Are you looking for a safe place to invest your money and also get tax benefits under the Income Tax Act? Then you must check out these 7 superhit savings schemes from the Post Office.
This is a fantastic scheme designed for the future of girl children.
What's special: It offers an 8.2% interest rate.
Tax benefit: You get an EEE (Exempt-Exempt-Exempt) status. This means the investment, interest, and maturity amount are all tax-free.
Tenure: The scheme runs for 21 years, but you only need to invest for 15 years. It's a huge help for your daughter's higher education or marriage.
24
2. Public Provident Fund (PPF) & 3. Senior Citizen Savings Scheme (SCSS)
2. Public Provident Fund (PPF)
This is a very popular scheme for long-term investment.
Interest: 7.1%.
Tax benefit: You can get tax exemption on up to ₹1.5 lakh per year under Section 80C. It also has EEE status, so the maturity amount is completely tax-free.
Tenure: 15 years.
3. Senior Citizen Savings Scheme (SCSS)
This scheme is a real blessing for people over 60.
Interest: 8.2%.
Tax benefit: You get a tax break on up to ₹1.5 lakh under Section 80C. You can also claim an additional deduction of up to ₹50,000 on interest income under Section 80TTB.
Investment: You can invest a maximum of ₹30 lakh.
34
4. National Savings Certificate (NSC) & 5. Post Office Time Deposit
4. National Savings Certificate (NSC)
This is perfect for those who want guaranteed returns and tax benefits.
Interest: 7.7%
Tax benefit: You get tax exemption under Section 80C. The special part is that the interest earned for the first four years is considered reinvested, and you get a tax break on that too!
Tenure: 5-year lock-in period.
5. Post Office Time Deposit
This works just like a bank Fixed Deposit (FD).
What's special: It comes in tenures of 1, 2, 3, and 5 years.
Important note: Only the 5-year Time Deposit gets you a tax deduction under Section 80C. For other tenures, there's no tax break, and the interest you earn is taxable.
