In the present time, every penny matters for peoples from middle-class families. To save some money, consumers are in search for tax saving investment opportunities. There are some schemes operated by Post Office, from where by making investments, you can earn money and save tax as well.
if you’re looking to save on taxes or generate regular income, Post Office investment plans are perfect for your needs. Many Post Office investment plans are quite popular across the country. In this context, today we’re going to tell you about some of the Post Office’s selected investment plans, which offer good returns.
Post Office Monthly Income Scheme
If you want to earn a regular income, the Post Office Monthly Income Scheme is a good option. Investing in this scheme offers an interest rate of 7.4%. You can invest a maximum of ₹9 lakh in a single account and ₹15 lakh in a joint account.
Public Provident Fund
You can invest in the Public Provident Fund (PPF). The minimum amount is ₹500 and the maximum is ₹1.50 lakh annually. Currently, PPF offers an interest rate of 7.10%. Its tenure is 15 years. You can also avail tax exemption under Section 80C of the Income Tax Act.
Sukanya Samriddhi Yojana
If you want to invest in your daughter’s bright future, the Sukanya Samriddhi Yojana (SSY) is the best option. This scheme is specifically designed for girls and helps cover their education and marriage expenses. You can invest a minimum of ₹250 and a maximum of ₹1.50 lakh annually in this scheme. This scheme offers an interest rate of 8.20% and is eligible for tax exemption under Section 80C. This is a long-term savings option that can easily cover major expenses like your daughter’s higher education and marriage.
Time Deposit (TD)
Under the Post Office Time Deposit scheme, investors can invest for different tenures. One can deposit money for 1 year, 2 years, 3 years, and 5 years. Investing for one year earns an interest rate of 6.9%, while investing for 2 or 3 years earns a rate of 7%. Investors investing in this Post Office scheme for 5 years earn an interest rate of 7.5%. There is no maximum deposit limit. The minimum deposit allowed is Rs 1,000. A 5-year Post Office FD is eligible for tax exemption under Section 80C of the Income Tax Act.