Post Office Tax Saving Schemes: 5 Things to Know

As the returns filing date gets closer, there is a sudden rush among people to search for tax-saving investment options. If you are looking for the same, apart from banks and private/public financial institutions, you can also consider investment schemes offered by post offices.The India Post offers a wide range of investment schemes, and many of them are eligible for tax benefits. If you are new to such tax saving schemes by post offices, here are five things you should know about them-

The India Post offers many different types of investment options, ranging from savings accounts, deposit accounts, monthly income schemes, and more. Some of the most popular ones are-

• 15-Year PPF (Public Provident Fund)
• Post Office Savings Account
• SCSS (Senior Citizens Savings Account)
• NSC (National Savings Certificate)
• Post Office Time Deposit Account
• Post Office MIS (Monthly Income Scheme) Account
• SSS (Sukanya Samriddhi Scheme)
• 5-Year RD (Recurring Deposit) offerings you can consider-

No, not every scheme offered by India Post comes with tax benefits. If you want to invest in a tax-saving instrument, here the India Post

• 15-Year PPF
• Post Office Time Deposit Account
• SCSS
• SSS
• NSC
• Post Office Savings Account

Here is a brief overview of the tax benefits and returns offered by these tax-saving investment schemes-

Do note that the interest rate offered by these investment options fluctuates every year.

The biggest reason to invest in these schemes is their easy availability. Even investors from rural areas can visit the nearest post office to start investing in these options. Limited documentation is required to start an investment, and the interest rate too is highly competitive.Moreover, there are many different types of products to suit every type of investor. Last but not least is the tax benefits available in these investment schemes, as discussed above.

You can visit the nearest post office and submit the duly filled KYC form along with relevant documents to start investing in any of the post office tax-saving schemes . Currently, there are more than 155,000 post offices spread all over the country.You can find detailed information about these schemes on the official India Post website. Some of the banks and financial institutions are also authorized to accept investments in schemes offered by the India Post.

If you are looking for investment options that can help you save taxes, you should check out the products offered by the India Post. They are safe, easy to enroll for and offer highly competitive returns as compared to other tax-saving options.Visit the official India Post website or visit the nearest post office to know more about these schemes and start investing.Ready to make the most of your money? Start your tax planning journey now!

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.