You can save tax on deposits for 5 years in the scheme. Currently, there are two types of tax regimes in the taxation system. New tax regime and old tax regime. Tax deduction of section 80C can be claimed only in the old tax regime.

Post Office’s Small Savings Scheme is quite popular among Indians due to being risk free and easy. In this, the Post Office Time Deposit Scheme is like the fixed deposit of banks. Post Office Time Deposit Account can be opened in any branch for a period of 1, 2, 3 and 5 years. In this, the benefit of tax deduction can be availed on 5-year deposit. 

Post Office TD: Current Interest Rates

Post Office TD: Tax exemption up to Rs 1.5 lakh

As per Section 80C of the Income Tax Act 1961, tax deduction of up to Rs 1.5 lakh can be claimed on 5-year deposits. For risk-averse investors, investing in post office fixed deposits is a preferred option.

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All these three schemes are of the Department of Posts. The post office is looked upon with confidence by every Indian. Because there is government intervention here, it is one of the best places to keep money safe. Not only this, with the changing times, the post office is also giving good returns on small savings schemes. Let us know about them in detail

Post Office Recurring Deposit

If you want to invest in a safe recurring deposit, then this post office plan can be perfect for you. Here you are getting an interest of 5.8 percent on the investment option with maturity of 5 years. You can start investing in this scheme with just Rs 100 per month. At the same time, there is no upper limit to invest in it.

Post Office Time Deposit This is an FD-like scheme. You can invest in post office time deposits for 1, 2, 3 and 5 years. Here you get a return of 5.5% in a time deposit of 1 to 3 years. If you want more returns then you should invest in one time deposit scheme of 5 years. Here you will get an interest of 6.7 percent. You can also get income tax exemption on investment in this scheme. You can start investing Rs 1,000 here.

National Savings Certificate has a lock-in period of 5 years. Here you get a bang return of 6.8 percent. You can start investing in National Savings Certificate Scheme with an investment of Rs.1000. However, removing some exceptions, you can withdraw money from this scheme only after the completion of 5 years. The investment made in this scheme is also eligible for tax exemption under the Income Tax Act.

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If you are a post office customer then there is important news for you. The Comptroller and Auditor General (CAG) has issued a shocking report. According to this CAG report, the employees of the post office i.e. post offices have misused public funds of Rs 95.62 crore between November 2002 and September 2021. This is great news for those investing in the post office savings scheme. Actually, the post office savings scheme has been considered very safe, in such a situation such an incident can shock the customers.

Post office safe plan

It is worth noting that people who do not have the ability to take risk, they also invest in the post office, because the post office is considered a safe investment. Let us tell you that the post office is the oldest and largest banking system in the country. The system caters to the investment needs of urban and rural customers through schemes like Savings Bank, Recurring Deposit, Time Deposit, National Savings Certificate, Kisan Vikas Patra, PF, Monthly Income Account Scheme, Sukanya Samriddhi Yojana and Senior Citizens Savings Scheme. Not only this, the Department of Posts (DoP) provides these services on an agency basis to the Ministry of Finance.

What does this report say?

According to the news published in India, the audit report of the CAG on Finance and Communications tabled in Parliament on Monday said, ‘Fake withdrawals of Rs 62.05 crore were made by postal workers in five circles from fake accounts. These were shown as active with fake balances and then closed. Cash deposits of Rs 9.16 crore by customers in eight circles were recorded in passbooks but not deposited in their post office accounts. Later the postal workers withdrew the money.

In four circles, fraudulent withdrawals of Rs 4.08 crore were made from savings accounts of customers with fake sign/thumb impressions done by postal workers. There were other cases of unauthorized use of user IDs and passwords by postal workers or outsiders. Due to this fraud of Rs 3 crore took place in four circles. Not only this, postal workers in connivance of outsiders in two circles.

CAG gave information

After this embezzlement of post office employees, the CAG said that out of fraud / rigging of Rs 95.62 crore, the postal department recovered Rs 14.39 crore (including penalty / interest of Rs 40.85 lakh) from the concerned persons. That is, Rs 81.64 crore is to be recovered. Soon it will also be recovered.

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