The Indian Post Office introduces new schemes throughout the year. One of the schemes started for the benefit of customers is the National Savings Certificate (NSC) scheme. This scheme is ideal for investing your hard-earned money with high interest in a short time and without any risk. Let us tell you that by investing in this Indian Post Office scheme, you get the full amount with interest at the end of the term. Along with this, there are many other benefits too.
How Much Can Be Invested?
According to the Indian Post Office rules, a minimum of Rs 1000 can be invested in the National Savings Certificate (NSC) scheme. Any Indian citizen can open an account under this scheme at the post office. Additionally, there is an option to open a joint account in this scheme.
Major Benefits of the Scheme
The Indian Post Office allows up to 3 people to invest in the NSC scheme at the same time. In such cases, 3 investors or non-investors can open a joint account. It is also possible for parents to invest in this scheme for their children. A child can open an NSC in their own name once they turn 10 years old. An NSC account can also be opened simultaneously.
One of the biggest benefits of investing in this scheme is that you do not have to wait long to see a substantial return. The Post Office pays attractive interest on the saved money over a 5-year period. The interest rate at the time of investment determines the total return, meaning you will receive the return based on the interest rate applicable when you invested.
Additionally, the Post Office provides tax exemptions on the money saved. A customer can claim tax exemption on savings up to Rs 1.5 lakh per year.
How Much Can You Earn on an Investment of Rs 10 Lakh?
If an investor invests Rs 10 lakh in the NSC scheme of the Indian Post Office, they will earn a total return of money at an interest rate of 7.7%. To simplify, the investor will earn about Rs 4.5 lakh in interest on a Rs 10 lakh investment at an interest rate of 7.7%. This means that the total amount (including interest) after 5 years will be around Rs 14.5 lakh. Imagine the potential growth of your savings.
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