Post office schemes: If you are looking for safe investment and maximum interest schemes then this article can help you. Yes we are going to tell you about Post Office Eight Best Plans here. 100% security and guaranteed returns are also available. You can get guaranteed income as well as tax exemption here. Here we have mentioned about investment schemes that give 8% interest.
In today’s times everyone is looking for maximum return on their investment. For this reason, many people ignore a small savings plan. Instead they turn to the capital market. But this assumption is wrong. One needs to balance the portfolio. So, keep a portion of investment in such schemes, where you will get guaranteed returns with 100% security. These schemes are useful in case of emergency in case of loss in the capital market.
Post Office: 100% Security, Guaranteed Return
Post Office offers many excellent and popular Small Savings Schemes. These include National Savings Time Deposit Scheme (TD), National Savings Monthly Income Scheme (MIS), Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Sukanya Sandhi Scheme (SSY), Senior Citizens . Savings Scheme (SCSS), National Savings Recurring Deposit (RD) are the major ones.
Post Office Savings Schemes are good. Because your deposit money is safe here. The money deposited here is used by the government for its work. That is why the government gives them a sovereign guarantee. It means 100% security on investment. Among these, tax exemption benefit is also available in some schemes. In these returns are given according to fixed interest. The minimum and maximum investment and interest rate of all those schemes can be found below.
Public Provident Fund (PPF)
Interest rate: 7.1 per cent per annum
Maximum investment: Rs 1.5 lakh
Minimum investment: Rs 500
Maturity: 15 years, but with option to extend to 5 years
Tax benefit: Tax benefit up to Rs 1.5 lakh under 80C
Senior Citizen Savings Scheme (SCSS )
Interest Rate: 8.2 per cent per annum
Maturity: 5 years
Maximum Deposit: Rs 15 Lakh
Minimum Deposit: Rs 1000
Tax Benefits: 1.50 per annum is deducted under 80C on investment. However, TDS is deducted if the interest earned in a financial year exceeds Rs 50,000.
Sukanya Samriddhi Yojana (SSY)
Interest Rate: 8.0% per annum
Maturity: 21 years
Maximum Deposit: Rs 1.50 Lakhs per annum
Minimum Deposit: Rs 250
Tax Benefit: Tax exemption under Section 80C of Income Tax Act on investment of Rs 1.50 Lakhs per annum, interest earned and amount received at maturity The above tax exemption is also tax free.
National Savings Certificate (NSC)
Interest rate: 7.7 per cent per annum
Maturity: 5 years
Maximum deposit: No limit
Minimum deposit: Rs 1000
Tax benefit: Under Section 80C of the Income Tax Act, the amount invested up to Rs 1.50 is tax exempt.
Time Deposit (TD)
1 Year Plan Interest: 6.9% per annum
2 Year Plan Interest: 7.0% per annum
3 Year Plan Interest: 7.0% per annum
5 Year Plan Interest: 7.7% per annum
Maximum Deposit: No Limit
Minimum Deposit: Rs 1000
Tax Benefits: Tax exemption under 80C on amount invested up to Rs.1.50. But if the income from interest is 40 thousand or more, then TDS will be deducted. Limit for senior citizens is 50 thousand rupees.
Recurring Deposit (RD)
Interest Rate: 6.5 per cent per annum
Maximum Deposit: No limit
Minimum Deposit: Rs 100 monthly
Expiration: 5 years, extendable for another 5 years.
Tax Benefit: No
If interest income from RD is more than Rs 40,000, then 10% TDS, for senior citizens this limit is Rs 50,000.
Kisan Vikas Patra (KVP)
Interest Rate: 7.5% per annum
Maturity: 115 months
Maximum Deposit: No Limit
Minimum Deposit: Rs 1000
Tax Benefit: No
Monthly Income Scheme (MIS)
Rate of Interest: 7.4 per cent per annum
Maturity: 5 years, then a new account can be opened for 5 years at that time interest
Maximum Deposit: 4.50 Single Account, 9 Lakh Joint Account
Tax Benefit: No
