Post Office Special Scheme… Profit of Rs 35 lakh in 5 years, loan benefit also!
Anyone can plan an investment under this scheme of the Post Office. A minor can also open an account in it. Any minor who is 10 years old can open an account with the help of his/her parents.
Post Office Special Scheme: If you are considering investing in government schemes without taking risk in the stock market or mutual funds and are looking for an investment option like SIP, in which the risk is almost negligible, then Post Office’s Recurring Deposit can prove to be right for you. You can start investing in this scheme with just Rs 100. There is no maximum limit.
Anyone can plan to invest under the Post Office RD scheme. A minor can also open an account in it. Any minor aged 10 years can open an account with the help of his parents. After completing 18 years, the minor will have to fill a new KYC and fresh opening form. This account can be opened with mobile banking or e-banking facility. Under this scheme, 6.7 percent interest is available.
Monthly installment deposit rules
The first monthly deposit will be made at the time of opening the account and such deposit amount will be equal to the denomination of the account. If the account is opened before the 16th day of a calendar month, the next deposit amount equal to the first deposit amount will be made by the 15th day of every month and if the account is opened after the 16th day and the last working day of a calendar month, the deposit will be made between the 16th day and the last working day of every month.
Maturity of five years
If you open an account under the RD scheme, your account will mature in 5 years. You can extend it by 5 more years if you wish. Apart from this, if you want to close it midway, you can close it after 3 years of opening the account. If the account holder dies, the nominee can claim it. Also, if the nominee wishes, he can continue it.
Tax rules on RD
Investment in post office RD is eligible for tax deduction up to ₹ 1.5 lakh annually under Section 80C of the Income Tax Act, 1961. However, TDS rules apply on interest income, which means you will have to pay TDS. If you are earning more than 10 thousand rupees annually from interest, then you will have to pay 10% tax, but if you are unable to provide PAN, then this tax will be 20%.
Loan benefits are also available
After the account is active for at least 1 year and 12 months of deposit in the account, the depositor can take a loan of up to 50% of the amount deposited in the account. If you want, you can repay the loan in lump sum or in monthly installments. According to the rules of the scheme, apart from the interest rate applicable on the loan account, an extra 2% simple interest will have to be paid. If the loan is not paid till the account is closed, then the outstanding amount will be recovered from the account deposited after the account is closed.
How to get the benefit of 35 lakhs?
If you invest 50 thousand rupees every month in this scheme of post office, then in 5 years you will deposit 30 lakh rupees. Apart from this, on the basis of 6.7 percent interest per annum, you can earn Rs 5,68,291 in 5 years, which will come under TDC deduction. In this way, you will get a total of Rs 35,68,291 in five years.
The post Post Office Special Scheme… Profit of Rs 35 lakh in 5 years, loan benefit also! first appeared on informalnewz.
News