Looking for a safe and secure investment option? If yes, then the post office schemes are something you shouldn’t miss out. The Post office schemes are time-tested and in a way quite safe as well.
Small savings of just Rs 100 every month can make investors get lakhs of rupees after few years. People interested in short term investment can invest in National Saving Certificate Scheme offered by the India Post. The maturity period of the scheme is fixed for 5 years.
However, an investor can withdraw money from the account after 1 year with certain terms and conditions. People can start investing in this scheme with as little as Rs 100 every month. Right now, the annual interest rate under this scheme is 6.8 per cent.
As per the calculations made with this interest rate of the scheme, to avail an amount of Rs 20.85 lakh after 5 years at 6.8 per cent interest, people will have to make an investment of Rs 15 lakh over 5 years.
Subsequently, investors will get a profit of about Rs 6 lakh as interest. Under this scheme, investors can get tax exemption of Rs 1.5 lakh annually under Sec 80C of Income Tax.