There will be huge profit on investing money in this scheme of Post Office, up to one and a half lakhs will be exempted from tax

First Published 14, Dec 2020, 1:00 PM

Business Desk. In today’s time, no one wants to invest their money where they can get more returns. As far as banks are concerned, interest rates in fixed deposit (FD) schemes have come down considerably, whereas non-bank financial companies are not able to trust people. Private sector banks are also not paying much interest. In such a situation, there are some schemes of the post office, which are getting a lot of interest. This is the reason that the trend of people is now moving towards the deposit schemes of the post office. The special thing with the post office is that the money deposited here can never be drowned, because on this the central government gives Sovereign Guarantee. Today we are going to tell you about such a scheme of the post office, which not only gets good interest on the investment, but also saves tax.
(File photo)

The post office scheme is named Public Provident Fund (PPF). This account can also be transferred to another post office. PPF account gets 7.1 percent interest annually on deposits. (File photo)

PPF can be opened with just Rs 100, but it is necessary to deposit at least 500 rupees every year in this account.  Maximum 1.5 lakh rupees can be deposited in this account every year.  (File photo)

PPF can be opened with just Rs 100, but it is necessary to deposit at least 500 rupees every year in this account. Maximum 1.5 lakh rupees can be deposited in this account every year. (File photo)

The maturity period of PPF scheme is 15 years.  Money cannot be withdrawn from this account in the middle, but after maturity it can be extended for 5-5 years.  (File photo)

The maturity period of PPF scheme is 15 years. Money cannot be withdrawn from this account in the middle, but after maturity it can be extended for 5-5 years. (File photo)

The PPF account cannot be closed before the completion of 15 years, but after 3 years the loan can be taken from this account.  Under certain circumstances, after completion of 7 years, some amount can be withdrawn from this account under the rules.  (File photo)

The PPF account cannot be closed before the completion of 15 years, but after 3 years the loan can be taken from this account. Under certain circumstances, after completion of 7 years, some amount can be withdrawn from this account under the rules. (File photo)

Investment in the post office PPF scheme provides tax rebate up to Rs 1.5 lakh under Section 80C of Income Tax.  Any adult person can invest in this scheme.  (File photo)

Investment in the post office PPF scheme provides tax rebate up to Rs 1.5 lakh under Section 80C of Income Tax. Any adult person can invest in this scheme. (File photo)

The government reviews the interest rate on PPF account every third month.  According to the decision of the government, the interest rate may be more or less.  At present, interest is getting 7.1% on this account.  (File photo)

The government reviews the interest rate on PPF account every third month. According to the decision of the government, the interest rate may be more or less. At present, interest is getting 7.1% on this account. (File photo)

Source