Tax Deduction Benefit Schemes: Investing anywhere is risky, in which case the post office scheme can prove to be good. Post office schemes get much better returns with interest.
Tax Deduction Benefit Schemes: Investing anywhere is risky, in which case the post office scheme can prove to be good. Post office schemes get much better returns with interest. They are also fully protected from market risks. Along with some schemes, the benefit of tax deduction is also available. Today, let us know about the schemes that get the benefit of tax cuts.
Post office time deposit
A maximum investment of up to Rs 1.50 lakh can be made in the Post Office Time Deposit (Post Office TD) scheme. In this scheme, you are being given the benefit of interest at the rate of 7% per annum. In this post office scheme, exemption is also available only under section 80-C of the Income Tax Act.
Sukanya Samriddhi Yojana
Post Office’s Sukanya Samriddhi Yojana (SSY) is specially for daughters. In this scheme, the account of a girl child up to 10 years can be opened. At present, the interest rate is available at 7.6 per cent per annum in this scheme. In this, a minimum of Rs 250 and a maximum of Rs 1.50 lakh can be invested in every financial year. The scheme provides exemption/benefit under Section 80C of the Income Tax Act.
Public Provident Fund (PPF)
You can deposit your money for a long time in the Public Provident Fund (PPF) scheme of the post office. Under this scheme, a maximum investment of up to Rs 1.50 lakh can be made in a financial year. The maturity period under the scheme is 15 years. It can also be extended. At present, in this post office scheme, the interest rate is available at 7.1 per cent per annum.
Post Office Senior Citizens Savings Scheme
In the Post Office Senior Citizens Savings Scheme (SSSC), you get the benefit of an annual interest rate of 8.2 per cent per annum. This is one of the highest interest paying schemes of the post office. Tax exemption is available in this scheme under section 80-C of the Income Tax Act.
National Savings Certificate
You can start your investment with a minimum of Rs 1,000 in the National Savings Certificate (NSC) scheme of the post office. Investment in the scheme can be made in multiples of Rs.100. There is no fixed investment limit. The maturity period in the scheme is 5 years. This scheme offers an interest rate of 7% per annum. In this too, tax benefit is available under Section 80-C of the Income Tax Act.
