In the current uncertainty, most people have understood the importance of savings. So they are investing in different places according to their needs. If you want to earn a large amount of income through investment, then the savings schemes of the post office can be a good option. There is no risk and guaranteed returns are available. Therefore, it can be said that the investment schemes of the post office are best suited for those who want to invest safely without risk.
All in all, if you want to save tax or get regular income, then the investment schemes of the post office suit almost all your needs. Multiple investment schemes of the post office are quite popular in the country. There are some specific investment schemes of the post office where good returns can be obtained by investing.
1. Post Office Monthly Income Scheme – If you want to get regular income, then the monthly income scheme of the post office can be a good option for you. Investing in this scheme is currently getting an interest rate of 7.4 percent. In this scheme, a maximum of Rs 9 lakh can be invested in a single account and a maximum of Rs 15 lakh in a joint account.
2. The Public Provident Fund is an investment vehicle that allows individuals to set aside a Kachchi/Non-Permanent Investment Account for as little as one Rup to maximum of One Thousand Fifty Lakh Rupees every year. This can be an excellent investment option for individuals concerned about inflation as it offers a relatively safe method of saving over time. There is a long-term commitment involved in investing through this Program and earning interest on your investment; the Government will pay you interest on your accumulated balance after 15 years of continued contributions to the Account. Additionally, when you file your income tax return each year, you may deduct from your taxable income the amount contributed to this Account when calculating your taxable income.
3. The Sukanya Samriddhi Yojana (SSY) was created specifically for parents who wish to invest to provide the best possible future for their daughter(s) but can’t afford the traditional methods of investing. This Program will assist families in achieving their goal of providing their daughter(s) with a post-high school education and preparing for a Marriage. In order to open an account the parents must contribute a minimum of Two Hundred Fifty Rupees and a maximum of One Thousand Fifty Thousand Rupees per year. Once the account is opened, interest will accrue at an annual rate of 8.20%. There is also the ability to deduct contributions made to the SSY from the taxpayer’s taxable income when filing the taxpayer’s income tax return, as outlined in Section 80C of the Income Tax Act. This account allows for long-term savings to help parents pay for their daughter’s education and future marriage expenses.
4. Time Deposit (TD)- Under the Post Office Time Deposit scheme, investors can deposit money for different tenures. It has investment options for 1 year, 2 years, 3 years and 5 years. If you invest for 1 year, you get an interest rate of 6.9 percent, and if you invest for 2 or 3 years, the interest rate is fixed at 7 percent. On the other hand, if you invest in this Post Office scheme for 5 years, you get an interest rate of 7.5 percent. There is no maximum deposit limit and you can start investing by depositing a minimum of Rs 1,000. Also, the post office’s 5-year time deposit offers tax deductions under Section 80C of the Income Tax Act.
5. National Savings Certificate (NSC)-National Savings Certificate (NSC) is an initiative of the Government of India. It is a fixed income investment scheme. Any Indian citizen can buy a National Savings Certificate from any post office in the country. Currently, the VIII issue of National Savings Certificate is in progress. The maturity period of NSC is 5 years. This scheme of the post office offers a return of 7.7 percent. The special attraction of the National Savings Certificate Scheme is that one can start investing in it with just 1,000 rupees.