Post Office Schemes: In today’s world, many individuals recognize the importance of saving. As a result, they choose to invest in different options that suit their requirements. If you’re aiming to generate a significant income through investments, post office schemes could be a viable choice. They come with no associated risks, and the returns are assured. Thus, it’s fair to conclude that post office investment schemes are an excellent choice for those looking to invest without facing any risks.
In summary, if your goal is to save on taxes or create a steady income, Post Office investment plans are ideal for you. Numerous Post Office investment plans enjoy widespread popularity throughout the nation. In this regard, today we will discuss some of the selected investment plans offered by the Post Office that provide attractive returns.
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Post Office Monthly Income Scheme
For those seeking a consistent income, the Post Office Monthly Income Scheme is a great choice. This scheme provides an interest rate of 7.4%. You can invest up to Rs 9 lakh in an individual account and Rs 15 lakh in a joint account.
Public Provident Fund
You have the option to invest in the Public Provident Fund (PPF). The minimum investment is ₹500, while the maximum is ₹1.50 lakh per year. Currently, the PPF offers an interest rate of 7.10%, with a tenure of 15 years. Additionally, you can benefit from tax exemptions under Section 80C of the Income Tax Act.
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Sukanya Samriddhi Yojana
If you’re looking to secure your daughter’s future, the Sukanya Samriddhi Yojana (SSY) is an excellent choice. This scheme is tailored specifically for girls and assists in covering their educational and marriage expenses. You can invest a minimum of Rs 250 and a maximum of Rs 1.50 lakh each year in this scheme. It offers an interest rate of 8.20% and is also eligible for tax exemption under Section 80C. This long-term savings option can effectively support significant expenses such as your daughter’s higher education and marriage.
Time Deposit
With the Post Office Time Deposit scheme, you can invest for various durations. You have the option to deposit money for 1 year, 2 years, 3 years, or even 5 years. If you invest for one year, you’ll earn an interest rate of 6.9%, while a 2 or 3-year investment gives you a rate of 7%. For those who choose to invest for 5 years, the interest rate goes up to 7.5%. There’s no cap on the maximum deposit, but the minimum you can put in is Rs 1,000. Plus, a 5-year Post Office FD qualifies for tax exemption under Section 80C of the Income Tax Act.
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National Savings Certificate
The National Savings Certificate is a program launched by the Government of India. It’s a fixed-income investment option available to any Indian citizen at any post office. Currently, we’re on Issue VIII of the National Savings Certificate. The maturity period for the NSC is 5 years, and it offers a return of 7.7%. A cool thing about the National Savings Certificate Scheme is that you can kick off your investment with just Rs 1,000.