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.
Basic Savings Account can be opened in Post Office
April 10, 2021
Account Maintenance Fee halved to ₹50 for Post Office Savings Account
Now, a beneficiary of the Government welfare scheme can open a basic savings bank account with a post office. The Finance Ministry has notified changes in Post Office Savings Account Scheme, 2019. The notification has also reduced the fee for not maintain the balance in a savings account.
As of now, such accounts can be opened in a scheduled commercial bank or India Post Payment Bank.
According to the notification, the deposit required for opening of such an account will be NIL. There will be no requirement for maintaining minimum balance. The account can be opened by a registered adult member of any Government welfare scheme. The guardian of a minor, whose name has been registered for any Government benefit, can also open an account. The same set of people can operate the account. The notification also mentioned that any Basic Savings Accou
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West Bengal is the highest contributor to small savings schemes – with elections underway, it could have been a trigger for the government to roll back interest rate cuts
West Bengal is the highest contributor to small savings schemes – with elections underway, it could have been a trigger for the government to roll back interest rate cuts
Rounak JainApr 1, 2021, 13:16 IST
West Bengal residents contributed nearly ₹90,000 crore to savings schemes in 2017-18Unsplash
According to data released by the Ministry of Finance, West Bengal is the top contributor to the various National Savings Schemes offered by the government.
The state, which is currently seeing a fierce battle between the Bharatiya Janata Party and the Trinamool Congress in assembly elections, contributed nearly ₹90,000 crore in these savings schemes in 2017-18.