Customers like to invest in the Small Savings Scheme of the Post Office. One such scheme is National Savings Certificate (NSC) in which bumper interest is available on investment for a fixed period.
Small Savings Scheme: If you want to get better returns after a certain period by investing your savings, then this news is for you. There are still many options available in the market to get better returns. Among these, Fixed Deposit (FD) and Recurring Deposit (RD) are the most popular. Apart from this, customers also like to invest in the Small Savings Scheme of the Post Office. One such scheme is National Savings Certificate (NSC) in which customers get more interest than FDs of many banks if they invest for a certain period. Let us know about this scheme in detail.
What is this scheme
Actually, under the National Savings Certificate Scheme, customers can invest for a period of 5 years. Under this scheme, customers can start their investment with a minimum of Rs 1,000. Under this scheme, customers get compounding interest of 7.7% on their deposited capital.
Will get tax exemption up to Rs 1.50 lakh
Let us tell you that under the National Savings Certificate Scheme of the Post Office, under Section 80C of Income Tax, customers can avail tax exemption on investment up to Rs 1.50 lakh. Apart from this, no TDS is deducted on the interest received on investments under this scheme. Let us tell you that under this scheme, you can open your account in any post office of the country.
Other banks are paying so much interest
Let us tell you that at present, the country’s largest public sector lender State Bank of India (SBI) is giving 6.50 percent interest to its customers on FD for this period. Whereas Punjab National Bank is offering 6.50% interest on FD for a period of 5 years, Bank of India is offering 6.50% interest for the same period and HDFC Bank is offering 7% interest for this period.
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