PPF account is getting 7.1 percent interest
DCB Bank is paying 6.95% interest on tax saving FD
These days, if you are planning to invest somewhere in a place where you get the benefit of income tax rebate along with better returns on investing, then there are many schemes where you will get both these benefits. You can invest in ELSS category of Tax Saving FD, Public Provident Fund, Kisan Vikas Patra, Monthly Income Scheme or Mutual Fund. Today we are telling you about these five schemes so that you can invest in the right place according to your own.
While filing income tax return, give information about the money withdrawn from PF account, know why it is important
Public Provident Fund (PPF)
- This scheme can be opened anywhere in the bank or post office. Apart from this, it can also be transferred to any bank or any post office.
- If it is opened, then it can only go from 100 rupees, but then later it is necessary to deposit 500 rupees at a time. Maximum 1.5 lakh rupees can be deposited in this account every year.
- This scheme is for 15 years, from which no money can be withdrawn. But it can be extended for 5–5 years after 15 years.
- It cannot be closed before 15 years, but after 3 years, a loan can be taken against this account. If anyone wants, he can withdraw money from this account from 7th year under rules.
- The government reviews the interest rates every three months. These interest rates can be more or less. At present, this account is getting 7.1% interest.
- Tax exemption of up to Rs 1.5 lakh can be availed under 80C through investment in these schemes.
Kisan Vikas Patra (KVP)
- Kisan Vikas Patra (KVP) savings scheme currently offers 6.9% interest.
- There is no maximum limit to invest in KVP. However, your minimum investment should be Rs 1000.
- The investor’s age must be at least 18 years. Apart from single account, it also has the facility of joint account.
- Minors may also be included in the scheme, but it will have to be handled by their parents.
- If you want to withdraw your investment, you will have to wait for at least 2.5 years. It has a lock in period of two and a half years.
- Under this, the amount deposited is exempted under Section 80C of the Income Tax Act.
The post office monthly income scheme is
being reduced to 6.6%. Under this scheme, accounts can be opened with a minimum of 1000 rupees.
If your account is single, you can deposit up to Rs 4.5 lakh. On the other hand, if you have a joint account, a maximum of 9 lakh rupees can be deposited in it. Maturity period is 5 years.
Under this scheme interest is paid on an annual basis, but it is calculated on a quarterly basis.
A joint account can also be opened in the name of a minor and in the name of 3 adults.
You can contact your nearest post office to open a post office monthly income account.
Tax Saving FD
A tax rebate of up to Rs 1.5 lakh can be availed under Section 80C of the Income Tax Act on investments in FDs of 5 years. In such a situation, you can invest in them. We are telling you that which bank is getting how much interest on tax saving FD.
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