India post offers a number of saving schemes however, there are a total of 4 post office saving schemes for Tax deduction. Talking specifically, there are a total of 9 saving schemes India post offers however, 4 of them are qualify to help you for tax rebate. Enrolling in these schemes can help you upto Rs 1.5 lakh of tax rebate while you file your Income tax.
In this article, I am going to talk about these 4 post office saving schemes.
Time Deposit Scheme: In time deposit scheme you have to deposit for one year, two year or three year. Moreover, the interest you get is 7%. However, if you deposit under this scheme for 5 years, you get an interest rate of 7.8%. Note that this scheme covers under Section 80C of Income tax act, 1961.
National Saving Certificates: This schemes gives you an annual interest rate of 8%. Compounded annually but you can rebate for it only when its matuarity completes. This scheme also comes under section 80C of Income tax act, 1961.
15 year PPF Account: This scheme also compounded annually, and gives 8% of annual interest rate. A minimum of Rs 100 deposit can open your account whereas you have to deposit a minimum of Rs 500 for a financial year.
Senior Citizen Saving scheme: Gives you 8.7% interest rate pa. Moroever, an individual with a minimum age of 60 year can enroll in this. This scheme also comes under income tax act, 1961.