#Post Office Monthly Income Scheme Account

[sonalj]

Savings Plans - Buy Best Saving Plan Online in India 2024

Savings Plan

A savings plan helps you get guaranteed returns against fixed monthly or yearly premiums. Further, these plans also offer a life cover that helps safeguard your family’s financial future.

What are Savings Plan?

An insurance savings plan is a financial tool that combines the benefits of a robust savings strategy with the security of insurance and guaranteed returns. Understanding how an insurance savings plan works can help you build a strong foundation for financial security. The best insurance savings plan offers a systematic approach to consistently setting aside a portion of your income, allowing you to accumulate funds over time. It provides a disciplined framework for allocating resources wisely, managing expenses effectively, and prioritizing your financial goals. By opting for an insurance savings plan, you can also adopt healthy financial habits and be better prepared to handle unexpected challenges and expenses.

Types of Savings Plan Saving money is ideal for financial planning, ensuring a user has a safety net for emergencies, future expenses, andlong-term plans. Savings plans are tailored to meet different needs and preferences. From traditional options like fixed deposits tomoderninvestment avenues like mutual funds, understand the diverse savings plans available in India.

Fixed Deposits Fixed deposits are India's most popular andcommonsavings instruments. Banks and financial institutions offer them as a way to allow individuals to deposit an amount for a fixed period at a predecided interest rate. Fixed deposits also provide capital protection and a guaranteed return, making them a secure option for conservative investors.

Recurring Deposits Recurring Deposits (RDs)are one of the commonfamiliar savings option for people who wish to deposit a fixed amount regularly, often monthly, for a pre-decided period. RDs offer flexibility regarding investment amount and duration, and they are agood optionfor individuals who build savings through disciplined and regularintervals..

Public Provident Fund (PPF) Public Provident Fund is astableand long-term plan the Government of India offers. PPF accounts have a lock-in period of 15 years, offergoodinterest rates, and offer tax benefits under Section 80C of the Income Tax Act. They also suit people looking for tax-efficient long-term savings with guaranteed returns.

National Savings Certificate National Savings Certificate is an instrument with a fixed maturity period and interest rates offered by the Government of India. NSC offers tax benefits under Section 80C and can be bought from post offices across India. It also provides a safe and reliable avenue for people looking to accumulate savings over a fixed period.

Sukanya Samriddhi Yojana SSY (Sukanya Samriddhi Yojana) is a savings plan for girls to promote their education and contribute towards their marriage expenses. It offers impressive interest rates, tax benefits under Section 80C, and partial withdrawal options after the girl child is of a certain age. SSY is a great savings option for parents looking to secure their daughter's tomorrow.

Employee Provident Fund Employee Provident Fund is an unavoidable savings scheme after retirement for employees in India. Both the employer and the employee contribute towards the fund, and the amount collated can be withdrawn at retirement or in case of emergency. It also offers tax benefits and is an essential retirement savings tool.

Mutual Funds MFs are schemes that collect funds from multiple investors to put money into a wide-ranging portfolio. They also offer a range of options catering todifferentrisk management profiles and investment plans. Italso offersprofessional management, liquidity, and a great chance for higher returns over the long-term goals.

Unit-Linked Insurance Plans ULIPs combine insurance coverage and investment options, allowing policyholders to invest in various fund options basis on the risk appetite and financial goals. Unit-linked Insurance Plans also offer flexibility, and potential for wealth creation, making it a great choice for long-term financial planning.

[investmentadvisor01]

Securing Your Tomorrow: The Complete Guide to Investing in LIC and Post Office Schemes

When it comes to securing your financial future, Life Insurance Corporation (LIC) and Post Office Schemes stand out as two of the most reliable options available in India. As an investment advisor in Prayagraj and a seasoned LIC Agent in Prayagraj, I have seen firsthand the benefits these LIC schemes and Post Office schemes offer. With a history of stability and a range of products designed to meet various needs, these schemes offer a blend of security and growth. This guide will walk you through the essentials of investing in LIC and Post Office Schemes, helping you make informed decisions..

