tenure: 5 years.
Max limit: ₹9 lakh (single) / ₹15 lakh (joint).
Safe and steady monthly income.
✅ f. Public Provident Fund (PPF)
Tenure: 15 years.
Interest: ~7.1% p.a. (compounded annually).
Tax-free interest and principal.
Max investment: ₹1.5 lakh/year (eligible under 80C).
✅ g. Sukanya Samriddhi Yojana (SSY)
For girl child (up to age 10).
Tenure: 21 years or until marriage after age 18.
Interest: ~8.2% p.a.
Max deposit: ₹1.5 lakh/year.
Tax-free maturity.
Bank Savings Schemes
✅ a. Savings Account
Offered by all banks (public and private).
Interest: 2.7% to 4% p.a.
Easy access to funds via ATM/debit card.
Suitable for daily banking needs.
✅ b. Fixed Deposit (FD)
Lock-in period: 7 days to 10 years.
Interest: 3% to 7.5% p.a. (varies by bank and tenure).
Premature withdrawal allowed (with penalty).
Ideal for conservative investors seeking capital protection.
✅ c. Recurring Deposit (RD)
Monthly deposit with fixed tenure.
Interest: Similar to FDs.
Useful for small, disciplined savers.
Tenure: 6 months to 10 years.
✅ d. Tax Saving Fixed Deposit
Lock-in: 5 years.
Interest: ~6.5% p.a.
Eligible for tax deduction under Section 80C (up to ₹1.5 lakh).
No premature withdrawal allowed.