Post Office Schemes: For a better future, it is wise to make savings from today itself. Financial strength can solve many of your problems in future. In such a situation, small savings schemes of the post office can prove to be suitable for you. Some of these schemes have the potential of getting double returns.
New Delhi: Post Office Schemes: For a better future, it is wise to make savings from today itself. Financial strength can solve many of your problems in future. In such a situation, small savings schemes of the post office can prove to be suitable for you. Some of these schemes are expected to get double returns. The best part is that your investment in these is completely safe. They also get the benefit of tax exemption.
SCSS is the best scheme of post office
Post Office Senior Citizens Savings Scheme (SCSS) is considered to be the best scheme for investment. If you invest in it for 5 years, you get an interest rate of 7.6 percent per annum. This is more than any major bank or post office FD and National Savings Certificate.
Tax exemption up to 1.5 lakh is available on investment
The special thing is that SCSS is equal to Sukanya Samriddhi Yojana in the matter of giving returns. Also, by investing in it, tax exemption is also available on investment of 1.5 lakh rupees under section 80C of Income Tax.
Money will be doubled in this scheme
By investing in the Post Office Monthly Income Scheme, the rupee doubles in about 10.91 years. In this, the investor gets the benefit of interest at the rate of 6.7 percent. A lump sum amount can also be invested in this scheme. Earlier, under this scheme, interest was available at the rate of 6.6 percent.
Recurring Deposit (RD) boosts small savings
One thousand rupees have to be invested every month in the Post Office Recurring Deposit (RD) scheme. There is no maximum investment limit in this. Its maturity limit is 5 years, but it can be extended further for another 5 years.
Interest is earned on the amount invested in RD at the rate of 5.8 percent. In this, compound interest is available on investment. On investing in it, money doubles in 12.41 years.
