National Saving Scheme to Sukanya Samriddhi Yojana: 5 Post office scheme to double money with high-interest rates

ITR Filing: There are various post office schemes that provide reliable investment, and returns. One can select the plan that best fits his/ her investment objectives. There are a few post office schemes which offer tax benefits up to INR 1.5 lakhs upon investment.

Here are 5 post office schemes that offer tax benefits as per 80C of the Income Tax Act.

ITR Filing: National Saving Scheme 

The National Saving Scheme has a maturity period of 5 years this scheme is provided by post offices. This income provides individuals to make small or medium savings, and tax benefits are provided for these savings. Since the scheme is encouraged by the Indian Government, the risks of investing in the scheme are low. There is no maximum limit on the investment. The minimum limit of investment is Rs.1000. Investments can be done in denominations of Rs.100, Rs. 500, Rs. 1,000, Rs. 5,000 and Rs.10,000. 

ITR Filing: Public Provident Fund (PPF) 

The Public Provident Fund (PPF) is a long-term investment plan. The interest earned and the returns are not taxable under Income Tax. This income is very popular among salaried and non-salaried classes. The interest rate on PPF has compounded annually. The risk is very minimal or nil as it is backed by the Government of India. PPF offers guaranteed risk-free returns. Also, it falls under EEE status which means that the amount invested, interest earned and maturity amount received are all tax-free. One can contribute a minimum investment of Rs 500 and a maximum investment of Rs 1.50 lakh. The investment qualifies for deduction under 80C. 
 

ITR Filing: Post Office Time Deposit Account (TD) 

Post Office Time Deposit has various tenures. Every three months, the interest rates for small savings plans, such as Post Office time deposits are reviewed. The minimum investment is Rs 1000 and there is no upper limit. The account holder's savings account is credited with the yearly interest. Section 80C of the Income Tax Act of 1961 applies to the investment made under the 5-year TD. The interest rate for a 5 years term deposit as per current rates this quarter is 7 per cent. 

ITR Filing: Sukanya Samriddhi Yojana (SSY) 

A Sukanya Samriddhi Yojana (SSY) account may be opened in the name of a girl child (younger than 10 years old). The girl takes ownership of the account once she becomes 18 years old.  A minimum deposit of Rs 250 and a maximum of Rs 1,50,000 each fiscal year is allowed in the scheme. In addition to financial savings, this plan offers tax exemption under Section 80C. 

ITR Filing: Senior Citizen Savings Scheme (SCSS) 

Individual who has attained the age of 60 years or above on the date of opening of an account or any individual who has attained the age of 55 years or more but less than 60 years and has retired can open an account. The minimum and maximum investment limits are Rs 1,000 and Rs 15 lakh, respectively, as per the scheme. The scheme has a five-year term which is renewable once it reaches maturity for an additional three years. Premature closure of the account is permissible subject to certain conditions.