The mutual fund in which they have been doing SIP for the last 4 years has given negative returns. That means the returns have ended and there is a loss in the principal as well. If you are also among those investors, then it is important for you to understand that SIP is not the only option in the market. By investing in fixed return investment products, you can not only keep your money safe but can also get a fixed return. Let’s take a look at the investment products available in the market other than SIP and mutual funds.

Fixed Deposit (FD)

Fixed Deposit (FD) is an evergreen product for investors who want low risk and fixed returns. The risk in this is almost negligible and the return is fixed. There are many other benefits of FD. You can withdraw it anytime if needed. Banks also provide loan facility on FD. There is also relief in income tax. You can choose the duration of FD as per your need. You can withdraw money from this whenever you need it.

Public Provident Fund (PPF)

PPF is a popular savings scheme in India. Currently, PPF is offering interest at the rate of 7.1%. This saving scheme is completely safe with government guarantee. The maturity period of PPF is 15 years which can be extended for five more years. By investing in PPF, tax exemption can also be availed under section 80C of Income Tax.

Recurring Deposits (RD)

Recurring Deposit or RD is a savings plan offered by banks and post office that allows small investors to deposit a fixed amount at regular intervals for a fixed period. RD is considered a safe investment plan, ideal for individuals looking for short-term investment avenues. If you want to run an RD account, then RD account can be opened in any bank or post office in the country. The post office is offering an annual interest of 6.7 percent on 5-year RD. If you do an RD of Rs 5000 every month in the post office, then your total investment in 5 years will be Rs 3,00,000. At an interest rate of 6.7 percent, after 5 years you will get a total fixed amount of Rs 3,56,830. This includes interest of Rs 56,830.

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It has been made by the government on the lines of the Provident Fund Scheme, in which everyone from employed to housewives, children can invest. If you do business and want to collect retirement funds for your future, then PPF scheme is a great investment option for you.

You can invest even after maturity

Public Provident Fund ie PPF is one of the most liked schemes for investment. Its maturity period is 15 years. But it is not that after 15 years you have to withdraw your money and close the account. You can extend it further if you want. You can extend it indefinitely in 5-5 years. After 15 years, you can extend your account in two ways.

How to withdraw money from account after maturity?

You will have to inform the bank by giving an application that your account has matured. Along with this, you will have to submit an application form, original passbook and canceled cheque. After this, after verifying all the bank details, the amount deposited in your PPF account will be transferred to your savings account.

Interest rate of PPF

The current interest rate on PPF account is 7.1 percent per annum. A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be deposited in PPF in a financial year. A person can open only one PPF account in his name.

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Today we are telling you about such a scheme of post office, by investing in which you can double your money soon. The name of this scheme is Kisan Vikas Patra. On April 1, 2023, the interest rate available under this scheme was increased from 7.2 percent to 7.4 percent by the central government. After the increase in the interest rate, now the amount deposited under this scheme will double soon. We are telling you about the details of this scheme.

Know about Kisan Vikas Patra-

Kisan Vikas Patra Scheme is a lump sum deposit scheme run by the central government. In this scheme, the investor can get double the amount in a fixed period by investing the amount at one go. Under this scheme, you can open an account by going to any post office. This scheme has been specially designed for the rural population. In this, you can invest a minimum of Rs 1,000 and a maximum of any lump sum amount.

Money will double in this time

After the government’s decision to increase the interest rate of the Kisan Vikas Patra scheme in April 2023, the period for doubling the deposits under this scheme has now reduced. Where earlier it used to take 120 months to double, now under Kisan Vikas Patra the money will double in just 115 months. If you invest Rs 10 lakh in the scheme, then after 115 months you will get an amount of Rs 20 lakh on maturity. Under this scheme, the government gives the benefit of compounding interest rate.

Who can open the account?

If you open an account in any post office under Kisan Vikas Patra, you can invest a minimum of Rs.1000. And the maximum amount can be invested in multiples of Rs 100. Under this scheme, two or three people together in single or joint can open an account. Under this scheme, the account of children above 10 years of age can be opened under KVP.

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But among all this, the thing that has worked for you the most is that if you are employed, then your company must have started asking for actual investment proof from you, on the basis of which your tax will be deducted. If you haven’t asked yet, you will ask in a few days. But for tax saving you need to prepare well in advance.

