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From Public Provident Fund, Sukanya Samriddhi Yojana and Kisan Vikas Patra to Senior Citizen Savings Scheme, Monthly Income Scheme and National Savings Certificate, TOI with its knowledge partner FinFix, takes a look at some post office small savings schemes to calculate how much you can earn from them and whether the proceeds are taxable or not.
It is important to note that the returns are not inflation-indexed.
When deciding on investment options, real returns should be considered as well.
Kisan Vikas Patra or KVP is a small savings scheme that aims to double your investment amount.
The minimum investment is Rs 1000/- and there is no maximum limit.
KVP account can be opened by any single adult or as a joint account with up to 3 adults.
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Kisan Vikas Patra Calculator: According to FinFix, at the current interest rate of 7.50% for the April-June 2024 quarter, a Rs 1 lakh investment in KVP, will double in 9 years and 7 months to Rs 2 lakh.
There is no tax deduction benefit of KVP and the proceeds are taxable at your slab rate.
National Savings Certificates or NSC give guaranteed returns to risk averse investors.
You can open any number NSC accounts with a minimum deposit of Rs 1000/- There is no maximum limit to investment in NSCs.
While you get Section 80C benefits, the maturity proceeds are taxable at your slab rate.
National Savings Certificate Calculator: According to FinFix, at the current interest rate of 7.7% for the April-June 2024 quarter, an investment of Rs 50,000 in NSC would yield a maturity amount of Rs 72,452/- after 5 years.
Public Provident Fund or PPF is one of the most popular investment schemes with sovereign guarantee.
What works in favour of PPF is that it is an Exempt, Exempt, Exempt scheme, making it tax-free.
Importantly PPF can be extended in blocks of 5 years, giving it the power to give you a corpus of over Rs 1 crore! ()
Public Provident Fund Calculator: According to FinFix, at the current interest rate of 7.1% for the April-June 2024 quarter, a maximum investment of Rs 1.5 lakh annually in PPF will yield an maturity amount of Rs 40,68,209/- after 15 years.
This means that Rs 22,50,000/- invested over 15 years will earn you an interest of Rs 18,18,209/- If you extend PPF twice for a block of five years each, your maturity amount will cross Rs 1 crore at Rs 1,03,08,014.97/-
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The SSY account can only be opened for a girl child up to the age of 10.
It requires a minimum deposit of Rs 250 and has a maximum limit of Rs 1.5 lakh.
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You can claim a Section 80C deduction of Rs 1.5 lakh for SSY and the interest is also tax-free.
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There are other specific circumstances for premature closure as well.
Monthly Income Account Scheme or MIS is a guaranteed way of earning a monthly interest income.
MIS allows for a maximum amount of Rs 9 lakh to be invested in a single account and Rs 15 lakh in a joint account.
The interest earned is taxable at slab rate.
Monthly Income Account Scheme Calculator: According to FinFix, at the current interest rate of 7.40% for the April-June 2024 quarter, an investment of Rs 9 lakh in Monthly Income Account Scheme will earn a monthly interest income of Rs 5,550/- over a span of 5 years.
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It has a minimum deposit requirement of Rs 1000/- and a maximum investment limit of Rs 30 lakh.
The interest income is taxable at the slab rate applicable to the individual.
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