Fixed income investment is a crucial part in everyone's investment portfolio. While the government-backed fixed-income schemes are widely popular among senior investors, youth and millennials do not find them attractive due to lower online presence. Comparatively, other fixed income investment products like debt mutual funds are easy to invest online.
While tracking the performance, returns and future value of investment in debt funds is no big deal, for schemes like Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), the investment scheme for girl child, and Senior Citizens Savings Scheme (SCSS), investors mostly know the interest rates offered by them. They get stuck at finding the maturity value or the wealth they can expect to create in future by investing in them.
Either an investor needs to be calculation savvy or have a financial advisor to do such math. To simplify such calculations, Post Office of India has launched a new mobile application 'Postinfo' which provides a DIY 'Interest Calculator' for post office savings schemes.
Postinfo app allows to calculate interest and future value of investments in PPF, SSY, monthly income scheme, SCSS, National Savings Certificate (NSC), Kisan Vikas Patra (KVP), post office savings account, time deposit and recurring deposit.
The process is simple, you just need to enter your contribution in rupees and the 'Interest Calculator' will calculate your total contribution, total interest earned on your investment, and maturity amount in the blink of an eye. It will help in investment decision making process to a great extent. Also, it is a step forward to become a DIY investor. While you can always take advise from experts, there is no harm in being independent for small calculations.
What makes the app more interesting is that it provides the complete calculation chart till the maturity of an investment. For instance, in case of PPF or Sukanya Samriddhi Account, the calculator shows the growth of your investment every year till the maturity period. The app takes the current applicable interest rates for calculation. As the interest rates will change, the app will automatically work with the new rates.
Postinfo provides details about post-office savings schemes as well. Further, the app allows to calculate premium for both Postal Life Insurance and Rural Postal Life Insurance. You can also buy these insurance policies through the app.
You may also search nearby post office, postage amount, track articles and post any service request through the app.
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