Due to the corona period, interest is getting less in FD, in such a way, you can invest in other government schemes. There will be many more benefits including income tax rebate with better returns.
As soon as it comes to savings, the name of Fixed Deposit ie (FD) comes first in the minds of the people. Because it is a popular investment scheme. But due to the Corona period, the interest received on it has been reduced significantly. In such a situation, if you invest your money in such schemes where you can get more returns, it will be better for you.
Today we will tell you about some similar government schemes that give strong returns. It is also right from the point of view of security as well. These are getting more interest from FD. The good thing is that you can choose these schemes according to your needs.
National Saving Certificate (NSC)
The National Saving Certificate (NSC) scheme operated by the post office is a better option. In this, interest is getting more from FD. Right now, about 6.8% interest is being paid annually on it. You can invest in this with a minimum of 1000 rupees. While the maximum limit is not fixed. You can also open an account in your child’s name. Apart from this, there is also the facility of a joint account. Under this, under Section 80C of the Income Tax Act on investment, tax exemption is given on the amount up to Rs 1.5 lakh.
Kisan Vikas Patra (KVP)
Another scheme of post office is quite popular, namely Kisan Vikas Patra Yojana. In this, you will get 6.9% interest. The minimum age to invest in this should be 18 years. In this, single and joint accounts can be opened. In this, you can also open an account for children, although it will have to be maintained by their parents. If you want to get out of the policy, then after 2.5 years in this you can leave the policy. The minimum investment amount in this is one thousand rupees.
Monthly Income Scheme ((MIS)
This is also the plan of the post office. In this, interest of 6.6% tax is being given. Under this scheme, accounts can be opened with a minimum balance of 1000 rupees. With this account you can be guaranteed regular income. If your account is single, you can deposit up to Rs 4.5 lakh. At the same time, if you have a joint account, then a maximum of 9 lakh rupees can be deposited in it. The maturity of the policy is 5 years.
Time deposit scheme
Post office time deposit is a kind of fixed deposit scheme (FD). You can take advantage of fixed returns and interest payments by investing lump sum money for a fixed period in it. If you open the account for a period of 1 to 5 years, then interest on it will be 5.5 to 6.7%. Apart from this, you can also avail tax exemption under Section 80C. The minimum age of investment in this is 18 years. You can invest up to 1000 rupees in it.
