Post Office Scheme: Secures the financial future demands for intelligent investing, and the Post Office Savings Schemes give the dependable and secure choice. Over a period, one can get guaranteed profits of ₹24.4 lakh if you invest ₹90,000 annually. These kinds of programs give good returns and make it a popular choice among the various risk-averse investors.
The scheme of the Post Office investment is a good way to make the increment into your savings while enjoying the benefits of the tax and the financial security. They also give a good approach to being consistent in saving, guaranteeing that individuals can be stress-free and ready for future costs like retirement, marriage, and children’s school.
Post Office Scheme:
| Amount of the Investment | ₹90,000 annually |
| Period of the Investment | 15 years |
| Returns | ₹24.4 lakh |
| Rate of the Interest | 7.1% |
| Benefits of the Tax | Up to ₹1.5 lakh |
| Risk Level | Low |
Why Choose Post Office Savings Schemes?
Millions of people trust the Post Office schemes because of the support of the government, guaranteed returns, and tax-saving features. These schemes give a variety of investor needs like wealth creation, retirement planning, and child education. Of the steady growth and low-risk profiles, they are good for individuals looking for stability without being exposed.
Benefits of Investing in Post Office Schemes:
- Guaranteed Returns: The safe, steady profits free from the risk of the market.
- Tax Savings: The advantage of the tax of Section 80C deductions is to reduce your taxable income.
- Flexible Tenure: The good choice for the range of financial objectives, from short-term to long-term.
- Easy Access: Make the investment easier into the urban and rural places for both because of its availability.
- Loan Facilities: The various programs give financial flexibility by permitting loans secured by deposits.
- Low Minimum Investment: Because of the low investment, nominees from all socioeconomic backgrounds can participate.
How Does the Investment Work?
The investment of ₹90,000 a year will grow your money over 15 years, and at the rate of interest of 7.1%, the maturity amount will be around ₹24.4 lakh.
Eligibility and Documents Required
The nominees to invest in the Post Office schemes have to hold the below docs and have to fulfill the given below eligibility.
- A valid ID proof
- Address proof
- Passport-sized photographs
- The minimum age is 18 years; applicants can apply.
- Must have to complete the form, which is available at the branch of the post office.
Popular Post Office Investment Schemes
1. Public Provident Fund (PPF)
- Rate of the Interest: 7.1% per annum (compounded annually)
- Period: 15 years
- Tax Benefits: EEE status, ensuring long-term growth without tax liabilities.
- Key Benefit: Helpful retirement planning with long-term security.
2. National Savings Certificate (NSC)
- Rate of the Interest: 7.7% per annum
- Period: 5 years
- Tax Benefits: Section 80C
- Key Benefit: Helpful for the medium-term financial goal.
3. Monthly Income Scheme (MIS)
- Rate of the Interest: 7.4% per annum
- Period: 5 years
- Benefits of the Tax: Interest-taxable
- Benefit: Gives monthly income regularly to the retirees and homemakers.
4. Recurring Deposit (RD)
- Rate of the Interest: 6.7% per annum
- Period: 5 years
- Benefits of Tax: No tax benefits
- Benefit: Good for the savings by the small contribution monthly.
FAQs
Q: Will the NRI invest in the Post Office savings schemes?
Ans: No, the NRIs are not eligible to invest.
Q: Will there be any kind of investment involved in this?
Ans: No, there is no kind of risk.