New Delhi. Nowadays everyone strives for maximum return on their investment. Because of this, many people ignore small savings programs. But there is also a great deal of interest in small savings at the moment. Post Office offers many of the best and most popular small savings programs. These include the National Savings Time Deposit Scheme (TD), National Savings Monthly Income Scheme (MIS), Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Sukanya Samdhi Yojana (SSY ) and Senior Citizens Savings Scheme (SCSS), National Savings Recurring Deposit (RD).
The National Savings Certificate is most popular with people with small savings plans. In addition to high interest rates, a tax exemption is also possible. The interest rate for 5-year NPCs has been reduced to 7.7 percent. We tell you that no major bank in the country currently offers such high interest rates. In such a situation, it may be more beneficial for you to invest in NPCs. According to India Post, a minimum deposit of 1000 rupees can be opened under this scheme. Here you can deposit multiples of 100 rupees. At the same time, the maximum investment limit for this is not specified.
Also read this: If you are submitting ITR for the first time, note the following: No CA is required
Where can I open an account?
An NPC account can be opened at any post office across the country. Who can invest: Anyone can invest in it. You can also buy it on behalf of your children. The term of these certificates is 5 years. Interest is added every year and this money keeps increasing with compound interest. It should be noted that the tax exemption only applies to investments up to 1.5 lakhs.
When can I withdraw money?
Its term is 5 years. The good thing about it: if you meet certain requirements, you can withdraw the account amount after the 1-year term has expired. The interest rate on the National Savings Certificate is changed or fixed every 3 months. Therefore, as interest rates rise, the investor should also change the size of the investment. The greatest feature of this system is that it is a state system. That means, on the one hand, your money is completely safe and, on the other hand, you get as much return as the government has promised. Otherwise you don’t have to walk much.
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Tags: tips for making money, post, Small savings plans
FIRST RELEASED : Jul 8, 2023 3:54 PM IST
