Post Office Plan : Since the Reserve Bank decreased the repo rate, many banks have begun to reduce the interest rates on fixed deposits.
Post Office Plan information
If you want to invest your money for the long term in a place where you can earn higher returns, this time invest in the post office rather than the bank. You will earn higher interest and receive an income tax benefit by investing in a National Savings Certificate (NSC). Determine the expected return for investment between ₹100,000 and ₹500,000.
What are the interest rates?
The Post Office offers a National Savings Certificate Deposit Scheme with a 5-year investment period. The current interest rate is 7.7%.
What is the return on a five-lakh deposit?
The NSC will pay interest of Rs 2,24,517 at a rate of 7.7% on a lump sum deposit of Rs 5,00,000, and the maturity amount will be Rs 7,24,517.
Table of Contents
What is the return on a four-lakh deposit?
If you put Rs 4,00,000 in NSC, you will receive Rs 1,79,614 in interest at a 7.7% interest rate, and you will receive Rs 5,79,614 at maturity.
How much money would you receive back if you deposit Rs. 3 lakh?
If you invest Rs 3,00,000 in NSC, you will receive Rs 1,34,710 in interest at a 7.7% interest rate, and you will receive Rs 4,34,710 at maturity.
How much will you receive back if you deposit Rs. 2 lakh?
Investing Rs 2,00,000 in this program will provide a maturity amount of Rs 2,89,807 and interest of Rs 89,807 at a 7.7% interest rate.
What is the return on a Rs. 1 lakh deposit?
At a 7.7 percent interest rate, an investment of Rs 1,00,000 in NSC will yield Rs 1,44,903 at maturity. You would receive interest of Rs 44,903 for this.
Tax Advantages
We would like to inform you that there is no maximum investment amount and that you can begin investing in the scheme with as little as Rs 1000. Section 80C of the Income Tax Act provides a tax exemption for NSC investments.
Who is eligible to create an account?
Anyone can create an account there. A shared account facility is also available. On behalf of a minor or someone who is mentally ill, guardians may make investments in it. Children above the age of ten may purchase it under their own name. Between the date of issuance and the date of maturity, NSC may be transferred once.
Guidelines for early closure
In five years, the NSC plan will mature. The interest rate that was in effect at the time of investing is still in effect for the whole five years after you make an investment. Premature closure is not an option in NSC. Only under certain situations, such as the death of the account holder, the deaths of both account holders in a joint account, or in response to a court or government decision, may it be closed early.
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