Tax Saving Scheme: If you’re among the investors who prefer guaranteed returns, consider investing in a scheme that not only saves your income tax but also yields high interest rates.
If you want to advantage of the better interest rates of this scheme, then you have to invest your money for at least 5 years.
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Here we are talking about the National Savings Certificate of the Post Office, this is a deposit scheme, in which you have to invest for 5 years. This scheme offers up to 7.7% interest.
How much interest is available in government banks
People get 6.75% interest on 5-year Tax Saving FD in SBI and 7.25% interest is being given to senior citizens. If we talk about PNB Bank, then 6.50% interest is given to common people, 7.00% to senior citizens and 7.30% to super senior citizens.
If we talk about private banks, then HDFC Bank gives 7.00% interest to common people and 7.50% interest to senior citizens on 5-year FD. ICICI Bank also has the same interest rate. On the other hand, Axis Bank gives 7.10% interest to common people and 7.60% interest to senior citizens on 5-year Tax Saving FD.
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If we talk about 5-year FD in post office, then there too the interest rate is given at the rate of 7.5%. This interest rate is also lower than NSC. Let us tell you that, like Tax Savings FD, NSC also receives tax benefits under Section 80C.
To open an NSC account, you have to invest a minimum of Rs 1000. There is no limit on the maximum amount to invest.
