Post Office: These 5 best saving schemes of the post office are very special, you will get double profit on investing

New Delhi. There are many such schemes of the Post Office which are of great use in terms of small savings. Investing in these post office small savings schemes not only gives government guarantee but also benefits from tax exemption along with good returns. Under section 80C in Income Tax, tax exemption is available on investment of Rs 1.5 lakh per annum. In such a situation, you can take advantage of these schemes. Let’s know everything about these schemes…

1. Post Office Monthly Income Scheme (POMIS): If you want to invest with less risk, then the Post Office Monthly Income Scheme can be a better option for this. In Monthly Income Scheme, you will get interest at the rate of 6.6 percent. The interest amount is deposited in your savings account every month. The duration of the Monthly Income Scheme (MIS) scheme is 5 years, which can be extended for a further period of 5 years. Being a post office scheme, it is completely risk free. You can keep a maximum of Rs 4.5 lakh in this account. However, this scheme also has the facility of a joint account. If you open a joint account, then there is a limit up to Rs 9 lakh for this.

2. Senior Citizen Savings Account (SCSS): There is a Post Office Senior Citizen Saving Scheme scheme in the post office. At present, this scheme is getting interest at the rate of 7.4 percent. The interest earned on this is credited to the account on quarter to quarter basis. The special feature of this scheme is that it also provides tax exemption facility under section 80C of the Income Tax Act.

Also read: By investing Rs 150 in this scheme of Post Office, you will get the benefit of 20 lakhs – know how to invest?

3. National Savings Certificate (NSC): Another scheme of the post office is also the National Saving Certificate. National Savings Certificate is exactly like Fixed Deposits. Like Public Provident Fund (PPF), there is no tax on interest on this scheme. On this scheme, you get interest at the rate of 6.8 percent, which is calculated on an annual basis. But, the amount of interest received on this is available on the maturity of the scheme. In this scheme also, the amount deposited is tax exempted under section 80C of the Income Tax Act.

4. Time Deposit at Post Office: There is also a scheme in the post office called Time Deposit, whose maturity is for 5 years. You can start investing in this scheme with a minimum of Rs 200. The interest for this scheme is available at the rate of 5.5 per cent for the first 3 years. At the same time, in the fifth year, it gets interest at the rate of 6.7 percent. The interest earned on this is paid annually. But, it should also be noted that under this scheme interest is paid on quarterly basis. There is no tax on the interest earned on this scheme.

Also read: This post office scheme will give double returns, 5 lakhs will get 10 lakhs – know how?

5. Kisan Vikas Patra (KVP): Kisan Vikas Patra (KVP) in small savings scheme is a big hit among the common people. You can buy it by going to your neighborhood post office. It starts from 1000 rupees. This is a kind of certificate, which you can buy from the post office. It is issued in certificate form like a bond. On this, the interest fixed by the government is available. The government fixes interest rates every three months. Based on the interest rate of 6.9 percent, under this scheme, your money will double in 9 years and 2 months i.e. 110 months.