India Post offers insured returns; Check the interest rate, other details
New Delhi: The post office offers several formulas. These postal programs offer a stable interest rate and guaranteed returns. PPF, Sukanya Samriddhi, Post Office Savings, Kisan Vikas Patra (KVP) among others are some of the popular savings programs offered by Post Office.Also read – Obese people have better prognosis for cardiovascular disease in the short to medium term: study
- Postal Savings Account (CS): The Postal Savings Plan offers an annual interest rate of 4 percent. The post office savings account can be opened with Rs 500.
- Under Section 80TTA of the Income Tax Act, of all savings bank accounts, interest up to Rs 10,000 earned during a financial year is exempt from taxable income.
- Public provident account (PPF): The Public Provident Fund (PPF) offers an interest rate of 7.1 percent.
- PPF deposits are eligible for deduction under Section 80C of the Income Tax Act. Interest earned is exempt from tax under the Income Tax Act.
- Sukanya Samriddhi Account (SSA): Sukanya Samriddhi offers an interest rate of 7.6% per annum. You can invest a minimum of Rs 250 and a maximum of Rs 1.5 lakh during a financial year.
- Deposits are eligible for deduction under Section 80C of the Income Tax Act. Interest earned is exempt from tax under the Income Tax Act.
- National cash certificates: National Savings Certificates (NSCs) offer 6.8 percent. Deposits are eligible for deduction under Section 80C of the Income Tax Act.
- Kisan Vikas Patra (KVP): Kisan Vikas Patra offers 6.9 percent compounded annually. Kisan Vikas Patra will mature in 124 months.
- Senior savings plan offer 7.4 percent (quarterly interest of Rs 185 on Rs 10,000 deposit).
- Monthly post office income account offers 6.6 percent.
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