Why Choose LIC and Post Office Schemes? :

Trust and reliability are paramount when choosing where to invest your money. As an investment advisor in Prayagraj, I can confidently recommend LIC schemes and Post Office schemes. LIC, being a government-owned entity, has a long-standing reputation for trustworthiness and reliability.

Similarly, Post Office schemes are backed by the government, ensuring a high level of security for your investments. Both LIC and the Post Office offer various products catering to different financial goals and timelines.

Whether you're looking for life insurance, retirement plans, or short-term savings options, there's a scheme that fits your needs. Additionally, these schemes provide attractive returns. 

LIC policies often come with bonuses, while Post Office schemes offer assured returns, often higher than traditional savings accounts. For reliable and comprehensive LIC Agent service in Prayagraj, look no further.

Key LIC Products to Consider :

1. Endowment Plans: These plans combine insurance coverage with savings. They are ideal for those looking to build a corpus over a period while enjoying the benefits of life cover.

2. Term Insurance: For those seeking pure risk cover, term insurance is the best option. It offers high coverage at low premiums, ensuring financial security for your dependents in case of your untimely demise.

3. Pension Plans: LIC’s pension plans help you plan for a financially secure retirement. By investing regularly, you can ensure a steady income post-retirement.

4. ULIPs (Unit Linked Insurance Plans): ULIPs offer the dual benefit of insurance and investment. Part of your premium is invested in the market, potentially yielding higher returns, while the rest provides life cover.

Key Post Office Schemes to Consider :

1. Post Office Monthly Income Scheme (POMIS): Ideal for those seeking a regular income, POMIS provides a fixed monthly return, making it a perfect choice for retirees or those needing consistent income.

2. Public Provident Fund (PPF): PPF is a long-term savings scheme with tax benefits. It offers attractive interest rates and the security of government backing.

3. National Savings Certificate (NSC): NSC is a fixed-income investment offering tax benefits. It’s suitable for risk-averse investors looking for safe and guaranteed returns.

4. Sukanya Samriddhi Yojana (SSY): Aimed at the welfare of the girl child, SSY offers high interest rates and tax benefits, helping parents build a substantial corpus for their daughters’ future education and marriage.

How to Choose the Right Scheme :

1. Assess Your Financial Goals: Determine your short-term and long-term financial objectives. Are you saving for your child's education, a house, or retirement?

2. Risk Tolerance: Understand your risk appetite. LIC policies are generally low-risk, while ULIPs involve market-linked risks. Post Office Schemes are highly secure but may offer slightly lower returns compared to market-linked products.

3. Tax Benefits: Consider the tax implications of each scheme. Many LIC policies and Post Office Schemes offer tax deductions under Section 80C of the Income Tax Act.

4. Liquidity Needs: Evaluate your need for liquidity. While some schemes like POMIS offer regular returns, others like PPF have a lock-in period.

Conclusion :

Investing in LIC and Post Office Schemes can be a prudent choice for securing your financial future. They offer a blend of safety, reliability, and attractive returns, making them suitable for a variety of financial goals. By carefully assessing your needs and understanding the features of each scheme, you can make informed decisions that align with your financial aspirations. Secure your tomorrow by investing wisely today.

[lisakapoorblogs]

Comparative Analysis: Estimating Returns from Post Office RD vs. EPF Investments

When it comes to secure investment options in India, both Post Office Recurring Deposits (RD) and the Employee Provident Fund (EPF) stand out as popular choices. Each investment avenue offers distinct advantages and suitability depending on the investor's profile and goals. By employing tools like the post office RD calculator, investors can easily forecast the returns on their monthly contributions to a Post Office RD, which is known for its stability and government backing.

On the other hand, the EPF, primarily designed for the salaried workforce, offers a retirement savings plan that not only helps in building a substantial retirement corpus but also provides tax benefits. To estimate the growth of their EPF contributions, investors can use an EPF calculator. This calculator takes into account variables such as the current EPF balance, employer’s contribution, employee’s contribution, and the current interest rate, which is revised annually by the government.

