Post Office FD: People now have access to market-linked investing options, such as SIP mutual fund investments, which have been producing profitable returns. Nevertheless, a lot of people still prefer to invest in plans that promise them profits. They prefer safe financial options and don’t want to take on any risk.
Post Office FD
A fantastic investing choice is a post office fixed deposit. Another name for it is post office time deposit. At the post office, you have the choice of FD for 1,2,3, or 5 years, with the maximum profit on FD for 5 years. Currently, interest on the 5-year FD is available at a rate of 7.5%. In addition, there are tax advantages with the 5-year FD. As a result, it is also known as tax-saving FD.
National Savings Certificate
For individuals searching for secure and assured returns, the National Savings Certificate (NSC) is one of the better options. This postal system allows for a minimum investment of Rs 1000. It takes 5 years to mature.
Currently, the programme has an interest rate of 7.7%. Interest is deposited into this account annually, but it is not paid until the account matures. Section 80 of the Income Tax Act allows for income tax exemption up to a maximum of Rs 1.5 lakh in this case.
Senior Citizen Savings Scheme
seniors Citizens Savings Schemes, often known as SCSS (Senior Citizen Savings Plan), is a great programme for elderly citizens seeking returns that are certain. You can invest as little as Rs 1000 and as much as Rs 30 lakh in this. After five years, this plan likewise matures. Interest is currently being paid on it at a rate of 8.2 percent. On the amount deposited, interest is paid on a quarterly basis.
In addition, the Senior Citizen Savings Plan offers tax advantages. Investors in this plan must be at least sixty years old. In addition, investors in this plan may be 55–60 year old VRS participants and retired military members who meet the minimum 60-year-old age requirement.
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