A post office offers different sorts of store schemes for financial specialists. These are otherwise called little savings schemes. The USP of these schemes is their sovereign assurance, i.e., it is upheld by the local government. A portion of these schemes, for example, NSC likewise offer tax-saving advantages under segment 80C of the Income-tax Act.
The interest rate offered on these schemes is audited and fixed quarterly by the administration. The legislature has kept the interest rate unaltered for the quarter between January and March 2020. The interest rates are presently due for a survey in March 2020. Here is a glance at these schemes:
Senior Citizen Savings Scheme (SCSS)
Senior residents matured 60 years or above can put resources into this plan to gain customary interest pay. Interest in stores under this plan is payable quarterly. There is a lock-in time of 5 years for the head yet untimely withdrawal is permitted after the fulfillment of one year in the wake of taking care of a punishment. Presently, the greatest that can be put resources into this plan by any individual has topped at Rs 15 lakh.
Sukanya Samriddhi Yojana (SSY)
The plan goes under the ‘Beti Bachao Beti Padhao’ battle. The plan appreciates exempt-exempt-exempt (EEE) tax status. The investment sum, the interest earned and development sum are exempted from tax. Guardians or legitimate gatekeepers can open just one account for every young lady kid and a limit of two accounts for the sake of two distinctive young lady kids.
Public Provident Fund (PPF)
PPF is another mainstream investment road that has an EEE tax status. The plan has a lock-in time of 15 years yet halfway withdrawal is permitted from the seventh year. The advance facility is additionally accessible from the third year. Snap here to realize how to open a PPF account. A PPF account can’t be appended by an individual or substance in lieu of unpaid obligation or risk.
Post Office Monthly Income Scheme (POMIS)
POMIS just offers month to month interest installments to speculators. People (separately or jointly) or minors matured 10 years or more can put resources into the plan. The plan has a residency of five years. The interest will be auto-credited into the financial specialist’s savings account at a similar post office. The untimely withdrawal facility can be benefited after the finishing of one year by paying some corrective sum.
Post Office Recurring Deposits (RD)
To contribute little fixed measures of cash at customary interims, one can open a 5-year RD account with the post office. There is no restriction on the number of accounts that can be opened. There is a default expense of Rs 0.05 for each Rs 5 of the store. After 4 customary defaults, the account will be suspended however can be restored inside two months.
Kisan Vikas Patra (KVP)
On the off chance that you wish to twofold your investment sum, at that point you can hope to put resources into KVP. Concerning other little savings schemes, the pace of interest is evaluated quarterly by the legislature and the timespan in which the cash contributed copies, along these lines, shifts with this interest rate. The rate and the timeframe ordinarily stay fixed for one quarter.
If you have opted for any of the above-mentioned schemes from post office you should take out some time and Calculate Monthly income scheme by Post office to review your monthly earnings on your investment amount.