Indian Postal Department is considered one of the most reliable financial institutions in our country. Various schemes are being operated by the Indian Postal Department through the post office.
The objective of these schemes is to provide safe investment with guaranteed returns. The post office runs several schemes to promote savings habits among investors. You can deposit your money in the post office without any worries. Here the person’s money remains safe and good interest is also received. In this article, we will tell you about some schemes offered by the Indian Post Office.
Post office savings account
Post office savings account is like a bank account opened in any public sector bank. Post Office Savings Account offers an interest rate of 4% on an individual or joint account. The interest rates on savings deposits change every June quarter. People are given the facility of check book in normal bank account but it is not so in post office savings account. Interest under section 80TTA above Rs 10,000 in this account is exempted from tax. A minimum balance of Rs 500 should be maintained in the account.
5 Years Post Office RD Account
This post office account offers an interest rate of 6.9% to the investors. There is no maximum deposit amount for this account. Explain that the post office RD account can be opened in a minor name and a minor of 10 years of age or more can also open and operate the account.
Post office time deposit account
At present, the post office fixed deposit interest rate is 6.6%. Investments in this account for a period of less than 5 years are eligible for tax benefits under Section 80C of Income Tax 1961. There is no maximum deposit limit in this scheme. Under Post Office Time Deposit Account, the interest rate is paid annually but is calculated quarterly.
Post Office Monthly Income Scheme Account
A certain amount is invested by a person in the Post Office Monthly Income Scheme account. Under this scheme the investor receives a guaranteed monthly income in the form of interest. Under this scheme of the post office, the interest payable on a monthly basis is deposited in the savings account of the investor.
Post Office Monthly Income Scheme is paid on the account at the current interest rate of 7.3% per month. There is no income tax deduction available for investing in this program. Explain that the maturity period of the Post Office Monthly Income Scheme is only 5 years. Post Office Monthly Income Scheme account train will be closed before 1 year. However, if the account is closed for 1 year to 3 years then 2% will be deducted and 1% will be deducted after 3 years.
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