Get more interest with tax breaks: Invest in these 5 post office schemes including PPF and National Savings Certificate

Recently, banks including Axis, ICICI and Canara Bank have increased interest on fixed deposits (FD). However, even then there are many post office schemes where you are getting higher interest than FD and income tax exemption.

By investing in these post office schemes under Section 80C of the Income Tax Act, you can save tax on an amount up to Rs 1.5 lakh. Today we are telling you about 5 such schemes run by the Post Office in which you will also get the benefit of income tax exemption along with good returns.

1. Senior Citizen Savings Scheme

• The scheme is getting an interest rate of 8% per annum
• Account can be opened after 60 years or above
• A VRS taker who is above 55 years but below 60 years can also open this account.
• Rs can be invested under the scheme for 5 years. The scheme can be extended for 3 years after maturity.
• Under the scheme you can mostly invest up to 15 lakh rupees.

2. Sukanya Samriddhi Yojana

• Account under this scheme can be opened after the birth of a girl child before the age of 10 years
• You can open an account for just 250 rupees. In which interest is getting at the rate of 7.6% per annum which is higher than fixed deposit.
• 1.5 lakh rupees can be deposited under Sukanya Samriddhi Yojana in the current financial year.
• An account can be opened at any post office or bank branch.

3. Public Provident Fund

• Post Office Public Provident Fund (PPF) account currently earns 7.1% interest on the amount deposited.
• Interest on deposits is calculated on an annual basis, i.e. added to the principal amount every year.
• PPF comes under EEE category of exemption. Which means that income from returns, maturity amount and interest is exempted from income tax.

This account can be opened for 15 years, which can be further extended for 5 years.

An account can be opened in PPF with a minimum of Rs 500. In which it is necessary to invest 500 rupees in a financial.

Under this scheme, you can invest a maximum of Rs 1.5 lakh in the account in a year.

4. National Savings Certificate

• Investment in Post Office National Savings Certificate (NSC) is earning 7% annual interest.
• In which the interest is calculated on an annual basis, but the interest amount is given over the investment period.
• To open an NSC account you have to invest a minimum of Rs 1000.
• You can invest any amount in NSC. In which there is no higher investment limit.

5. Time Deposit Scheme

• This is a type of fixed deposit. In which by investing rupees for a fixed period, you can avail the benefits of chocks return and interest.
• A Post Office Time Deposit Account offers an interest rate of 5.5 to 7 percent for a tenure of 1 to 5 years.
• According to the official website of India Post, you can avail tax exemption under 80C on investment for a period of 5 years.
• You will earn interest at 7 percent per annum on time deposits for 5 years.
• In which a minimum investment of 1000 rupees has to be made. There is no maximum investment limit.

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What is Section 80C?

Under Section 80C of the Income Tax Act, you can claim a deduction of Rs 1.5 lakh from your total income. In simple language, you can reduce your total taxable income up to Rs 1,50,000 through Section 80C.

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