Top 5 schemes are great for saving, you will get double benefit.

In today's time, everyone has been looking for options to save big in small investments. There are many schemes of Post Office Schemes which are of great use in terms of small savings. Investing in these small savings schemes of the post office not only provides government guarantee, but also provides tax benefits along with good returns. Under Section 80c of the Income Tax Act, it gets tax rebate on an investment of Rs 1.5 lakh per year. In such a situation, you can take advantage of these schemes and can also use them in the claim of tax exemption.

1. Monthly Income Scheme can be a better option if you want to invest with less risk. In the Monthly Income Scheme, you will get interest at the rate of 7.6 percent. The amount of interest is added to your savings account every month. Monthly Income Scheme (MIS) is for a period of 6 years. You can keep at least 1500 rupees and maximum 4.5 lakh rupees in this account. However, this scheme also has the facility of a joint account. If you open a joint account, there is a limit of up to Rs 9 lakh.

2. If you open a savings account (Post Office Savings Accounts) in the post office, then you get an interest of 4% on it. The most special thing about this scheme is that you can open this savings account with a common cash amount of Rs 20. If you make a Recurring Deposit, then you will get interest at the rate of 7.2 per cent. Under a recurring deposit, you can deposit at least 10 rupees every month. At the same time, there is no limit to more investment for this. The maturity of this scheme is for 5 years, on which you get interest at the rate of 7.2 percent. Also, there is a facility to extend it at the same interest rate for the next five years.

3. A special scheme is also available for senior citizens in the post office. It has the facility of Post Office Senior Citizen Saving Scheme, which is 5 years old. At present, interest is getting 8.7 percent on this scheme. The interest accrued on this is credited in the account on a quarter to quarter basis. The special thing of this scheme is that it also provides tax exemption facility under Section 80C of the Income Tax Act. However, in this, you have to take care that if the amount of interest is more than Rs 10,000 annually, then tax deducted at the source i.e. TDS is deducted.

4. There is also another scheme of Post Office National Saving Certificate. The National Saving Certificate is exactly like Fixed Deposits. Like the Public Provident Fund (PPF), there is no tax on interest on this scheme. On this scheme, you get an interest of 8 percent, which is calculated on an annual basis. However, the amount of interest on this is found on the maturity of the scheme. In this scheme also, the amount deposited is exempted under Section 80C of the Income Tax Act. Let us know that the National Saving Certificate is a scheme which is operated by the Department of Economic Affairs.

5. There is also a scheme called Post Office Time Deposit Schemes in the post office, whose maturity is for 5 years. You can start investing in the scheme with a minimum of Rs 200. For this scheme, the rate of interest is 6.9 percent for the first 3 years. At the same time, it gets an interest of 7.7 percent in the fifth year. The interest received on this is received annually. However, it should also be noted that under this scheme interest is paid on quarterly basis. There is no tax on the interest received on this scheme.

Also Read : What is Personal Finance.