If you have a lump sum amount for retirement, land sale or any other way, then this is a good investment option for you. In this scheme, you can get stable returns with low risk. You can open this account by submitting KYC and necessary documents at any post office.

Who can invest in this scheme?

Anyone can invest in this scheme. You can open an account alone or a joint account with a maximum of 3 adults. If your children are above 10 years of age, they can open the account themselves. For a minor or mentally ill person, their guardian can open the account. You can also nominate a family member or a minor. You can open as many accounts as you want in this scheme.

What is the minimum investment required?

The minimum investment starts from Rs 1,000 and there is no maximum limit. That is, you can deposit as much money as you want. Investment made in this scheme is eligible for tax deduction under Section 80C of the Income Tax Act. Investment up to Rs 1.5 lakh in a financial year remains tax free.

How many lakhs of rupees will you get after 5 years…

Currently, this scheme offers 7.7 percent compound interest per annum. Interest is paid after completion of 5 years. The interest of the first 4 years is reinvested, on which tax exemption is available, but the interest of the 5th year comes under the ambit of tax.

Another advantage of this scheme is that you can take a loan by pledging your NSC with a bank or NBFC. This way, if needed, you can manage the money without breaking your savings. The account matures in 5 years and generally it cannot be closed prematurely. This can happen only in special cases like death of the investor or court order.

If both husband and wife are employed, they can get huge benefits by opening a joint account in this scheme. If you both invest Rs 9 lakh in lump sum, then after 5 years you will get Rs 13,04,130. Out of this, Rs 4,04,130 will be as interest. This scheme is very good for those who want good returns with low risk and government guarantee. This scheme of the post office is not only safe but also helps in saving tax.

The post Post Office’s great scheme!, husband and wife open an account, deposit 13 lakhs in 5 years… first appeared on Rightsofemployees.com.

Which has been named Sukanya Samriddhi Yojana. Under this scheme, parents have to deposit money in the name of their daughters every year.

Then after this when this account matures, you get a return of lakhs of rupees. However, the full calculation of this is given to you below. The advantages of investing in this scheme are that you are given higher interest here. Whereas, you also get the benefit of compound interest on it. That is, your daughter can become a millionaire through this scheme.

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is being run by the Central Government. This scheme has been started so that in future the daughter of a poor family gets financial assistance from the government. If poor families save a little money every year and invest in it, then they can give very high returns on maturity. In this scheme, an account can be opened in the name of only 2 daughters of the family.

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You will get these benefits on investment

If you start investing in Post Office Sukanya Samriddhi Yojana, then you are given the highest interest here, which is about 8.20 percent. Apart from this, you get the benefit of guaranteed return on the deposit. You do not need to pay tax on the interest received in this scheme.

Because, here, an annual deduction of up to Rs 1.50 lakh is given under Section 80 of Income Tax. In this scheme, the girl’s parents can start investing a minimum of Rs 250 every year. Whereas, the maximum investment can be up to Rs 1 lakh 50 thousand. You can transfer the Sukanya Samriddhi Yojana account to any post office in the country.

You will get Rs 11 lakh on depositing Rs 24 thousand.

If you are going to open a Sukanya Samriddhi Yojana account in the year 2025 and your daughter is 5 years old, then this account will mature in the year 2044.

If you invest Rs 24,000 every year for 15 consecutive years, then you will have to invest Rs 3,60,000 for 15 years. After this, you will get a total interest of Rs 7,48,412 at maturity and the maturity value will be Rs 11,8,412.

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The post Post Office SSY Scheme: Deposit Rs 24,000 in your daughter’s name, you will get Rs 11 lakh, Know Details first appeared on Rightsofemployees.com.