POST OFFICE SCHEMES
These are offered by the Government of India and are a safe, secure, and risk-free investment option. They include the Monthly Income Scheme, Term Deposit, Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme (SCSS), and Sukanya Samriddhi Yojana (SSY) Scheme. The minimum investment required is Rs. 500 per annum. The PPF and NSC also qualify for tax deduction under section 80C.NSC, PPF, and Sukanya Samriddhi are schemes where interest rates are not fixed and are reviewed on a quarterly basis by the government.
A low-risk investment that has always been popular amongst Indians has been the post office small savings scheme. These schemes also offer tax benefits, are reliable, and are risk-free investments that one can invest in. Like with a bank, one can also open a savings account with a post office and earn a fixed rate of interest.
FEATURES OF POST OFFICE SCHEMES
They are a safe and secure investment option offered by the Government of India.
There is no tax deduction at source (TDS) except in Senior Citizen Scheme.
They come with the facility of nomination.
They can be transferred anywhere within the country.
They offer an attractive rate of interest They can be held jointly or solely.
There is a provision of changing the nomination at any time.