Under Section 80C of the Income Tax Act, you can claim deduction up to Rs 1.50 lakh by investing in tax saving options. Let us know which tax benefit is available on which post office saving scheme and which scheme does not have this benefit…
New Delhi
post office saving schemes ( Post Office Savings Schemes ) are always a good option to invest in people. Guarantees of good returns as well as full money safe attract people to invest in savings schemes of the post office even today. Some of the post office savings schemes also have a tax benefit. By investing in such schemes, you can claim deduction under section 80C of the Income Tax Act. Under Section 80C, you can claim deduction up to Rs 1.50 lakh by investing in tax saving options. Let us know which saving scheme of post office remains tax benefit and which scheme does not have this benefit, as well as factors like interest rate, minimum account for account opening-
| The scheme | Annual interest | Minimum amount for opening an account | Maximum Balance / Deposit Limit | Section 80C |
| saving account | 4.0% | 500 rupees | No limit | Not applicable |
| RD | 5.8% | 100 rupees | No limit | Not applicable |
| Time Deposit (TD) | 5.5% to 6.7% at different maturities | 1000 rupees | No limit | Applicable on 5 year TD |
| Monthly income scheme | 6.6% | 1000 rupees | 4.5 lakh for a single account and Rs 9 lakh for a joint | Not applicable |
| Senior Citizen Savings Scheme | 7.4% | Only 1 deposit in multiple of Rs 1000 | 15 lakh rupees | Applicable |
| PPF | 7.1% | 500 rupees | Maximum deposit up to Rs 1.5 lakh in an FY (Rs 500 minimum) | Applicable |
| NSC | 6.8% | 1000 rupees | No limit | Applicable |
| KVP | 6.9% | 1000 rupees | No limit | Not applicable |
| Sukanya Samriddhi Scheme | 7.6% | 250 rupees | Maximum deposit of 1.5 lakh rupees in an FY | Applicable |
How to save all the money in the post office
If a bank defaults or becomes insolvent, then only the deposit of up to Rs 5 lakh is secured by the customer in total. That is, no matter how much money is deposited in a bank of the customer, but if the bank goes bankrupt, then he will get a maximum of Rs 5 lakh back. But this is not the case at the post office. Your entire deposit at the post office is safe.
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