The key difference between these two investment options lies in their nature and the returns they offer. Post Office RDs allow for a fixed monthly deposit into an account, which earns interest at a rate determined by the prevailing government guidelines. The simplicity of the RD scheme makes it an attractive option for individuals with consistent but limited investing capacity. On the other hand, the EPF is not only a savings tool but also a vital component of India’s social security system, offering interest rates generally higher than those of RDs, which makes it highly beneficial for long-term growth.

Moreover, while the returns on RDs are taxed according to the individual's income tax slab, the interest earned and the maturity amount of the EPF are tax-free under certain conditions, making EPF a more tax-efficient investment in the long run. This distinction is crucial for investors when planning their tax liabilities.

For potential investors, understanding these nuances is vital. Using a post office Recurring Deposits calculator helps in setting realistic expectations on the returns from RDs, providing a clear picture of what the maturity amount will be at the end of the investment period. Similarly, the Employee Provident Fund calculator aids in comprehending how one's money grows over time with the added interest, especially with the compound interest feature that EPF offers.

When comparing both, it’s important to consider factors like investment tenure, risk appetite, liquidity needs, and tax implications. Post Office RDs are typically preferred by those who seek less risky avenues and may need to withdraw their investment relatively sooner. In contrast, EPF is ideal for individuals with a longer investment horizon, primarily due to its focus on retirement savings.

While both Post Office RD and EPF are solid investments, they serve different purposes and offer different benefits. The post office Recurring Deposits calculator and Employee Provident Fund calculator help investors make informed investment decisions that match their financial goals and retirement plans. By carefully analysing and comparing these options, investors can optimise their portfolios for long-term financial goals.

[ksknair]

Exploring the Best Post Office Schemes for Students in India

I've been delving into the world of savings and investments recently, and I'm amazed at the plethora of options we have right at our doorstep - the Indian Post Office Schemes! 😊 From the Recurring Deposit (RD) that lets you save a little every month, to the Time Deposit Account (TD) that works like a fixed deposit, there's something for everyone. 💰

What caught my eye is the Monthly Income Scheme Account (MIS) - perfect for those who want a consistent cashflow. 💵 And let's not forget the Public Provident Fund Account (PPF) and National Savings Certificate (NSC) that offer tax savings and a nice return. 🙌

https://fresherblog.com/post-office-schemes/

For my friends with a rural connection or interest in agriculture, the Kisan Vikas Patra (KVP) is a gem. Your investment doubles in less than 10 years. 🚜

The best part? Even students can apply! Just fill out the form and submit it with your ID, address proof, and a snap. Oh, and you'll need some cash or a cheque for the first deposit. 📝

But remember, always read the fine print and make sure the scheme suits your needs and risk tolerance. Happy investing! 😊

[evinsights]

Post Office Monthly Income Scheme|डाकघर मासिक आय योजना

How to Open MIS Post Office Monthly Income Scheme | MIS | Monthly Income Scheme | POMIS | Post Office Income Scheme | How to open Post office MIS account अपने भविष्य को सुरक्षित करने के लिए सुरक्षित स्थान पर निवेश करना महत्वपूर्ण है। अगर आप ऐसा नहीं करते हैं तो जमा किया हुआ पैसा डूब सकता है। आज हम आपको एक ऐसी स्कीम के बारे में बताएंगे जहां निवेश करने से आपको अन्य विकल्पों के मुकाबले ज्यादा…

[purpleloveenthusiast]

Post Office New Service: Big update! Now online investment facility is also available in these post office schemes, just follow these steps. - informalnewz

Small Saving Schemes: Post Office has started online investment facility in MIS, SCSS and MSSC. You can easily invest online by following the steps given in this article. The Post Office has recently started the facility to open Monthly Income Scheme (MIS), Senior Citizen Saving Scheme (SCSS) and Mahila Samman Saving Certificate (MSSC) accounts online. The objective behind this is to provide…

[stock1market]

Introduction to Investment in Financial Market

Investment

The meaning of word investment is to commit money in order to earn a financial return or to make use of the money for future benefits or advantages. People commit money to investments with an expectation to increase their future wealth by investing money to spend in future years. Investment benefits both the economy and the society. It is an outgrowth of economic development and the maturation of modern capitalism.

Economic Investment: Economic investment includes net additions to the capital stock of the society for production of other goods, such as increase in residential or commercial buildings, machines and plants, inventories etc.

