Post Office Saving Scheme: The Indian Post Office offers many savings and investment schemes for common citizens. These schemes are designed to address the investment needs of common citizens. All Post-Office schemes are run by the Government of India. There are many reasons why post office schemes are popular among common citizens, and tax exemption under income tax rule 80C is one of them.
Today, we will talk about the post office’s National Savings Certificate (NSC) scheme. The scheme is formulated for small-scale investors who want a regular income later.
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NSC scheme details
- The government is offering an interest rate of 7.7 per cent on the investment in the national Saving Certificate.
- An investor needs to invest a minimum amount of Rs 1,000
- There is no upper limit for investment.
- The lock-in period under the National Saving Schemes is 5 years.
- Only Indian citizens can invest in this government-run scheme.
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Understand maths when someone invests 15 lacks in the NSC scheme
The minimum amount to invest in this scheme is Rs 1,000 and there is no upper limit. under the scheme, two to three people can open a joint account to invest together too. parents can open accounts in the name of their minors as well.
If someone invests Rs 15 lakh, he can get Rs 6,73,551 as interest at a 7.7 per cent interest rate. A total of Rs 21,73,551 will be received on maturity.
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Documents needed
To apply for NSC one will have to provide documents. You will need a passport, PAN card, voter ID, driver’s license, senior citizen ID or any government ID. You need to provide your photo.
If the certificate holder dies, the invested cash can be withdrawn if the judge orders.
