Post Office Saving Schemes: Post Office Saving Schemes are considered to be the most reliable option for investment in today’s time. These schemes come with the guarantee of the government, so that people do not have to fear their money sinking. According to the information that has come out recently, if an investor deposits Rs 10 lakh in a certain scheme of the post office, then he can get a fund of up to Rs 20 lakh after a fixed time. These schemes are especially for those who want fixed and safe returns while avoiding risk. Also, these schemes also provide the benefit of tax exemption, which further increases the savings of the common investor.
Monthly Income Option
Post Office Monthly Income Scheme (POMIS) is very beneficial for those who want to get a fixed amount of income every month. In this, a maximum of Rs 9 lakh can be deposited in a single account and Rs 15 lakh in a joint account. The interest rate is around 7.4% and it comes to your account every month. If you deposit the entire 9 lakh rupees, then you can get a monthly income of about ₹ 5,550. This scheme is for 6 years, after which you get your principal back. In such a situation, not only your money is safe but it also helps in managing expenses every month.
Additional benefits to senior citizens
Senior Citizen Savings Scheme (SCSS) is a scheme of the post office which is for people above 60 years of age. It currently offers a high interest rate of 8.2% and interest is transferred directly to the account on a quarterly basis. The maximum investment limit is Rs 30 lakh. This scheme is for 5 years, which can also be extended to 3 years. If a senior citizen invests Rs 10 lakh in it, then he can get more than ₹ 4 lakh interest in 5 years. Also, this scheme also offers tax exemption under section 80C, which makes this scheme more beneficial.
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Benefit of Post Office Time Deposit
You can invest in Post Office Time Deposit (TD) scheme for 1, 2, 3 or 5 years. Currently the interest rate in the 5-year plan is 7.5% and the interest is compounded annually. By investing Rs 10 lakh in this scheme, you can earn around ₹ 14.35 lakh in 5 years and around ₹ 20 lakh in 8 years. This scheme is better for those who want safe returns in the long term. After investing in it, it is not easy to withdraw money in the middle, so that your savings also remain intact. Tax exemption facility is also available in it, which increases the benefits.
Special scheme for women
The post office has launched a special scheme for women – Mahila Samman Bachat Patra Yojana. In this, women can invest up to Rs 2 lakh and they get a fixed interest of 7.5%. This scheme is for 2 years and interest is paid every quarter on the deposited amount. This scheme is especially for those women who want to plan for a secure future with small savings. An investment of 2 lakh can give an interest of about ₹ 31,000 in two years. The biggest advantage of this scheme is that it is fully supported by the government and women get the facility to invest freely in it.
Tax exemption and security
Most of the post office savings schemes get tax exemption under section 80C of Income Tax. This not only increases your money but also saves tax. SCSS and 5-year time deposit scheme fall in this category. Also, these schemes are fully supported by the government, so investors do not have any worry about the safety of their money. If an investor is doing long term planning in a large amount, then post office schemes are the best option. These schemes are simple, transparent and come with no hidden conditions, which gives complete confidence to the investors.
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A better option for safe investment
For people worried about market volatility, post office schemes provide a stable and safe way. There is neither market risk nor any fear of any disturbance. If you can save a lump sum of up to Rs 10 lakh, then by investing in post office schemes, this amount can reach Rs 20 lakh in 5 to 8 years. It is best for those who want to grow money without any risk. Whether you are a youth or a senior citizen, there are different schemes for every category that make the future financially secure.
