Post Office Scheme – If you want to grow your capital from the comfort of your home without worrying about it, and if you want to ensure your investment is always safe and receive guaranteed returns, the Post Office’s National Savings Certificate scheme can be very useful. This scheme is fully government-backed, meaning your money will be completely safe regardless of market conditions. Therefore, this could be a good option for those looking for a stress-free investment plan…
Account will be opened online sitting at home
Under the Post Office National Savings Certificate Scheme, you can open an account online from the comfort of your home. You don’t need to travel anywhere or go through lengthy procedures. Alternatively, you can also visit your nearest post office and avail the benefits of this scheme.
This scheme has an investment period of 5 years, offering a government-mandated annual compounding interest rate of 7.7%. If you invest Rs 400,000, you will receive a guaranteed interest of approximately Rs 179,613 after 5 years. This means your fund will be worth Rs 579,613. You also get the benefit of tax exemption under Section 80C of the Income Tax Act on investment in NSC scheme, that is, your tax on the money you invest in this scheme is reduced.
Loan facility under NSC scheme
You also have the option to take out a loan against your investment in the NSC scheme. If you wish to take a portion of your investment as a loan, you can do so. You can get a loan of up to 85-90% of the NSC’s face value, with the amount varying depending on the term of the certificate and typically provided by banks or financial institutions. You also have the option to reinvest the interest earned.
Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.