We are telling about 7 such schemes of the post office, with the help of which you too can prepare a big bank balance for yourself.
New Delhi. In the midst of the Kovid-19 crisis, everyone wants to invest their money in such a place, where they can get guaranteed safety along with better returns. If you are also searching for such an option then post office is the best place for your money. The post office currently has several special schemes for the consumers, on which they can earn better interest, long-term security and guaranteed returns. These post office plans cover people of all ages like children, middle-aged and senior citizens. Here we are telling about 7 such schemes of post office , with the help of which you too can prepare a big bank balance for yourself. The biggest feature of these schemes is that they are completely exempt from tax under section 80C of Income Tax.
National Savings Certificate ( NSC )
This investment plan of post office is very popular. At present, interest is being paid at the rate of 6.8% per annum on the Post Office National Savings Certificate. Money invested in National Savings Certificate is eligible for tax exemption under Section 80C of the Income Tax Act. You can deposit your money in this scheme for five years.
Post office fixed deposit
In Post Office Fixed Deposits, you can invest money for a fixed tenure. You can get an FD for a tenure of one to five years. In this, you get the benefit of fixed returns and interest payment. Fixed Deposit Accounts can be opened for four maturity periods of one year, two years, three years and five years. In this scheme, you can also avail tax exemption under section 80C of the Income Tax Act.
National Pension System ( NPS )
NPS is a retirement plan. You can also avail tax exemption on the money invested here under Section 80C of the Income Tax Act. It offers investment options in 6 different funds. There is no maximum investment limit in this. You can also start with an investment of Rs 500 in this scheme. Under this scheme, the employee gets a lumpsum amount at the time of his retirement.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a good option to make your daughter’s future secure. In this scheme, at present, interest is being given at the rate of 7.6 percent. In this scheme, investment up to Rs 1.5 lakh in a financial year is also exempted from tax under section 80C of the Income Tax Act.
Kisan Vikas Patra
It is a good option for small scale investment. The interest rate currently available on this savings plan is 6.9%. The returns will be better in this scheme but there will be no tax exemption. Earlier this plan used to mature in 113 months, but now its maturity period has come down to 124 months. A minimum investment of Rs 1000 can be made in Kisan Vikas Patra. There is no maximum investment limit here.
Senior Citizen Saving Scheme
The post office provides special facilities for senior citizens. Under this scheme, they are being given an interest of 7.4 percent. This scheme was started to benefit the people who are 60 years of age and above. Under this scheme, investment can be made for five years. In this, you can deposit a minimum of Rs 1000 and a maximum of Rs 15 lakh. Investment in Senior Citizen Savings Scheme is tax free.
Public Provident Fund ( PPF )
Investing in the post office PPF scheme is considered safe. Public Provident Fund is a 15-year long-term investment scheme, currently paying an interest rate of 7.1 per cent. There is no minimum or maximum age limit for investing in this scheme. You can start investing in PPF with Rs.500. The maximum investment that can be made in this scheme in a financial year is only Rs 1.5 lakh. Both the investment made in PPF under this scheme and the interest earned thereon are tax-free under Section 80C of the Income Tax Act.
