The Indian homemaker is apt at savings. However, the mommies do face a dilemma as to where to invest the saved amount. Banks become a hassle with the kind of formalities increasing day by day. Also tax issue is there. And for those women who do not want to disclose the savings to the family, bank is not an option at all. To provide a solution to this problem, the post office offers a wide range of saving options especially designed for homemakers. At the current interest rates prevailing in the market, they offer a better deal. Either options of monthly investment or a lump sum amount is available.
The following investment options are available:
1. Recurring Deposit: The tenure is for 5 years. You have to deposit a fixed sum every month on the fixed date or before. The interest rate is 7.1% with quarterly compounding. What that means is if you are investing Rs. 1000 per month for 5 years at the above interest rate, your maturity value would be RS.72500.
2. National Savings Certificate: The tenure is for 5 years. Every deposit is treated as a separate investment and a certificate is issued for the same. There is no requirement of a monthly deposit. Rate of interest is 7.8% for 5 years, i.e. if you invest Rs. 10000, at the end of 5 years you will get Rs. 14693. I strongly recommend investment in this for the mothers and wives.
3. Kisan Vikas Patra: This is also one time investment. NO monthly investment is required. The time period is 115 months, i.e. 9.6 years. Rate of interest is 7.5%. Amount will double at the end of the period. Rs. 10000 invested will mature as Rs. 20000.
4. Sukanya Samriddhi Account: This account is specifically for the girl child. Rate of interest is announced every year by the Government of India. The current year Rate of Interest is 8.3%. This account can be opened in the name of the girl child upto 10 years of age. It will be closed when she turns 21. The account can also be closed anytime post 18 years provided the girl child is married. Since you cannot withdraw money prior to the closure this ensures you have the sum when it is required.
So mommies, go ahead and make use of this secured investment place.
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