General Investment: General investment to a common man means buying a new house or flat or a new car or motorcycle or investment in banks or post offices in other deposits scheme or investment in shares, bonds of the companies. Such investments are very general in nature and most of such investments are without any rate of return or capital growth.

Financial Investment: It means and exchange of financial claims such as securities, real estate mortgages etc. but does not include consumer items investment.

How Do We Invest?

Investor manage their wealth effectively, obtaining the most from it while protecting it from inflation or taxes and other factors. Some people may wish to improve the return from their savings account funds by investing in alternatives.

Safety: - It is the foremost criteria for investment decision of anyone. It is the probability of getting back the money invested. Government securities, treasury bills and commercial papers are considered the safest instrument among all.

Liquidity: - The liquidity of an instrument refers to the ability of the investor to convert it into cash on short notice without incurring any loss. An instrument will give definite written if it is held till maturity but risk of loss is high if sold prematurely.

Return or Yield:- The age of an instrument is the return earned from it by way of interest dividend and capital appreciation. Some instrument does not pay interest but are redeemed at face value.

Maturity Period: - It is the life in instruments. While some instruments have a fixed original maturity is other can have tailor-made maturity like Certificate Of Deposit, Commercial Paper, Gilt-Edged security. Normally the longer the maturity the greater the return.

One of the best way to start studying the stock market to Join India's best comunity classes Investing daddy invented by Dr. Vinay prakash tiwari sir. The Governor of Rajasthan, the Honourable Sri Kalraj Mishra, presented Dr. Vinay Prakash Tiwari with an appreciation for creating the LTP Calculator.

Investment Activity

Types Of Investors

Mode of Investments

Securities for of investment

1. (a) Corporate Bonds/Debentures:

A bond is a debt obligation. A corporate bond is debt issued by a company in order for it to raise capital. Investors who buy corporate bonds are lending money to the company issuing the bond. In return, the company makes a legal commitment to pay interest on the principal and, in most cases, to return the principal when the bond comes due, or matures.

(b) Convertible Bonds: A convertible bond is a fixed-income corporate debt security that yields interest payments, but can be converted into a predetermined number of common stock or equity shares. The conversion from the bond to stock can be done at certain times during the bond's life and is usually at the discretion of the bondholder.

(c) Non-Convertible Bonds: Non-convertible bonds or debentures are a type of debenture that cannot be converted into equity shares or stocks, hence called non-convertible. The interest rate on non-convertible debentures can be paid either monthly, quarterly, or annually. NCDs also have a fixed maturity date.

2. Public Sector Bonds:

Like central and state governments, even public sector units (PSUs) can raise funds from the general public by issuing bonds known as Public Sector Bonds. These bonds are mostly issued by top public sector companies or institutions to fund their growth and expansion needs. They are relatively less risky than corporate bonds.

(a) Taxable: A taxable bond is a debt security (i.e., a bond) whose return to the investor is subject to taxes at the local, state, or federal level, or some combination thereof. An investor trying to decide whether to invest in a taxable bond or tax-exempt bond should consider what they will have left in income after taxes are taken. Taxable bonds are those bonds where we will invest in that bond and will be taxed in return, meaning the government will also collect tax on its income from us, returns are always high in such bonds.

(b) Tax Free:  Tax-free bonds are issued by public sector companies with an aim to raise funds for specific projects. Tax-Free Bonds are one of the most sought-after bonds in India. And rightly so. Tax-free bonds help investors earn tax free interest income unlike ordinary bonds and fixed deposit. tax-free bonds are issued by the government, they are extremely safe and carry zero default risk. Apart from the zero risk, the biggest advantage of tax-free bonds is that they provide tax-free income. The interest you earn from tax-free bonds is exempt from tax under section 10 of the Income Tax Act, 1961. for the returns received from tax free bonds, the government says that you are exempted from income tax. But these are tax adjusted returns, we have to understand that these are tax adjusted returns, that means they will always give less returns than taxable bonds, that means the government has already adjusted its tax. That's why the government is calling it tax free. So let us not invest by being happy that it is tax free.

