Many banks have raised their FD rates as a result of the constant rise in the repo rate, yet even after this, many post office schemes continue to earn higher interest. Although there are various investment possibilities on the market, many investors only want to put their money into risk-free plans. A very wise investment choice is the post office scheme. Many post office schemes provide interest rates that are greater than bank FDs. By investing in these programs, you will also receive the benefit of tax exemption.
Sukanya Samriddhi Yojana
is your finest choice if you’re considering making an investment in your daughter’s future. You can invest in this to receive a 1.5 lakh rupee rebate each fiscal year. On the money invested in this program, 8% interest is being paid concurrently.
You can earn 7.7% interest on the amount deposited
by purchasing a National Savings Certificate at the Post Office. Additionally, the sum deposited in this account is eligible for a deduction of Rs 1.5 lakh under Section 80C of the Income Tax.
Senior citizens
can save money through the Post Office’s Senior Citizen Savings Scheme. Interest is paid at a rate of 8.2 percent on investments made in this plan.
You will receive 7.5 percent interest on your investment
in the post office’s time deposit program over a five-year period. You can deduct Rs 1.5 lakh from your taxable income by investing in a five-year FD plan, per Section 80C of the Internal Revenue Code.
On the other hand, when it comes to the SBI’s FD program,
regular people receive an interest rate of 6.50 percent on FDs with terms ranging from 5 to 12 years. Senior citizens receive a 7.50 percent interest rate concurrently. In contrast, regular customers receive a 7.10 percent interest rate on SBI’s Amrit Kalash, while senior citizens receive a 7.60 percent interest rate.
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