Post Office Scheme: Invest Rs 100 and get Rs 20 lakh after 5 years
Post Office offers many beneficial schemes to keep your money safe and give more benefit than any other sources. Small savings to the tune of just Rs 100 a month can make you a millionaire in some years.
Post Office Schemes are time-tested and are in a way safe investment schemes. Post Office offers many beneficial schemes to keep your money safe and give more benefit than any other sources. Small savings to the tune of just Rs 100 a month can make you a millionaire in some years.
National Saving CertificateThis is a time-tested plan offered by India Post. In this scheme, you can add big money in few years. Your money will be completely safe in the post office. Therefore, you can invest your money in it without any risk and make your and your family’s future safe.
Benefits of National Saving CertificateThe maturity period of the National Savings Certificate scheme is fixed for 5 years. However, you can withdraw money from your account after 1 year with certain conditions. The interest rates are set by the government at the beginning of every quarter (3 Months) of the financial year.
How much should you invest?You can start investing in this scheme with as little as Rs 100 a month.
If you want the amount of Rs 20.85 lakh after 5 years at an interest rate of 6.8 then you have to make an investment of Rs 15 lakh over 5 years and you will get a profit of about Rs 6 lakh as interest.
What is the interest rate?At present, the scheme is getting 6.8 per cent interest annually. Under this scheme, you can get tax exemption of 1.5 lakh rupees annually under Section 80C of Income Tax.