Bumper earnings are being made in these 3 schemes of the government, your money will also be 100% safe
Best Scheme to take a position Money: If you're thinking of investing within the time of Corona epidemic, you'll invest money in government schemes. during which your money are going to be completely safe and good interest also will be available. These schemes are Post Office Small Savings Schemes. 3 Post Office Schemes Sukanya Samrudhi Yojana (SSY), oldster Savings Scheme (SCSS) and Public Provident Fund (PPF) are currently earning the very best interest. Money is additionally safe. you'll prefer to invest in it keeping in mind your future needs.
Public Provident Fund (PPF)
One of the favored schemes of the post office is that the Public Provident Fund (PPF) scheme. The scheme currently earns 7.1 per cent once a year . PPF account can start from a minimum of Rs.500. A minimum deposit of Rs 500 and a maximum of Rs 1.5 lakh are often made during a fiscal year . If you would like to avail the complete interest of the month, deposit in PPF by the 5th of each month. Nomination facility on PPF in post office, facility to open another PPF account within the name of minor.
Post Office PPF features a maturity period of 15 years and can't be closed before that. However in some cases it are often closed if required after the expiry of the 5 year period. just in case of terminal illness of the account holder, his / her spouse or dependent children, higher study of PPF account holder or dependent children and withdrawal of cash from PPF account on account holder residing abroad. Investment in Post Office PPF, interest earned thereon and amount received on maturity are tax free. Post Office PPF account are often extended to five year block after completion of maturity period.
A loan are often taken on PPF account after completion of 1 year and before completion of 5 years. additionally , the account are often withdrawn after 5 years. Online deposit facility through Intra Operable NetBanking / Mobile Banking at Post Office PPF, online deposit facility is out there from India Post Payments Bank bank account .
Sukanya Samrudhi Yojana (SSY)
Post Office Sukanya Samrudhi Yojana (SSY) earns 7.6 per cent interest once a year . Parents can open this account within the name of their child. this is often an honest option for a far better future for daughters. Parents can open an account for his or her daughter up to 10 years in SSY. just one account is opened within the name of 1 daughter. The scheme are often availed up to a maximum of two daughters. Sukanya account can start from a minimum of 250 rupees. The minimum deposit during a fiscal year is Rs 250 and therefore the maximum is Rs 1.5 lakh. Sukanya Samrudhi Yojana are often invested for a maximum of 15 years. during this account the daughter matures after reaching the age of 21 years. which suggests you simply need to deposit for 15 years. The remaining 6 years you'll get interest.
In Sukanya Samrudhi account, however, normal premature closure is allowed if the girl gets married at the age of 18. Cash are often partially withdrawn from an SSY account after the age of 18. Its limit is up to 50 per cent of the balance within the account at the top of the last fiscal year . A tax write-off of up to Rs 1.5 lakh are often claimed under Section 80C on the quantity getting to SSY. additionally , the interest earned on the deposit and therefore the money received at the top of the maturity period is additionally tax free. Thus SSY is an ‘EEE’ category tax savings scheme.
Senior Citizen Savings Scheme (SCSS)
This is an honest option for a secure and glued income for senior citizens. the present rate of interest on SCSS is 7.4 per cent once a year . The maturity period of this scheme is 5 years. This account can only be invested once. Which ranges from a minimum of Rs 1,000 to a maximum of Rs 15 lakh. An account are often opened for an individual 60 years aged or older under SCSS. Anyone 55 years aged or older but under 60 years aged and having taken VRS also can open an account in SCSS. The condition is that the person has got to open this account within one month of receiving the retirement benefits and therefore the amount deposited in it shouldn't be quite the quantity of retirement benefits. Under SCSS, the depositor can hold quite one account individually or jointly together with his / her spouse. But beat all, the utmost investment limit can't be quite Rs 15 lakh.
The Senior Citizens bank account may have a premature closure but the Post Office won't pay interest if the account is closed before the top of 1 year. When the account is closed one year after the opening of the account, 1.5 per cent of the deposit are going to be deducted, if it's closed after 2 years, 1 per cent of the deposit are going to be deducted.
The account are often extended for an extra 3 years after completion of maturity period during this scheme. This must be applied for within one year of the maturity . As far as tax cares , if your interest amount under SCSS exceeds Rs. 50,000 once a year , tax (TDS) is deducted. However, the scheme is exempt under Section 80C of the tax Act. Nomination facility on SCSS, facility to transfer from one post office to a different on account opening, also facility to open multiple SCSS accounts in one office.
