New Delhi. People usually take insurance to save income tax. At the same time, many people save income tax by depositing in PPF etc. But there are many schemes in the post office where income tax can be saved by depositing money. Interest is also getting good here. If you want to save income tax this year, you can save income tax by investing up to Rs 1.5 lakh in this scheme of post office. Let us know what is this scheme and its benefits. Apart from this, if you want to save income tax through this scheme, then it can be beneficial to invest by 31 December. The government reviews the post office savings schemes 4 times a year. Post office interest rates may also fall from 1 January 2021.
First know how many income tax saving schemes are in the post office
Public Provident Fund (PPF): PPF is a 15-year account. At this time, 7.10 percent interest is being received. Income tax can be saved by depositing up to a maximum of Rs 1.5 lakh in this account. -Sukanya Samriddhi Khata (SSA): This account can be opened by parents in the name of their daughter. Income tax can be saved by depositing up to a maximum of Rs 1.5 lakh in this account. The Sukanya Samriddhi Account (SSA) is currently getting 7.60 per cent interest. This scheme is completed when the daughter is 21 years old. Let’s now know about another good plan
This is the Post Office Time Deposit Account (TD) The Post Office
Time Deposit Account (TD) is a 5-year FD of sorts. There is a lot of interest being paid from banks here at this time. Apart from this, money is also available back in 5 years. The 5-year post office time deposit account (TD) is currently getting 6.7% interest.
Know about it
One can invest in Post Office Time Deposit Account (TD) for 1 year, 2 years, 3 years and 5 years. Income tax exemption on TD of 5 years. The post office time deposit account (TD) ranging from 1 year to 3 years is currently getting 5.5% interest. The 5-year post office time deposit account (TD) is currently getting 6.7% interest.
What is the minimum investment you can make If you want to invest in a post office time deposit account (TD), then you have to invest a minimum of Rs 1000. There is no maximum investment limit. But if you want to save income tax, then you can invest a maximum of Rs 1.5 lakh. On this investment, you will get income tax exemption under Section 80C of Income Tax. Let us know how much interest is being received on SBI’s 5-year FD at this time.
Know the interest rates of SBI FD
2.90% on 7 to 45 days FD
3.90% on FDs ranging from 46 days to 179 days
4.40% on FDs of 180 to 210 days
4.40% on FDs from 211 days to 364 days
4.90% on FDs ranging from 1 year to 1 year and 364 days
5.10% on FD of 2 years to 2 years 364 days
5.30% on FDs between 3 and 4 years and 364 days
5.40% on FDs ranging from 5 years to 10 years
Note: Income tax can be saved even on 5 years FD of SBI, but the interest here is quite low.
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