Form-16 will be prepared on this basis, you will have to inform your company about what investments you have made since April 1 till now. Based on this, your Form-16 will be prepared. Let us help you in planning for tax saving. As a responsible citizen of the country, it is your duty to pay tax. But it is good for you to save as much tax as you can.

Understand here, how can you save tax?

You can invest the tax saving money for the future of your family or child. From mutual funds to FDs, all investment options are available in the market today. Today we talk about your salary and tax. Even if your salary is Rs 12 lakh, you do not need to pay Rs 1 tax.

It is important to plan properly to save tax, it is necessary for you to plan properly. For this, you can also consult an expert. If money has been deducted from your salary in the company where you have worked, then on the basis of this calculation, you can get back the deducted money by filing ITR in June-July. Let’s see the complete calculation in an easy way…

If your salary is 12 lakhs, then you come under 30 percent tax. Actually, there is a liability of 30 percent on the annual income of more than Rs 10 lakh.

This is the complete math

1. Every company gives salary to its employees in two parts. In a company it is called Part-A and Part-B. Somewhere it is called Part-1 and Part-2. Tax has to be paid on Part-A or Part-1 salary. Usually, on a salary of 12 lakhs, two lakh rupees are kept in Part-B or Part-2. In this way your taxable income has come down to Rs 10 lakh.

2. After this, deduct Rs 50,000 given by the Ministry of Finance as standard deduction. After deducting these, your taxable income comes down to Rs 9.50 lakh.

3. Under Section 80C of Income Tax, you can claim savings of up to Rs 1.5 lakh. In this, you can claim tuition fee, LIC (LIC), PPF (PPF), mutual fund (ELSS), EPF (EPF) or home loan principal etc. Now your taxable income has come down to Rs.8 lakh.

4. Under section 24B of income tax, you get a deduction of two lakh rupees on home loan interest. In this way, your taxable income has come down to Rs.6 lakh here.

5. After this you will have to invest 50 thousand rupees in National Pension System (NPS) under 80CCD (1B) to make the taxable income zero (0). Here the taxable salary has come down to Rs 5.5 lakh per annum.

6. Under Section 80D of Income Tax, you can claim premium for health insurance for children, wife and parents. A premium of up to Rs 25,000 can be claimed for the child and wife. If your parents are senior citizens, you can claim Rs 50,000 as premium. After deducting these two, your taxable income comes down to Rs 4.75 lakh.

Let us tell you that on the income of Rs 2.5 lakh to Rs 4.75 lakh, a tax of Rs 11250 is made at the rate of 5 percent. But there is a tax exemption of up to Rs 12,500 from the Ministry of Finance. In this way your tax liability becomes zero.

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Post Office FD is also known as Time Deposit. In this, the investor gets the benefit of compounding. If you want to take advantage of compounding, then the investment should be made for a long time. By investing in a post office time deposit for a long term, you can almost double or more than double your money in no time.

Rules for FDs of different tenures

In Post Office Fixed Deposit, you can fix money for one year, two years, three years and up to five years. But if you want to increase this period, you can also increase it. But as many years as the scheme is, it increases for that many years. For example, if you want to increase the FD of one year, then it will increase for one year only and if you want to increase the time duration of FD of 5 years, then it will increase for 5 years.

₹8 lakh will become ₹15 lakh in a few years

At present, 6.7 percent interest is being received on 5-year FD. Suppose you invest ₹ 8 lakh in this scheme for 5 years, then according to the post office time deposit calculator, this amount will be ₹ 11,15,254 i.e. on ₹ 8 lakh you will get ₹ 3,15,254 as interest. If you extend this FD for 5 more years, then this amount will be Rs 15,54,738 i.e.

you will get Rs 7,54,738 as interest. In this case, your amount will be almost double. On the other hand, if extended for 15 more years, the same amount of Rs 8 lakh will increase to Rs 21,67,409, which means you will get Rs 13,67,409 as interest. Interest rate by year In this post office scheme, the interest rate also varies according to the year. If you fix the money for one year, then you will get interest at the rate of 5.50%.

Interest is available at 5.70% on two year time deposit, 5.80% on 3 year and 6.70% on 5 year time deposit. The interest rate at which you have started the scheme, the same rate of interest is applicable even if you carry it forward.

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