India Post offers nine types of small saving schemes.
These schemes carry the least risk among all investment options as they are recognised & validated by the government.
Interest rates on these savings schemes move in line with the government's interest rates on small savings schemes.
Some of these savings schemes also offer income tax benefits under Section 80C.
Here are 5 savings schemes by post office offering income tax benefits.
Sukanya Samriddhi Account
Interest Rate: 7.6%
Maturity Period: 21 years from date of account opening
Investment amount: Minimum Rs 250, Maximum Rs 1,50,000 in a financial year
Senior Citizen Savings Scheme
Interest Rate: 8%
Maturity period: 5 years
Investment amount: Minimum Rs 1,000, Maximum Rs 30,00,000 in a financial year
Public Provident Fund (PPF)
Interest Rate: 7.1%
Maturity period: 15 years
Investment amount: Minimum Rs 500, Maximum Rs 1,50,000 in a financial year
National Savings Certificate (NSC)
Interest Rate: 7%
Maturity period: 5 years
Investment amount: Minimum Rs 100, no upper limit
Time Deposit Scheme
Interest Rate: 7%
Maturity period: 5 years
Investment amount: Minimum Rs 1,000, no upper limit