Post Office Saving Scheme: From PPF to Time Deposit, there are many schemes that can be explored to save tax. Here we are going to tell you five such schemes, through which good returns can be obtained and also tax exemption can be obtained under Section 80C of the Income Tax Act.
Post Office Scheme: Post office schemes offer a variety of options which can provide good return on investment in the long run. From Public Provident Fund (PPF) to Time Deposit, there are many schemes that can be explored to save tax. Here we are going to tell you five such schemes, through which good returns can be obtained and also tax exemption can be obtained under Section 80C of the Income Tax Act. Post office schemes offer various options for investment and tax savings. With a variety of interest rates and investment tenures, individuals can choose the scheme that best suits their financial needs. Let us know about these schemes of the post office.
PPF
Public Provident Fund (PPF) is a long-term savings scheme that offers 7.1 percent compound interest and tax exemption under section 80C. To take advantage of this scheme, one has to invest for at least 15 years and can save tax up to 1.5 lakh annually.
Sukanya Samriddhi Yojana
Also Sukanya Samriddhi Yojana (SSY) is a scheme especially for girls below the age of 10 years. The invested money can be withdrawn at the age of 18 and the full amount can be received after 21 years. In this scheme, an interest rate of 7.6 percent is available and up to 1.5 lakh annual tax can be saved.
Senior Citizen Savings Scheme
Whereas the Senior Citizen Savings Scheme offers an annual interest rate of 8 percent. This gives tax exemption of up to 1.5 lakhs. The limit of investment in this scheme has recently been increased to 30 lakhs.
Time Deposit Scheme
Apart from this, the time deposit scheme of the post office gives the option of investment for five years and this scheme gives tax exemption of up to 1.5 lakhs. With an interest rate of 7 percent, this scheme can be a good option for those looking to save tax.
National Savings Certificate
While the National Savings Certificate (NSC) scheme can be started with 1000 rupees. The interest rate of 7 percent is available in this scheme. Under Section 80C, tax can be saved from this scheme up to 1.5 lakhs.
