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Tax Benefits Details On Post Office Savings Schemes

Under Section 80C of the Income Tax Act, you can claim deduction up to Rs 1.50 lakh by investing in tax saving options. Let us know which tax benefit is available on which post office saving scheme and which scheme does not have this benefit…
New Delhi

post office saving schemes ( Post Office Savings Schemes ) are always a good option to  invest in people. Guarantees of good returns as well as full money safe attract people to invest in savings schemes of the post office even today. Some of the post office savings schemes also have a tax benefit. By investing in such schemes, you can claim deduction under section 80C of the Income Tax Act. Under Section 80C, you can claim deduction up to Rs 1.50 lakh by investing in tax saving options. Let us know which saving scheme of post office remains tax benefit and which scheme does not have this benefit, as well as factors like interest rate, minimum account for account opening-

The scheme Annual interest Minimum amount for opening an account Maximum Balance / Deposit Limit Section 80C
saving account 4.0% 500 rupees No limit Not applicable
RD 5.8% 100 rupees No limit Not applicable
Time Deposit (TD) 5.5% to 6.7% at different maturities 1000 rupees No limit Applicable on 5 year TD
Monthly income scheme 6.6% 1000 rupees 4.5 lakh for a single account and Rs 9 lakh for a joint Not applicable
Senior Citizen Savings Scheme 7.4% Only 1 deposit in multiple of Rs 1000 15 lakh rupees Applicable
PPF 7.1% 500 rupees Maximum deposit up to Rs 1.5 lakh in an FY (Rs 500 minimum) Applicable
NSC 6.8% 1000 rupees No limit Applicable
KVP 6.9% 1000 rupees No limit Not applicable
Sukanya Samriddhi Scheme 7.6% 250 rupees Maximum deposit of 1.5 lakh rupees in an FY Applicable

How to save all the money in the post office


If a bank defaults or becomes insolvent, then only the deposit of up to Rs 5 lakh is secured by the customer in total. That is, no matter how much money is deposited in a bank of the customer, but if the bank goes bankrupt, then he will get a maximum of Rs 5 lakh back. But this is not the case at the post office. Your entire deposit at the post office is safe.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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