Post office savings scheme: We are all aware of the custom of Diwali gift-giving. However, you should also treat yourself to a gift in this inflationary time. A present that will undoubtedly come in handy in any circumstance.

A comparable small savings plan is the National Savings Certificate,

or NSC, offered by the Post Office. After five years, you are granted a guaranteed sum under this system. Additionally, the government offers this post office savings scheme interest at a rate of 7.7 percent, compounded annually. With this plan, you don’t have to be concerned about market fluctuations in this scenario. A minimum of Rs 1000 is required to begin the scheme. The maximum deposit amount is not set. Nonetheless, multiples of 100 should be used for the deposit amount. Any number of accounts may be opened under this plan, per the information provided on India Post. Additionally, Section 80C of the Income Tax Act allows for a deduction for the deposits.

This account can be opened by whom?

Any adult or a guardian acting on behalf of a youngster or someone with a mental disability may open this account, according to the India Post website. Additionally, a kid who is older than ten years old may register an account in their own name or jointly with up to three adults.

How much will I receive in return?

A person who invests Rs 1,000 in the NSC scheme will receive Rs 449 in interest, for a total of Rs 1,449. A customer who invests Rs 10,000 in this scheme, however, will receive Rs 4,490 in interest, for a total of Rs 14,490. An individual who invests Rs 1 lakh in the NSC scheme will receive Rs 1,44,903 in total interest. However, if someone invests Rs 10 lakh, he will receive Rs 4,49,034 in interest, for a total of Rs 14,49,034.

Read More: After Diwali, these zodiac signs luck will change in terms of wealth

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