Post Office Schemes: In the midst of the COVID-19 crisis, everyone wants to invest their money at a place, where they can yield a good interest and get a guarantee of security at the same time. If you are also looking for such an option, then post office is the best place for you to pump in your money.  

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Currently, there are many special schemes in the post office for the customers, in which they can get robust interest, long-term security, and guaranteed returns. The post office plans cater to every age group such as children, middle-aged and senior citizens. Let us understand 7 such bumper schemes. The biggest features of these schemes are that some of these also get the benefit of tax exemption under Section 80C.

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National Savings Certificate (NSC) 

This investment plan of the post office is quite popular. Investment in Post Office National Savings Certificate (NSC) currently earns 6.8 per cent interest on an annual basis. The interest is calculated on an annual basis. The amount deposited in the National Savings Certificate is eligible for tax exemption under section 80C of the Income Tax Act. You can invest in this scheme for 5 years. 

Post Office Fixed Deposit (FD) 

In Post Office Fixed Deposit (FD), you can invest a lump sum amount for a fixed tenure. There is a facility to invest in post office time deposits for one to five years. In this, you take advantage of fixed returns and interest payments. Fixed Deposit (FD) accounts can be opened for four maturity periods – one year, two years, three years, and five years. In this scheme, you can take advantage of tax exemption under section 80C of the Income Tax Act, 1961. 

National Pension System (NPS) 

NPS is a retirement plan. It was started by the central government. Under Section 80C of the Income Tax Act, one can also take advantage of exemption up to Rs. It has the facility of investing in 6 different funds. There is no upper limit for investment in this. You can also invest Rs 500 in this scheme of the government. Under this scheme, the employee gets a lump sum amount at the time of retirement. 

Sukanya Samriddhi Yojana 

Sukanya Samriddhi Yojana is the best option to secure the future of your daughters. In this scheme, you are getting a return of 7.6 per cent right now. It also gives the benefit of deduction of tax under section 80C of the Income Tax Act on investments up to Rs 1.5 lakh. 

Kisan Vikas Patra 

It is a good option for small-scale investment. Interest of 6.9 per cent is now available on this savings scheme. Let us tell you that the return will be better in this but tax exemption is not available on it. With this, earlier it used to mature in 113 months, which has now been reduced to 124 months. Minimum Rs 1,000 can be deposited in Kisan Vikas Patra. At the same time, there is no limit on the maximum investment. 

Senior Citizen Savings Scheme 

The post office also gives special facilities to senior citizens. 7.4 per cent interest rate is available under this scheme. This scheme was started to give benefits to the people who are 60 or above. Under this scheme, investment is made for five years. In this, you can deposit a minimum of Rs 1,000 and invest a maximum of Rs 15 lakh. Investments under the Senior Citizen Savings Scheme are exempted from tax. 

Public Provident Fund (PPF) 

Investing in the PPF scheme of the post office is considered the safest. Public Provident Fund (PPF) is a 15-year long-term investment scheme that currently offers compound interest of 7.1 per cent per annum. There is no minimum or maximum age limit to join this scheme. You can start investing in PPF with as little as Rs 500. The maximum annual amount that can be invested in this is up to Rs 1.5 lakh. Under this scheme, investment in PPF and the interest earned on it is tax-free under section 80C of the Income Tax Act.