 Let us assume that it is taxable there, now every person can have his own capacity and invest in it according to his own accord, like, if a person is 30 % tax slab, and he is buying a taxable bond, then it is more beneficial for him, rather than he should buy tax free bond. Taking, if a person is in the tax slab of 5%, he is buying a taxable bond then it will be more beneficial for him rather than he buys a tax-free bond. In taxable he will get more return, in tax free he will get less return. Got more return and here he is already in 5% tax slab so he doesn't have to pay tax, maybe his tax is already adjusted, so he bought taxable bond, got high return also, and he doesn't have to pay tax here So it became beneficial for him here. But, if the same person is in the tax slab of 5% - 10%, and he buys tax free bonds, then it can be said that it is his ignorance, because he is buying tax free, he has got his tax adjusted, The government has adjusted the average tax of 10%-12%, if it is not in the slab of this percentage, then it can be harmful for him. If someone is in the 30% slab, and he buys taxable bonds, then it can be beneficial for him. Why can it be beneficial? Because he has got the tax adjusted, and now he does not have to pay tax on the income earned from it.

Preference Shares: Preference shares, more commonly referred to preferred stocks, are shares of a company’s stock with dividends that are paid out to shareholders before common stock dividends are issued. If the company enters bankruptcy, preferred stockholders are entitled to be paid from company assets before common stockholders.

Preference Shares: - Preference Shares Whenever any company is listed, before that if we invest in that particular company, then such shares are called Preference Shares. Means before listing means, now there is a company, it is seen that this company is very good, we have invested money in that company, we have not become the owner of that company, but we definitely have preference shares of that company. Yes, when that company will grow, then as it grows, my money will also keep increasing according to those shares. Once the company is going to be listed, during that time that company will ask us that the company is going to be listed, do you want to withdraw your money, or do you want to continue as a promoter in our company. Because now public money is going to come in that company, till now the company did not have public money. Till now the company had received some specific money.

Equity Shares: An equity share, normally known as ordinary share is a part ownership where each member is a fractional owner and initiates the maximum entrepreneurial liability related to a trading concern. These types of shareholders in any organization possess the right to vote.

New Shares: A share that is available for the first time buy.

Initial Public Offering: An Initial Public Offer (IPO) is the first sale of shares to the public by a privately owned company. The companies going public raises funds through IPO for working capital, debt repayment, acquisitions, and a host of other uses. If we talk about IPO, then IPOs are such that IPOs also come out in two ways. If any company has to take out an IPO, if the company has to raise money from the market, then what will it have to do? It will have to get its stock listed in any nationalized exchange in India, registered with SEBI, in such exchanges. For this listing he will have to contact a merchant banker, the entire process will be done by the merchant banker. Merchant banker is also a SEBI registered entity.  There is a rule in India that you cannot take money directly from the public for your business. You can even take a Limited. You will remember Sahara India. Many people know that a case is going on against Sahara India. But don't know why it is happening. After all, how did SEBI drag a company like Sahara India, which had nothing to do with the stock market, how did SEBI make such a big allegation, which has nothing to do with SEBI? SEBI said that in Sahara's case, Sahara has taken money from people, but the rule of taking this money is wrong. If you want to take money from a multiple number of people and want to develop your project with that money, then you can get that money only after getting listed in the market, you cannot take it directly, otherwise the work of a regulator like SEBI What's left

Follow-On Public Offering: FPO is the short-form of follow-on public offering. It is a process through which a company that is already listed on the stock exchange issues new shares to the existing as well as new shareholders. This is a corporate event which takes place after the company’s IPO.

Rights Shares: These are those type of share that an organization issue to their existing stockholders. This type of share is issued by the company to preserve the proprietary rights of old investors.

Bonus Shares: When a business split the stock to its stockholders in the dividend form, we call it a bonus share.

[shikhachopra]

The Ministry of Finance made the aadhaar card compulsory for enjoying the benefits under various national savings schemes which are government based. The new notification stated that aadhaar card is mandated for opening a small savings account by children or any account opened in the name of minors.

[parasramgroup]

Post Office Monthly Income Scheme

Best Investment Options in India 2023

The post office monthly income scheme is popular in domestic households, particularly among housewives and those who get passive income and want to invest it to make some money.

