Special saving scheme
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. 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.
- Last Updated:
January 4, 2020, 10:33 AM IST
- Edited by: Puja menon
National Savings Certificates (NSC)
This scheme of Post Office is National Savings Certificates i.e. NSC. By investing in this scheme, your money will double in 119 months. The specialty of this scheme is that you can invest in it with just Rs 100 and can also avail tax rebate on it. The total investment period under the Post Office's NSC scheme is 5 years. According to India Post, under this scheme the account is opened with at least 100 rupees. Account under NSC can be opened in post office branches across the country. At the same time, the maximum limit for investment in this is not fixed. Money in NSC can double in 119 months. After investing Rs 100 in NSC it becomes Rs 146 after 5 years. In this way, it will take 9.11 years i.e. 119 months to double the investment.
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Post office time deposits are also accepted. These are like fixed deposits of a bank. Time deposits can be made for periods of one, two, three and five years. Minors above the age of 10 years can also invest in the scheme. There is a benefit of tax exemption under section 80C on a five-year time deposit. Post office fixed deposit accounts can also be opened by cash or check. Talking about the check, the date of deposit of the check in the government account will be considered as the date of opening the account.
Kisan Vikas Patra (KVP) If you want to double your investment, then KVP is the right choice. As far as the interest rates of other small savings schemes are concerned, the government reviews them every quarter. When the money invested in this way will be doubled depends on the interest rates. Interest rates are usually fixed for a quarter. In the event of premature withdrawal after two and a half years, a person will get Rs 1,173 per 1000 investment. The amount received after 3 years will increase to Rs 1,211 and after three and a half years it will increase to Rs 1,251. With time the amount withdrawn will increase and after 9 years and 5 months the money will double.
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First published: January 4, 2020, 6:10 AM IST
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