How to Save Money Using low income in Tamil |Post Office Saving Scheme



How to Save Money Using low income in Tamil |Post Office Saving Scheme
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Indian Post offers diverse investment options to cater to the varying needs of different investors. All Post office savings schemes guarantee returns as they are backed up by the government of India. Moreover, most of the post office investment schemes are tax-exempt under Section 80C, i.e. tax exemption up to Rs. 1,50,000 is allowed. Read on to know in detail about the various small saving schemes offered by the Post Office including Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposit for a 5 Year Term, and Senior Citizen Savings Scheme (SCSS) and more.

Post Office Savings Account
Post Office savings account is like a savings account with a bank, except that it is held with a post office.
Only one account can be opened with one post office and can be transferred from one post office to another.
You can also open an account in the name of a minor. The Psot Office savings account interest rate is 4% and is fully taxable. However, no TDS is deducted on the same.
Under the non-cheque facility, the minimum balance which is required to be maintained is Rs.50/-

Post Office Monthly Income Scheme (POMIS)
Unique scheme which offers guaranteed fixed monthly income on the lump sum investment made by the investor
Any resident individual can open the MIS account in a single or joint holding pattern. A minor can also invest in this scheme. If the minor is of more than 10 years, then he can even operate the account
The minimum limit for investment is Rs. 1000 and the maximum investment limit is Rs. 4.5 lakhs in a single holding account and Rs. 9 lakhs for joint accounts under the Monthly Income Scheme of Post Office
Currently, the MIS interest rate in the post office is 6.6% per annum payable monthly with a maturity period of 5 years. For example, Mr. Suresh invests Rs. 2,00,000 in Post Office Monthly Income Scheme. He will receive Rs. 1068 every month as interest for 5 years. He will receive back the deposit on completion of the tenure. The amount so received monthly can also be further invested in post office recurring deposits.
Investors can hold multiple accounts with a maximum investment of Rs. 4.5 lakh by combining balances in all the accounts. Joint accounts will have equal shares from all holders. If we continue with the above example, Mr. Suresh would be able to open a joint account with his wife for a maximum amount of Rs. 2.5 lakh
Post Office monthly income scheme also offers liquidity by allowing investors to withdraw the deposit after 1 year. However, there will be a penalty of 2% on deposit if withdrawn between 1 year-3 years and 1% penalty on withdrawals after 3 years

Post Office Recurring Deposit
Post office RD is basically a monthly investment for a fixed period of 5 years with an interest rate of 5.8% per annum (compounded quarterly).
On completion of the fixed tenure of five years, RD account with Rs. 10,000 invested every month will fetch you Rs. 3,256.48
Post Account RD helps small investors by allowing them to invest as little as Rs.100 per month and above minimum any amount in multiples of Rs.10. There is no upper limit for the investment.
Joint accounts can also be opened by two adult individuals. The account can also be opened in the name of a minor. Multiple accounts can also be opened.
RD can be transferred from one post office to another.
There is a default fee of 1 rupee for every 100 rupees in case you miss on any monthly investment.

Kisan Vikas Patra (KVP)
Kisan Vikas Patra offers an interest rate of 6.9% compounded annually. It can be purchased from any post office.
The invested amount doubles every 124 months (10 years and 4 months).
The investment comes with a minimum limit of Rs.1,000, no maximum limit and can be made in multiples of 100.
Certificates are easily transferable and can be endorsed to a third person.
The certificate is comparatively liquid in nature as it offers an encashment facility after 2.5 years of investment.
There is no tax deduction on the principal amount invested and interest on the KVP is also taxable. Kisan Vikas Patra scheme is thus not tax-efficient. It works for new and small investors from remote areas who do not have access to other financial products.

National Savings Certificate (NSC)
The NSC has a maturity period of 5 years. The NSC rate of interest is 6.8% per annum compounded half-yearly but payable at maturity. That means, your investment of Rs. 100,000 will yield you Rs. 1,38,949 after 5 years.
There is no maximum limit on investment with a minimum amount of investment of Rs.1000. Investments can be done in denominations of Rs.100, Rs. 500, Rs. 1,000, Rs. 5,000 and Rs.10,000.

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