Post Office Scheme: You can also invest at least 1000 rupees in Post Office National Savings Certificates (eighth issue). Apart from this, money can be invested in multiples of 100. There is no maximum limit for investment in this.
Post Office Scheme: There is such a scheme in the Small Savings Scheme of the Post Office, whose account can be transferred from one person to another. Let us tell you, this scheme is National Saving Certificates (eighth issue) NSC. The money invested in it matures in five years. Not only this, you also get guaranteed guaranteed returns. If you invest in this scheme (national saving certificate), then tax is also saved.
Investment starts from Rs 1000
You can also invest a minimum of Rs 1000 in Post Office National Savings Certificates (8th issue). Apart from this, money can be invested in multiples of 100. There is no maximum limit for investment in this. Currently, 6.8% interest rate (post office nsc interest rate 2022) is being available on this scheme annually. Interest is not paid to the investor every year, but it gets accumulated.
Income tax exemption under section 80C
Tax exemption can be obtained by investing up to Rs 1.5 lakh every year under Section 80C of Income Tax on investment in this Post Office Scheme. In case of taxable income, the amount is deducted from the total income. In terms of income tax, the interest earned annually on NSC is treated as reinvested by the investor and becomes eligible for tax deduction under section 80C within the aggregate limit of 1.5 lakhs.
This amount will not be re-invested
If you have invested in NSC (national saving certificate), then the amount cannot be re-invested in the fifth year of maturity or in the last year. The amount of interest received from NSC in the final year is added to the income of the certificate holder and tax is applicable accordingly. You can take loan on the basis of NSC.
In this condition the account is transferred
In this scheme, the account can be transferred from one person to another. But it can happen in certain conditions. According to the official website of the Post Office Scheme, transfer can be made to the nominee in the event of the death of the account holder. In addition, the account can be transferred in the event of the death of one of the joint account holders or on a court order or in the event of the account being pledged to a specified authority.
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