Availability The Indian postal service provides single accounts, joint accounts (up to three individuals), guardians or parents of minors and/or people of unsound mind, and even accounts under the name of a minor over the age of ten. Investment To start an account, a minimum investment of INR 1,000 is required, with a maximum balance of INR 4.50 lakh and 9 lakh for single and joint accounts, respectively. Maturity Accounts can be closed five years after they are opened. But, premature closing prior to one year is not permitted. Similarly, if the account is closed between one and three years, 2% of the principal is taken, and 1% between three and five years. If the depositor dies before the maturity period, nominees may file a claim. ROI (Return on Investment) The scheme offers a 6.60% annual interest rate that is paid monthly. The interest amount can be automatically credited to the depositor's savings account or cleared electronically. Taxation The interest on the deposit is taxed. Degree of risk: Nil to Low

[lawyer2ca]

Senior citizens: Government hikes Senior #Citizen #savings Scheme (#scss), National Saving Certificate (#NSC), Post Office Monthly Income Scheme (#POMIS), Post Office Time Deposit (#potd) interest rates for the January–March quarter of FY 2022–23 - Lawyer2CA®️

Senior Citizen Savings Scheme (SCSS) has an interest rate of 8.0% per annum for the fourth quarter of FY 2022–23. Anyone over the age of 60 and who is over 55 but under 60, is eligible for this programme. An SCSS account can be opened with as minimum as Rs 1,000 and a maximum of Rs 15 Lakh. The account has a five-year maturity period that can be extended by an additional three years. A penalty equal to 1.5% of the deposit is imposed for early withdrawals made after one year. Section 80C of the Income Tax Act allows for the deduction of investments up to Rs 1.5 lakh. Additionally, the interest income is wholly taxable.

The Post Office Monthly Income Scheme (POMIS) interest rate has gone up from 6.7% to 7.1%. This account may be opened with a minimum deposit of Rs. 1,000 and a maximum deposit of Rs 4.5 Lakh (single account) and Rs 9 Lakh (joint account).

Post Office Time Deposit Account (POTD) can be opened for one, two, three, and five-years tenure. A minimum investment of Rs 1,000 is needed to open an account and there is no maximum investment amount. POTD now earns an interest rate of 6.6%, 6.8%, and 6.9% for periods of one year, two years, and three years, respectively. Under Section 80 C of the Income Tax Act of 1961, a senior citizen may be qualified for a tax deduction for a 5-year Post Office Time Deposit Account.

For the January-March quarter, the interest rate on National Savings Certificates (NSCs) is now, 7%. A minimum of Rs. 1,000 should be invested, in multiples of Rs. 100. There is no upper limit. The account will have 5 Years of maturity.

Kisan Vikas Patra's (#kvp) interest rate was hiked from 6.8% to 7%.

#Lawyer2CA #interestrates

https://economictimes.indiatimes.com/wealth/invest/senior-citizens-govt-hikes-senior-citizen-savings-scheme-nsc-post-office-time-deposit-interest-rates/post-office-time-deposit-account-potd/slideshow/96737707.cms

[takapoysanews]

পোস্ট অফিস স্কিম।Indian Post Office। Interest Rates of Post Office 2022 -takapoysanews - TAKAPOYSANEWS

In this particular post you learn details about Indian post office schemes and their lastest interest rates.

There are 9 types of schemes activated by Indian government are popular very much. Among them 1.Post office savings account 2. Post office time deposit / fixed deposit 3.Post office monthly income scheme (MIS) 4.Post office recurring deposit (RD) 5. Post office senior citizen savings scheme (SCSS) 6. Sukanya samriddhi Yojana 7.Kishan Vikas Patra (KVP) 8.Public Provident Fund (PPF) 9. NSC National Savings Scheme .

In this post you learn all the details for this popular schemes in Bengali.

[paybimainsurance1]

Here are top 6 post office investment plans :

National Savings Certificate (NSC)**This is a low-risk with fixed income scheme offered by the government and is available with the post-offices across India. This post office saving scheme for boy child is loaded with best features and benefits to aptly suit your child’s needs. It facilitates a fixed income and definite returns to generate best revenues. This plan is currently available at 6.8% rate of interest per annum.

