New Delhi: Post Office savings scheme have come up as one of the safest option for traditional investors who don't want to take much market risk and are dependent on a fixed interest rate.
Post Office Small Savings Scheme are of 9 types:
1. Post Office Savings Account(SB)
2. National Savings Recurring Deposit Account(RD)
3. National Savings Time Deposit Account(TD)
4. National Savings Monthly Income Account(MIS)
5. Senior Citizens Savings Scheme Account(SCSS)
6. Public Provident Fund Account(PPF )
7. Sukanya Samriddhi Account(SSA)
8. National Savings Certificates (VIIIth Issue) (NSC)
9. Kisan Vikas Patra(KVP)
While several of the above schemes have no maximum balance, for opening and continuity of the schemes you will be required to retain a Minimum Amount balance.
If you too are curious about the minimum balance required for an account, you could check out the minimum balance in respect of different types of Small Savings Accounts as given below:
| Post Office Savings Account | Rs. 500/- |
|---|---|
| National Savings Recurring Deposit Account | Rs. 100/- |
| Monthly Income Scheme | Rs. 1000/- |
| Time Deposit Account | Rs. 1000/- |
| Public Provident Fund | Rs. 500/- |
| Sukanya Samriddhi Account | Rs. 250/- |
| Senior Citizen Savings Scheme | Rs. 1000/- |
| National Savings Certificate (VIIIth Issue) | Rs. 1000/- |
| Kisan Vikas Patra | Rs. 1000/- |
Among the above Post Office Small Savings Scheme, Sukanya Samriddhi Account Scheme fetches 7.6 percent interest rate annually, Senior Citizen Savings Scheme fetches 7.4 percent interest rate quarterly and Public Provident Fund Scheme fetches 7.1 percent interest rate annually.
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