Post Office Yojana: Various beneficial schemes are offered by the post office to keep your money safe. It also gives more benefits than any other source. Post office schemes are a safe investment option. A small savings of just Rs 100 can make you a millionaire in a few years.
Post Office schemes are available to a wide range of investors, including a girl child and they offer guaranteed returns as they are backed by the Government of India. Nowadays, most of the schemes also offer tax benefits on investments up to Rs 1.5 lakh.
What is National Savings Certificate and what are its benefits?
A time-tested scheme offered by India Post, NSC is a fixed income investment scheme. You can open the NSC scheme with any post office branch and it is a Government of India initiative, which makes it a safe option. NSC is a savings bond and primarily encourages small to medium income investors to invest while saving on income tax.
If you want to earn huge amount in few years, then you can opt for NSC and your money will be completely safe in post office. You can invest money in NSC without any risk and the maturity period of the scheme is fixed for five years.
However, you can withdraw money within one year if you wish, but certain conditions apply. The government sets the interest rates at the beginning of each quarter of the financial year.
You can start investing in this plan with just Rs 100 per month. The scheme offers an interest rate of 6.8 per cent per annum and you can also avail a tax exemption of Rs 1.5 lakh under Section 80C of the Income Tax Act.
If you want to earn an amount of Rs 20.58 lakh after a period of five years at an interest rate of 6.8 per cent, then you have to invest Rs 15 lakh over a period of five years and you will earn Rs 6 lakh as interest.