Sip in post office

Post office is one of the oldest organizations in India which started way back during the British era in Oct 1854, initially focusing only on delivering mail (post) and later started providing an array of other financial services i.e., Banking, Insurance & Investments. The biggest advantage of these schemes is their sovereign guarantee i.e., it is backed by the government. Some of the post office savings schemes also offer tax-savings benefits U/S 80C of the Income Tax Act. Below is a list of such schemes with their applicable Interest rates: – Scheme Interest Rate (Updated) Minimum Investment (Rs) Maximum Investment Eligibility Tax Implications Post Office Savings Account 4% 500 No limit Individuals including Minors Exempted Interest up to ₹10,000 National Savings Recurring Deposit Account 5.8% 100 per month in multiples of 10 No limit Individuals including Minors – National Savings Time Deposit Account 5.5% – 6.7% 1,000 and multiples of 100 No limit Individuals including minors Section 80C deduction on deposits for 5 Years National Savings Monthly Income Account 6.6% p.a. payable monthly 1,000 Max Rs 4.5 lakh for single A/C and Rs 9 lakh for Joint A/C Individual including minors The interest you earn is taxable and there are no deductions on the deposits, as per Sec 80 C Senior Citizen Savings Scheme Account 8.2% p.a. (Compounded Annually) 1,000 Max Rs 15 lakh Persons more than 60 years of age and above 50 years of age who have taken VRS or superannuation. There are tax ...

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To Start receiving timely alerts please follow the below steps: • Click on the Menu icon of the browser, it opens up a list of options. • Click on the “Options ”, it opens up the settings page, • Here click on the “Privacy & Security” options listed on the left hand side of the page. • Scroll down the page to the “Permission” section . • Here click on the “Settings” tab of the Notification option. • A pop up will open with all listed sites, select the option “ALLOW“, for the respective site under the status head to allow the notification. • Once the changes is done, click on the “Save Changes” option to save the changes. The first-time investor who wants to build their investment corpus can opt to invest a lump sum in Mutual funds or Bank Fixed Deposits. Here, come the monthly investment schemes such as Recurring deposits and Systematic Investment Plans (SIP). Both offer a great investment option for salaried individuals to save and invest money easily. A Recurring Deposit is a unique term deposit that is offered by Indian Banks and India Post (Post Office). These are the two most common strategies to invest a predetermined amount every month. SIP and Recurring Investing ensures present and future financial security. It enables investors to increase their wealth while also generating inflation-beating returns. Compounding is also advantageous to you. When comes to investing monthly most investors are confused between SIP and Recurring deposits. Here, we have covered the Po...

Public Provident Fund (PPF) A Public Provident Fund is a type of financial product that enables its user to accumulate an amount of money sufficient to be paid at maturity together with interest. The current yearly compound interest rate offered by PPF is 7.1%. Additionally, the PPF scheme offers a threefold tax benefit because, in accordance with Section 80C of the IT Act, contributions made to the scheme up to a maximum of Rs. 1.5 lakhs, interest received on those deposits, and maturity amounts are all tax-free Sukanya Samriddhi Yojana (SSY) A Sukanya Samriddhi Yojana account may be opened in the name of a girl child who is younger than 10 years old. The girl will take ownership of the account once she becomes 18 years old. When a girl gives birth to twins or triplets, additional accounts may be opened. The current interest rate being offered on this plan is 7.6%. A minimum initial deposit of Rs 250 and a maximum of Rs 1,50,000 each fiscal year are required to join the scheme. This plan offers tax exemption under Section 80C of the Income Tax Act of 1961 in addition to financial savings. Senior Citizen Savings Scheme (SCSS) Anyone 60 years of age or older may invest in this plan. Those who are retired and over 55 but under 60 can choose this plan as long as they invest within a month of getting retirement benefits. The minimum and maximum investment limits are Rs 1,000 and Rs 15 lakh, respectively. Its five-year term is renewable once it reaches maturity for an additiona...

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