If you're looking for a safe and secure investment option, look no further than the central government-run schemes available through banks and post offices. These schemes, such as the time deposit scheme and the Senior Citizens Savings Scheme, offer competitive interest rates that can often beat those offered by traditional banks.
Post office time deposit scheme: One of the most popular options is the post office time deposit scheme, which offers a return of 6.7 per cent on fixed deposits with a five-year term. This scheme can be renewed every five years, making it a great long-term investment option.
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Senior Citizens Savings Scheme: Another great option for senior citizens is the Senior Citizens Savings Scheme (SCSS). This scheme, run by the post office, offers an interest rate of 8 per cent on saving deposits, making it a great choice for older individuals looking to earn a higher return on their savings. Additionally, this scheme ensures safety and security of money which is a great advantage for senior citizens who don't want to take risk with their hard-earned money.
Note: If you're looking for a risk-free investment option with competitive interest rates, the central government-run schemes available through post offices are definitely worth considering. With the post office time deposit scheme and the Senior Citizens Savings Scheme among the many options available, you're sure to find a scheme that meets your specific financial needs and goals.
