New Delhi. In the Corona period, if you are worried about income or investment, then the government has started some such schemes for you, which can address your concerns. Especially through some post office schemes, you can also get double return of investment.
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 planning a new plan, then the special saving scheme of the post office can be beneficial for you. Let’s know the advantages of these schemes.
Fixed deposits have been a popular FD investment option. But if you want more returns from FD, then you can benefit from investing in two schemes of post office. These two schemes are Kisan Vikas Patra and National Saving Certificate.
1. This is Kisan Vikas Patra or KVP
Kisan Vikas Patra (KVP) is a one-time investment scheme of the Government of India, where your money doubles in a set period of time.
KVP available here
Kisan Vikas Patra (KVP) is present in all post offices and big banks in the country> Its maturity period is now 124 months i.e. about half year out.
You can invest with this amount
The minimum amount to invest in KVP is 1000 rupees. That is, you can be a part of this scheme with just one thousand. The special thing is that there is no limit for maximum investment.
Return will double in this time
The interest rate for KVP has been fixed at 6.9 per cent in the first quarter of FY 2021. Your investment will double in 124 months. If you invest 1 lakh rupees outright, then you will get 2 lakh rupees on maturity.
This is eligibility
The investor’s age must be 18 years. Minors can join the scheme, but it will have to be handled by their parents. Apart from a single account, there is also the facility of a joint account.
2. Post Office Time Deposit or 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 yielding 5.5% return on time deposits. If you do it for five years, you will get a return of 6.7 percent.
The benefit of tax exemption in five years
Similarly, if you withdraw your invested amount before maturity, you will get interest like post office savings account only.
Five-year time deposits get the benefit of tax exemption under section 80C.
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3. National Savings Certificates or NSC
Under the National Savings Certificates i.e. NSC, investors get better returns. Along with this, income tax exemption can also be obtained under Section 80C of the Income Tax Act.
Get tax benefits of up to 1.5 lakh rupees
A tax benefit of maximum 1.5 lakh rupees can be availed. The National Savings Certificate (NSC) scheme will attract 6.8% interest annually. It is compounded on an annual basis.
This is eligibility
Minimum investment of 1000 rupees will have to be invested in this scheme. There is no maximum investment limit. NSC account can be opened in the name of a minor and in the name of 3 adults, a joint account can be opened. Minors above 10 years of age can also open an account under the supervision of parents.
Let us tell you that the largest bank in the country is paying a maximum of 5.40% interest on SBI fixed deposits.