Features:

Minimum investment – Rs.1000

Maximum investment – no max. limit

Interest Rate – 6.8%

Lock in tenure – 5 years

Tax Benefits – Up to Rs.1.5 lakh (as per Section 80C of Income Tax)

Benefits

The plan offers fixed return on investment higher as compared to FDs.

Offer Tax benefits under section 80C.

Available at an initial investment of Rs 1,000, which is very less.

The Plan is available with a maturity period of 5 years.

No TDS allowed so the insured can obtain full value at maturity.

Ponmagan Podhuvaippu Nidhi Scheme

The department of post, Tamil Nadu introduced the Ponmagan Podhuvaippu Nidhi Scheme in the year 2015,especially meant for the male child. The account for this post office saving scheme for boy child can be opened through a parent/guardian for a minor boy below 10 years of age, while minor boys above 10 years can open the account on their own name. This special plan is limited to the residents of Tamil Nadu only, and can be availed by parents before their son attains 10 years of age.

Features:

Minimum investment – Rs.500

Maximum investment – 1.5 lakhs

Interest Rate – 9.70%

Maturity period – 15 years

Tax Benefits – available under Section 80C of Income Tax

Benefits

The plan offers ways to increase your income.

Offer Tax benefits under section 80C.

Nomination facility available.

Payments can be made in lump sum or in 12 small installments.

Parents can avail loan facility from fourth year of the account.

Post Office Monthly Income Scheme (POMIS)

Post office monthly income scheme or POMIS is a saving scheme for boy child where you can earn a fixed monthly interest by investing a certain amount. This scheme is easy to open in any post office across the country and is packed with features and benefits. For this scheme, the one key requirement is to have a post office savings account.

Features:

Minimum investment – Rs. 1000

Maximum investment – 4.5 lakhs

Interest Rate – 6.6%

Maturity period – 5 years

Tax Benefits – TDS is not applicable but sum invested is not covered under Section 80C

Benefits

The plan offers capital protection until the plan matures

This is a low risk plan and safe.

It offers affordable deposit amount facility.

The scheme offers guaranteed returns.

Multiple ownership is also available under this scheme.

Kisan Vikas Patra (KVP)

Kisan Vikas Patra or KVP is an apt plan that suits perfectly to the low income as well as the middle-class income families in India. This is a short-term post office saving scheme for boy child in India that permit parents to invest on a particular lump-sum money per year.

Features

Interest Rate – 6.9%

Minimum amount – Rs.1,00

Maximum amount – No Upper Limit

Maturity period – 10 years and 4 months

Lock-in period – 30 months

Benefits

The plan offers guaranteed returns with zero risks.

It helps accumulate savings for future your child.

Allow parents to get loans with low interest rates.

Nomination facility is available.

Post Office Recurring Deposit (RD)

This another good saving post office schemes for boy child in India. This is a recurring deposit plan that offer high rate of interest as compared to regular saving account in a bank. Under this scheme, parents can save a particular amount in the account every month for 5 years.

Features

Interest Rate – 5.8%

Minimum amount – Rs.100

Maximum amount – No Upper Limit

Maturity period – 5 years

Benefits

The plan offers limited restrictions.

Nomination facility is available.

Transfer of funds is available from RD to savings account.

Allow parents to save enough for their male child’s future.

Public Provident Fund (PPF)

Public Provident Fund or PPF is a post office scheme for male child in India that help parents to save on taxes as well. PPF is a long term plan of investment available at an attractive rate of interest and offers god returns on investment.

Features

Interest Rate – 7.1%

Minimum Amount – Rs.500

Maximum Amount – Rs 1.5 lakh

Tenure/Lock-in period – 15 years

Tax Benefit – available up to Rs.1.5 lakh under Section 80C

Benefits

The plan offers low risk.

Nomination facility is available.

Allow parents to take loans against the invested amount from 3rd of scheme.

Transfer of funds is available under this savings scheme.

Long term savings with attractive interest rate.

[zfundsofficial]

Which Are The Best Investment Plans for 5 Years?

