Post Office Schemes: The Indian Post continues to offer a variety of plans, some of which have appealing interest rates, in order to meet the needs of its customers. One of these initiatives is the Post Office Tax Saving Schemes, which let taxpayers invest in a variety of plans to get tax breaks.
The Public Provident Fund is one such plan. It is a small savings plan that offers an interest rate of 7.1% and a rebate of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. You can put money into this plan for as long as 15 years.
The National Savings Certificate is another plan. It is a five-year program that lets you put in as little as Rs 1,000 once and as much as you need. Under Section 80C of the Income Tax Act, you may also be eligible for a rebate of Rs 1.5 lakh at a rate of 7%.
The time deposit plan offered by the post office permits investments to be made over the course of one, two, three, or five years, with a maximum interest rate of 7% over the course of five years.
The Sukanya Samriddhi Yojana, which allows investors to invest until the girl child reaches the age of 21, has an interest rate of 7.6%. Under Income Tax Section 80C, you can get a deduction of up to Rs 1.5 lakh.
Another well-liked program for seniors is the Senior Citizen Savings Scheme, or SCSS. Customers can invest between Rs 1,000 and Rs 30 lakh with an interest rate of 8% and a tax rebate of up to Rs 1.5 lakh.
