Post Office Saving Scheme: Most of the people of the country look for such options for investment in which their money is safe and returns are also available. He prefers a safe option instead of investing his money in the stock market.
When it comes to safe investment, the name of post office comes in the mind of most people. All the post office schemes are run by the Government of India and its interest is also decided by the government. This is the reason why people consider investing money in post office schemes as the safest. In these post office schemes, you can get exemption under 80C on investment up to Rs 1.50 lakh.
National Savings Certificate (NSC)
You can invest a minimum of Rs 1,000 in an NSC scheme and in multiples of Rs 100 thereafter. There is no upper limit. The maturity of NSC scheme is 5 years. It earns interest at the rate of 7 per cent. This is exempted under 80C.
Senior Citizen Saving Scheme (SCSS)
If you are 60 years or more, you can open Senior Citizen Savings Account in the post office. Interest of 8 percent is available annually on this. SCSS has a maturity period of 5 years. You can invest up to a maximum of Rs 15 lakh in this.
Sukanya Samriddhi Yojana (SSY)
You can avail the benefits of Sukanya Samriddhi Yojana scheme by opening an account in the name of a girl child below 10 years of age. The girl child becomes the owner of the account when she turns 18 or becomes an adult. The current interest rate offered on Sukanya Samriddhi account is 7.6 per cent. A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited in this account in a financial year. Sukanya Samriddhi Yojana comes under the category of tax exemption under section 80C of the Income Tax Act.
Post office time deposit
You can also invest in post office time deposit. You can invest up to a maximum of Rs 1.50 lakh in this. Tax exemption is available under 80C on 5 years deposit. You will get 7% interest on 5 years deposit.
Public Provident Fund (PPF)
Public Provident Fund (PPF) account is a long term plan. The maturity period in PPF is 15 years. This is exempted under 80C. In this, you can invest up to a maximum of Rs 1.50 lakh in a financial year. PPF gets 7.1 percent interest annually.
