INSUBCONTINENT EXCLUSIVE:
India Post or Department of Posts offers nine saving schemes with different interest ratesIndia Post or Department of Posts, which runs the
postal network of the country, offers nine saving schemes with different interest rates
Investment in some of the schemes also qualify for income tax benefits, said India Post
The schemes which offer income tax deduction are Time Deposit (TD), Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF),
National Savings Certificates (NSC)
Using these saving schemes, a person can claim a deduction up to Rs
1.5 lakh in a financial year from taxable income under Section 80C of the Income Tax Act, 1961.Time Deposit Scheme: Investment in time
deposits (TD) of one-year, two-year and three-year maturity periods fetch an interest of 7 per cent
Five-year time deposit account offers a return of 7.8 per cent
The interest is payable annually but calculated quarterly
The investment under 5-year TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961, according to India Post website,
indiapost.gov.in.Senior Citizen Savings Scheme: A person of the age of 60 years or more is eligible for the scheme
Tax deducted at source (TDS) is deducted on interest, if the amount is more than Rs
Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, said India Post.15-Year Public Provident Fund
Account: The scheme offers an interest rate of 8 per cent per annum, which is compounded yearly
Investors can open this account with Rs
100 but needs to deposit a minimum of Rs
The maximum limit in a financial year is Rs
Deposits under the scheme qualify for deduction under Section 80C of Income Tax Act, noted India Post
The interest earned is also tax-free.National Savings Certificates: The NSC fetches an interest rate of 8 per cent per annum and deposits
under it also qualify for deduction under Section 80C of the Income Tax Act
This interest is compounded annually but payable at maturity
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