We’re sure, there have been times when you felt confused about long-term investments and commitment with it. That’s what leads you here — to the best investment plan for 5 years that’s suitable for you. However, there are a lot of options out there, so what do you choose?

1. Savings And Deposits

(1.1) Fixed-Term Deposits

(1.2) Recurring Savings

(1.3) Savings Account

2. Post Office Savings 

(2.1) Post Office Time Deposit

(2.2) Post Office Monthly Income Scheme

3. Mutual Funds + Stocks

(3.1) Large Cap Mutual Funds

(3.2) Hybrid Mutual Funds

(3.3) Index Fund

(3.4) Small Cap Mutual Fund

(3.5) ELSS Mutual Fund

4. Fixed Maturity Plans (FMPs)

5. Government Savings Schemes

6. Senior Citizens' Savings Scheme

7. Retirement and Pension Plans

(7.1) ULIPs (Unit Linked Insurance Plans)

(7.2) Pension Plans

8. Bonds 9. Stock Market

[personal-finance-india]

Top 10 Money investment ideas in India for 2023

Every investor seeks the Best Investment Ideas in India that will provide the highest return in the shortest amount of time while posing the least amount of risk. Some people invest to achieve specific investment goals, while others invest to achieve financial security.

Let's take a quick look at the top 10 money investment ideas in India for 2023, which are divided into three categories: short- term, medium-term and long-term.

Read: Family financial plan- 7 steps of Financial planning for families

 Best Short Term Investment Options

Short-term objectives necessitate that investments be easily accessible.

Bank Fixed Deposits (FDs)

FDs provide fixed returns over the tenure of the investment. Profits are paid out monthly, quarterly, or annually. Annual interest rates on FDs range from 6.5% to 7%. FDs are available in a variety of tenures (7days - 10 years).

Chit Funds

A chit fund is based on a rotating savings and credit association system. Chit fund schemes can be organised by financial institutions or take place informally between friends, relatives, or neighbours.

Chit funds serve as both an investment and a borrowing tool.

Read: How Does The Money Club Mobile App Work? - The Money Club

 Best Medium-Term Investment Options

Medium-term goals are those that you wish to achieve within the next three to five years.

National Savings Certificates (NSC)

The National Savings Certificate, or NSC, is a government of India post office savings product. NSC deposits mature in 5 years, with an annual interest rate of 6.8%. However, the entire amount is payable at maturity.

Read: Best Guaranteed Monthly Income Plans: 10 Monthly Income Schemes

 Best Long-Term Investment Options

Your long-term investment ideas are those that you hope to complete within the next seven to ten years.

Real Estate

The real estate industry in India is among the fastest growing. Buying an apartment or a plot of land is the best investment plan in India. It functions as an asset, which is one of the best long-term investment strategies with high returns.

Direct Equity

Investing in equities is one of the best ways to build wealth for long-term goals. Direct equity funds offer higher returns than any other investment option on the market. However, direct equity is a high-risk investment option.

Gold

Gold has been regarded as a potential investment since antiquity. Many banks now offer gold coin. Gold ETFs can be used to invest in paper gold, which is less pricey.

Read: Small Savings Schemes - High Return Small Saving Schemes in India

 Equity Mutual Funds

Stocks are the primary investment of equity mutual funds. These funds are managed by qualified fund managers. As a result, they only invest your money after conducting extensive research. As a result, your chances of generating profitable returns over time increases.

Public Provident Fund (PPF)

PPF is a very safe investment plan. A PPF account can be opened at any bank or post office. The invested funds are locked in for a 15-year period. Additionally, you can earn compound interest on the money that has accumulated in this investment option.

Read: What are Top 12 Alternative Investment Options in India for 2022

 ULIPs

A Unit-Linked Insurance Plan (ULIP) is a life insurance and investment product. A portion of the payment goes toward insurance coverage, while the remainder is invested in market-linked securities such as shares, bonds, and a variety of other securities.

NPS

National Pension System (NPS) is a long-term retirement investment product. Its objective is to ensure people's financial security after they retire.

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POMIS SCHEME - Post Office Monthly Income Scheme 2022

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