For both salaried and non-salaried taxpayers, the tax saving season begins on April 1st. As a wise investor, one should seek out tax saving investments that not only save you money but also allow you to generate tax-free income.
India Post had launched the Senior Citizens Savings Scheme for elderly investors in the year 2004. The scheme is also operated via Public Sector Banks (PSBs) that are also managing the PPF Scheme across the country.
Post Office schemes: Check interest rates and tax benefits on saving schemes
All the post office investment schemes are tax-exempt under Section 80C, i.e. tax exemption up to Rs. 1,50,000 is allowed. (Image Source: File Photo)
Updated: Apr 27, 2021, 12:42 PM IST
If you are thinking of investing in risk-free saving schemes then here s your chance to do some investments. Post Office Investments include a number of saving schemes that provide a high rate of interest as well as tax benefits and most importantly, carry the sovereign guarantee of the Indian Government.
Among the Post Office schemes, National Small Savings Schemes are very popular. In these small savings schemes, people make moderate investment and get assured returns. The interest rates on small savings schemes are decided by the Union Ministry of Finance.
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Highlights
The investments can be done with as little as Rs 250 and with multiples of Rs 150 and an annual cap of Rs 1,50,000 in a financial year.
The Senior Citizens Savings Scheme (SCSS) provides security to retired employees who want an assured return.
The PPF account can be opened with a minimum amount of Rs 500 and the maximum can go up to Rs 1.5 lakh with a maturity period of 15 years.
There are several government schemes that are worthy of investment and with the Modi government promising to not reduce the interest rates of saving schemes, there is icing on the cake for the employees.