If you are thinking of putting money in a saving scheme then a special post office saving scheme (Post Office Saving Scheme) can be beneficial for you.
New Delhi. The government has given the new year gift to the common people. The government has not made any changes in the interest rates on the Post Office Saving Scheme for the last quarter of the current financial year. The new year has not started yet. In such a situation, if you are doing any new planning, then a special saving scheme of the post office can be beneficial for you. There is also a good income every month through this scheme. Let us tell you everything about these schemes: Kisan Vikas Patra (KVP)
Kisan Vikas Patra is a one-time investment scheme of the Government of India, where your money doubles in a given period. Kisan Vikas Patra is present in all post offices and big banks of the country. Its maturity period is still 124 months. The minimum investment in this is 1000 rupees. There is no maximum investment limit. The interest rate for KVP has been fixed at 6.9 per cent in the first quarter of FY 2021. Yes, your investment will double in 124 months. If you invest 1 lakh rupees outright, then you will get 2 lakh rupees on maturity.
post office time deposit (POTD)
If you want more than this on FD, then it would be right to invest money in the post office time deposit scheme. You can open this account for 1 year, 2 years, 3 years and 5 years. Investments of 1 year to 3 years in the post office are getting returns of up to 5.5 percent on time deposits. If you do it for five years, you will get a return of 6.7 percent. If you withdraw your invested amount before maturity, then you will get interest like post office savings account only. There is a benefit of tax exemption under section 80C on a five-year time deposit.
National Savings Certificates (NSC) This scheme of Post Office is National Savings Certificates i.e. NSC. Investors get better returns under the National Savings Certificate (NSC). In addition, income tax exemption can also be obtained under Section 80C of the Income Tax Act. A maximum tax benefit of Rs 1.5 lakh can be availed. National Savings Certificate (NSC) scheme will get 6.8 percent interest annually. It is compounded on an annual basis. Let us tell you that the largest bank in the country is paying a maximum of 5.40% interest on SBI fixed deposits. Here we are telling you that where you will get more benefit by investing.
