Who doesn’t love Post Office’s schemes? Most of the people at the moment, instead of going to the bank, open an account in the post office or invest in schemes. Today we are discussing some post office schemes that will amaze you. Right now, the Post Office Savings Scheme is very beneficial for small investors. The reason for this is that these schemes easily get higher returns than banks. Post office savings plans offer investors an interest rate of up to 8.2%. Most of these post office schemes also provide exemption from income tax under Section 80C of the Income Tax Act. Today we know about 5 savings schemes of the post office.
Post Office Monthly Income Plan
Post Office Monthly Income Scheme provides investors with an opportunity to earn stable income. An individual can invest a minimum of Rs 1,500 and a maximum of Rs 9 lakh; then the maximum limit for joint accounts is Rs 15 lakh. However, there is no tax exemption for this. The interest rate is 7.4% per annum.
National Savings Certificate
A National Savings Certificate is an investment and savings scheme guaranteed with full capital security, as are other fixed income instruments. Any person can open one account, while three persons can open a joint account. Parents can run the account for a minor or a sick person. It offers a compound interest rate of 7.7% annually.
Senior Citizen Savings Scheme
The Senior Citizen Savings Scheme is backed by the Government of India. Senior citizens residing in India can open an account and invest a lump sum amount in the scheme. This account can be individual or joint. It offers tax breaks. It offers an interest rate of 8.2%.
Mahila Savings Certificate
The Mahila Samman Chetan Certificate is an initiative launched by the government that aims to promote a culture of savings among Indian women. However, there is no tax exemption in this scheme. It offers an annual interest rate of 7.5%.
Kisan Vikas Patra
Kisan Vikas Patra is a savings certificate issued by the Government of India. The scheme offers a fixed interest rate and guaranteed returns. However, investing in it does not exempt income tax. It offers an annual compound interest rate of 7.5%.
