You should know about these Post office saving schemes

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Post office saving schemes: As the people getting aware about investment they started investment. Today there are many investment options available, but still a large population of the country still likes to invest their money in the post office. Actually, the government takes guarantee of the money deposited in the post office. While the money deposited in the bank is not fully guaranteed, if there is a default in the bank due to any reason, then DICGC (Deposit Insurance and Credit Guarantee Corporation-DICGC) is an organization that guarantees bank customers up to a maximum of Rs 5 lakh.

post office saving schemes

Since the money deposited in the post office is the responsibility of the government, so if you want to invest your money in a good place without any risk, then investing in post office savings schemes is a good option.

 Today we will give you complete information about Post Office Savings Scheme 2022.

Post Office Saving Scheme 2022

On investing money in post office savings schemes, some other benefits are provided to the investor along with a reasonable interest rate.

One advantage of these schemes is that, along with getting money with interest from Post Office Saving Schemes, you are given tax exemption under section 80C of the Income Tax Act.

Various types of schemes have been run by the post office, the main ones are –

POMIS /Post Office Monthly Income Scheme

 Recurring Deposit (RD),

 National Savings Certificate (NSC),

 Public Provident Fund (PPF),

 Fixed Deposit (FD)

The main purpose of running all these schemes is to motivate the citizens of the country to save money as well as invest them, so that when needed, they can fulfill all their needs without any help.

POMIS /Post Office Monthly Income Scheme

The Post Office Monthly Income Scheme (POMIS) is an investment scheme of the Indian Postal Service. In this, you are given interest at the rate of 6.60% per annum as a fixed monthly income.

Knowledgeable investors consider MIS as one of the smart investment plans, as it involves no risk to you, along with assured good returns and a fixed monthly income every month.

Some investors often shy away from investing in pomis. Banking services started in India through the post office itself and it is still the largest banking service provider in the country.

Being administered by the Ministry of Finance, it is far more reliable than any other type of investment.

Fixed Deposit (FD/Fixed Deposit)

By investing in Fixed Deposits (FD), you can earn good interest in the long run. Although fixed deposit ie FD schemes are also being operated by various banks, but the post office gives you more interest than the banks.

The tenure of investing money in Fixed Deposit (FD) is 1 year, 2 years, 3 years and 5 years. Currently the fixed deposit interest rate ranges from 5.5% to 6.7%. Tax Deduction (TDS) is levied on the FD interest paid. Investing in this deposit scheme provides tax benefits under section 80C.

National Savings Certificate (NSC/National Savings Certificate)

National Savings Certificate (NSC) is also included in the post office savings schemes. You are currently being offered an interest rate of 6.8% on investing in National Savings Certificate (NSC) by the post office.

NSC Post Office has a duration of 5 years. You can also save tax by investing in this post office savings scheme. You can start investing in NSC with a minimum investment of Rs 100, while there is no maximum investment limit.

Recurring Deposit (RD/Recurring Deposit)

You must have heard the name of Recurring Deposit or Post Office Recurring Deposit i.e. Post Office RD many times. Actually it is a monthly investment plan, in which you have to deposit a fixed amount every month for 5 years.

 The rate of interest under the recurring deposit for the year 2022 has been fixed by the post office at 5.8 percent.

You can start investing in this scheme with as little as Rs 100. While there is no maximum investment limit for Recurring Deposit (RD).

Public Provident Fund (PPF/Public Provident Fund)

The PPF scheme was started in 1968 by the National Savings Institute of the Ministry of Finance. The main objective of this scheme is to help individuals to make small savings and provide return on savings.

Public Provident Fund is one of the popular savings schemes for retirement savings. It is completely different from EPF (Employee Provident Fund), some people consider both as same.

 Under this scheme, you have to invest your money for 15 years, that is, the time period of this savings scheme has been fixed at 15 years.

On investing money in this scheme, you are given an interest rate of 7.1 percent. In this scheme, you can invest a minimum of Rs 500 and a maximum of Rs 1 lakh 50 thousand per year.

In addition, investors get credit facility and can also make partial withdrawals.

Conclusion:

The government has launched small savings schemes to provide secure opportunities to the general public. They are ideal for investors who want to invest in small savings, long term and high return schemes. These options provide attractive returns while keeping the investment safe. Also the plans are quite easy to manage.

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