Government Scheme: If you have not done tax savings planning for the financial year 2023-24, then it should be started as soon as possible. There are 5 such post office schemes including PPF, Time Deposit and Sukanya scheme, by investing in which you will be able to save tax and also get good returns. We are telling you about these schemes.
1. Senior Citizen Savings Scheme
- The scheme is getting an interest rate of 8.2% per annum.
- The account can be opened after the age of 60 years or more.
- A person taking VRS who is more than 55 years but less than 60 years can also open this account.
- Money can be invested under the scheme for 5 years. After maturity, this scheme can be extended for 3 years.
- Under the scheme, you can invest up to a maximum of Rs 30 lakh.
2. Sukanya Samriddhi Yojana
- Under this, the account can be opened before the age of 10 years after the birth of a girl child.
- You can open this account for just Rs.250. In this, interest is being given at the rate of 8% per annum, which is more than the fixed deposit.
- A maximum of Rs 1.5 lakh can be deposited under Sukanya Samriddhi Yojana in the current financial year.
- The account can be opened in any post office or authorized branch of the bank.
3. Public Provident Fund
- Deposits in Post Office Public Provident Fund (PPF) accounts currently fetch 7.1% interest.
- Interest calculation on deposits is done on an annual basis, which means it is added to the principal amount every year.
- PPF comes under the EEE category of exemption. This means that income from returns, maturity amount and interest are exempt from income tax.
- This account can be opened for 15 years, which can be extended for a further 5 years.
- An account can be opened in PPF with a minimum of Rs 500. In this, it is necessary to invest at least 500 rupees in a financial.
- Under this scheme, you can invest a maximum of Rs 1.5 lakh in the account in a year.
4. National Savings Certificate
- Investment in Post Office National Savings Certificate (NSC) is getting 7.7% annual interest.
- In this, the interest is calculated on an annual basis, but the amount of interest is given only after the investment period.
- To open an NSC account, you have to invest a minimum of Rs 1000.
- You can invest any amount in NSC. There is no maximum investment limit in this.
5. Time Deposit Scheme
- It is a type of Fixed Deposit (FD). In this, by investing a lump sum amount for a fixed period, you can enjoy assured returns and interest payments.
- Post Office Time Deposit Account offers an interest rate of 6.9 to 7.5% for a tenure ranging from 1 to 5 years.
- According to the official website of India Post, you can take advantage of tax exemption under 80C for investing in fixed deposits of 5 years.
- Depositing in time deposit for 5 years, you will get interest at the rate of 7% per annum.
- A minimum investment of Rs 1000 has to be made in this. There is no limit on the maximum investment. Click here for more information related to this
What is section 80C?
Under Section 80C of the Income Tax Act, you can claim a deduction of Rs 1.5 lakh from your total income. Understand it in simple language, you can reduce up to Rs 1.5 lakh from your total taxable income through Section 80C.
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We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
