The Post office in India is a very unique institution . Think only one in the world that delivers your mails to your door step .And i consider it one of the very very few government services which still has a large pool of very dedicated and sincere people working for it .
Indian Postal Services are unique in another sense , it is also a Bank and offer some highly popular investment option to us , which i feel cannot be ignored .
PPF ( Public Provident Fund ) :
I cannot stress more , if you do not have a PPF , get one today . PPF is a must have investment option , check my post on PPF and also how to use it Optimally
MIS (Monthly Income Scheme ) & RD (Recurring Deposit ) combo:
This is a unique combo where you try to feed the interest earned from MIS into a RD , through a S.B.Account . MIS is a simple scheme where you would do a one time deposit which would give you a 8% rate of return and the subscriber would be paid every month as the name the suggest and at the end of 6 years , you would even get a 5% of the money deposited as a lumpsum bonus along with the principal amount.You can mandate the post office to deposit this monthly income into a S.B .account and you can then open an R.D and madate the post office to credit the RD's monthly installment by debiting your S.B account . So that your MIS could in turn feed your RD .
SCSS ( Senior Citizen Saving Scheme)
9% rate of interest per annum, Maturity period is 5 years. A depositor should be of 60 years Premature closure is allowed after one year.
All Post Office Schemes
Image : FreeDigitalPhotos.net,Photographer :Paul Martin Eldridge
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