Do you know? India Post office is offering several schemes. These post office plans give a stable interest rate and assured returns. PPF, Sukanya Samriddhi, Post Office Savings, Kisan Vikas Patra (KVP) among others are some of the popular savings schemes offered by the Post Office. Post Office Savings scheme offers an annual interest rate of 4 percent. Post Office Savings Account can be opened with Rs 500.
Under the section of 80TTA of the Income Tax Act, from all Savings Bank Accounts, interest up to Rs 10,000 earned in a Financial Year is exempted from taxable income.
*Public Provident Fund Account (PPF): Public Provident Fund offers a 7.1 percent interest rate.
*PPF Deposits qualify for deduction under section 80C of the Income Tax Act. Interest earned is tax-free under Income Tax Act.
*Sukanya Samriddhi Account (SSA): Sukanya Samriddhi offers a rate of interest of 7.6 per cent per annum. You can invest a minimum of Rs 250 and a maximum of Rs 1.5 lakh in a financial year.
*Deposits qualify for deduction under section 80C of the Income Tax Act. Interest earned is tax-free under Income Tax Act.
*National Savings Certificates: National Savings Certificates offer 6.8 percent. Deposits qualify for deduction under section 80C of the Income Tax Act.
*Kisan Vikas Patra (KVP): Kisan Vikas Patra offers 6.9 percent compounded annually. Kisan Vikas Patra will mature in 124 months.
*Senior citizen savings scheme offers 7.4 percent (quarterly interest of Rs 185 on Rs 10,000 deposit). Post office monthly income account offers 6.6 percent.
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