Post Office Scheme– In the midst of the corona crisis, everyone wants to invest their money in a place where they can be guaranteed good interest as well as security also. If you are also looking such an option, then post office scheme is best for you. There are many special schemes for customers in the post office at this time, in which good interest is received.
The specialty of the post office is that in this you have separate plans for children and senior citizens.
Let’s know 7 such super hit schemes. The biggest feature of there schemes is that some of these schemes also get the benefit of tax exemption under SECTION 80C DEDUCTION
Types of Post Office Scheme
- Post Office National Saving Certificate(NSC)
- Post Office FD (Fixed Deposit)
- Post Office National Pension Scheme (NPS)
- Sukanya Samriddhi Yojana (SMY)
- Post Office Kisan Vikas Patra
- Senior Citizen Saving Scheme (SCSS)
- Public Provident Funds (PPF)
Read In Details
1. Post Office National Saving Certificate(NSC)
Post office saving scheme is quite popular. At present, 6.80% interest is paid annually on investment in Post office National saving Certificate(NSC). In this, interest is calculated on an annual basis. The amount deposited in the National Saving Certificate gets tax exemption under Section 80C of the income tax act. You can invest in this scheme for 5 years. This is a best post office scheme in now days.
2. Post Office FD (Fixed Deposit)
In a post office fixed deposit(FD), you can invest a lump sum for a fixed period. There is a facility to invest in post office time deposits for one to five years. In this, you can take advantage of fixed returns and interest payments. Fixed deposit (FD) accounts can be opened for four maturity period one year, two year, three year and five years. In this scheme you can avail tax exemption under section 80C of Income Tax Act, 1961.
3. Post Office National Pension Scheme (NPS)
National Pension Scheme(NPS) is a retirement plan. It was started by the central government. Under section 80C of the income Tax Act, You can also avail exemption up to Rs. 1.5 lakh. There is a facility to invest in 6 different funds. There is no upper limit for investment in it. You can also invest 500 rupees in this government scheme. Under this scheme, the employee get a lump sum payment at the time of retirement.
4. Sukanya Samriddhi Yojana (SMY)
Sukanya Samriddhi Yojana for a Girls Child Scheme. Sukanya Samriddhi Yojana was launched by Central Government, is a small deposit scheme of the Central government of India meant exclusively for a girl child, and is launched as a part of Beti Bachao Beti Padhao Campaign. The scheme is meant to meet the education and marriage expenses of a girl child.
Sukanya Samriddhi Yojana (SMY) is the best option to secure the future of you daughter. In this scheme you are currently getting 7.6 percent return. It also gives the benefit of tax deduction on investments up to Rs 1.5 under section 80C of the Income Tax Act. This is a best post office scheme for a girl child.
5. Post Office Kisan Vikas Patra
It is a good option for small scale investment. Now 6.9 percent interest is being given on this savings scheme. let us know that the return will be better in this but there is no tax exemption on this. Whit this, the first used to be matured in 113 months, which has now been changed to 124 months. Minimum Rs 1000 can be deposited in Kisan Vikas Patra. At the same time is no limit to maximum investment.
There in also a risk of money laundering due to no investment limit, hence the government made the PAN card mandatory in 2014 for investment above Rs 50,000. If you invest 10 lakh or more, then income proof will also have to be deposited, such ITR, Salary slip and bank statement etc. Apart from this, Aadhaar card has to be given as an identity card. This is a best post office scheme for a farmers.
6. Senior Citizen Saving Scheme (SCSS)
The post office also provides special facility to Senior Citizens Scheme. Under this scheme, the rate of interest is 7.4 percent. This scheme was launched to benefit people 60 or older. Investment are made for five years under this scheme. In this, you can deposit a minimum of one thousand rupees and invest a maximum of 15 lakh rupees. Tax exempt on investment under the senior citizen savings scheme.
7. Public Provident Funds (PPF)
Investing in the Post office PPF scheme is considered the safest. PPF is a 15 year long-term investment plan, which currently offers an annual compound interest of 7.1 percent. There is no minimum or maximum age limit for joining this scheme. You can also start investing in PPF from 500 rupees. The maximum annual amount up to 1.5 lakh can be invested in it. Under this scheme, investment in PPF and interest on it is tax-free under section 80C of the Income Tax Act.
PPF is one of the preferable schemes and is available with a lock-in period of 15 years. Nonetheless, investors can avail partial withdrawal after 5 years. A minimum deposit of Rs. 500 per year is required to keep the account active.
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