In the schemes of Post Office, the risk of money is less with better returns. In this, you can make a big fund with small savings.
If you are thinking of investing money in the right place for a safe future, then these 9 schemes of Post Office can prove to be beneficial for you. There is less risk of money with better returns in it. In this, you can make a big fund with small savings. You can also add money for your children under several schemes of the Post Office. This will not cause problems in their marriage or studies. Know about post office schemes –
(1) Public Provident Fund (PPF)
According to the tax expert, employed people can take more advantage of this scheme. Because in this scheme tax deduction of up to 15 lakh rupees is available in a financial year. At the same time, interest is also tax free. In this scheme, you can deposit a minimum of Rs 500 and a maximum of Rs 1,50,000 in a financial year. It gets interest at the rate of 7.1 percent per annum (compound annual). According to this, it will take about 10.14 years to double your money.
(2) Sukanya Samriddhi Account (SSA)
You can deposit a minimum of Rs 250 and a maximum of Rs 1,50,000 in a financial year under this scheme. Sukanya Samriddhi Yojana, designed for girls, is currently getting 7.6 percent interest. According to this, it will take 9.47 years to double the amount invested. Girls under 10 years of age can take advantage of this scheme.
(3) Senior Citizen Savings Scheme (SCSS)
In the Post Office Senior Citizen Saving Scheme (SCSS), you can deposit a minimum of 1 thousand and maximum of 15 lakh rupees. At the rate of 7.4 percent interest is being received in this scheme right now. If you are investing in this scheme then it will take 9.73 years to double your money.
(4) Monthly Income Scheme Account (Monthly Income Scheme)
This account can be opened with a minimum amount of 1 thousand rupees. Its time limit has been set for 5 years. In this, a single account holder can deposit a maximum of Rs 4.5 lakh and a joint account holder Rs 9 lakh. Interest of 6.6 percent is being received in this scheme right now. According to this, on depositing Rs 4.5 lakh for 5 years, you will get Rs 2,475 as interest every month. In this case, it will take about 10.91 years to double your money. The interest amount received under this scheme will be taxable.
(5) Savings Account (Savings Bank)
To open this account at the post office, you have to deposit a minimum of Rs 500. However, only 4 percent interest is being received in it. According to this, it will take at least 18 years to double your investment. According to the rules of the Income Tax Department, if the post office savings account holder gets less than 10 thousand interest in a year, then it is tax-free.
(6) Time Deposit (TD)
In the Time Deposit (TD) account, you will get an interest of 5.5 percent on the term of 1, 2 and 3 years and 6.7 percent on the period of 5 years. If you choose the time limit of 5 years, then your money will double in about 10.75 years. At the same time, if you invest for 3 years, your money will double in 13 years. It gets tax exemption as per 80C.
(7) Recurring Deposit (RD)
On opening a Recurring Deposit (RD) account, you will get 5.8 percent interest per annum (quarterly compounding). In this, you can deposit a monthly amount in a minimum of Rs 100 or a coefficient of 10 rupees. It will take 12.41 years to double your money.
(8) National Savings Certificate (NSC)
In the National Saving Certificate (NSC) scheme, the deposit will mature only after the completion of 5 years from the date on which you will deposit Rs. The government has fixed 6.8 percent interest on it. According to this, if you deposit Rs 10 lakh in it, then after 5 years you will get Rs 13,89,490. At the same time, if you want to double the amount invested, then you will have to wait for 10.59 years. It is valid for deduction under 80C after depositing it.
(9) Kisan Vikas Patra (KVP)
The Kisan Vikas Patra (KVP) scheme of the post office gets 6.9 percent compound annual interest. According to this your invested amount will be doubled in 124 months (10 years and 4 months). There is no maximum investment limit. You can start with a minimum of 1 thousand rupees.
Know what tax tax says
According to income tax expert Mukesh Patel, the most attractive scheme of the post office is the Senior Citizen Scheme. Because this scheme guarantees the highest return as well as security. According to him, the National Savings Scheme, PPF and Sukanya Samriddhi Scheme are the top-three schemes of the Small Savings Schemes category.
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