Start a savings account:- (Savings Account)
The Indian Post has recently issued a circular stating that interest rates on post office savings schemes will not be changed for the July-September quarter of the current financial year. So, what is the rate of return on postal savings plans?
Mail savings accounts receive 4% interest income. The recurring deposit earns 5.8% interest income. A term deposit of 1 to 3 years yields 5.5% interest income.
The deposit fund up to five years earns 6.7% interest income. Apart from this, income tax concessions are also available under Section 80C of the Income Tax Act for deposits of up to five years..
Account can only be opened at a post office. However, the account can be transferred from one office to another. The highlight of postal savings accounts is that DTS is not charged. Not only this, the guarantee of the Central Government is an additional strength.
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