An investment of Rs 1000 can grows to Rs 1389.49 after five years with 6.8 per cent interest compounded annually.
Post Office Savings Scheme: An investment of Rs 1000 can grows to Rs 1389.49 after five years with 6.8 per cent interest compounded annually. This investment scheme can be a good investment option for the individuals who are looking for investment opportunities. The individuals will be able to avail this option under the National Savings Certificates (NSC) scheme under India Post. For further details and queries, the interested individuals can login to the official website of India Post at indiapost.gov.in.
Interest rate
Under the NSC scheme, an adult can deposit for five years. The rate of interest is 6.8 per cent compounded annually but payable at maturity. It must also be noted that Rs 1000 grows into Rs 1389.49 after five years.
Eligibility
The interested individuals must know who are eligible to open an account under this scheme. It must be noted that a single adult is eligible to open an account. Furthermore, a joint account can be held by three adults. The account can be opened by a guardian on behalf of minor or on behalf of person of unsound mind, a minor above 10 years in his own name.
Maturity
The deposit will mature on completion of five years from the date of the deposit. In case of any further details, the interested depositors can login to the official website of India Post at indiapost.gov.in.
Maximum and minimum limit
The customers under the NSC scheme can deposit a minimum of Rs 1000 and in multiples of Rs 100. One must know that there is no maximum limit. Furthermore, any number of accounts can be opened under the scheme. However, it must also be noted that the deposits qualify for deduction under section 80C of Income Tax Act.
In case of any queries and further details, the interested individuals can login to the official website of India Post at indiapost.gov.in.
