How to get Rs 20 lakh after 5 years from Post Office Scheme?
Post office schemes are one of the best options if you are looking for a safe and secure investment option. In many ways, Post Office offers many beneficial schemes to its customers and provide more benefits than banks. Small savings of as little as Rs 100 a month can bring you lakhs in some years.
India Post scheme offers big money in a time of few years. As the Post office is under full control of the Govt., you don't need to worry as your money is completely safe in the post office. You can invest your money in it without any hassles and make your family’s future safe.
Benefits of National Saving Certificate
Post Office Scheme NSC - The National Savings Certificate scheme maturity period is fixed for 5 years. Though, you can withdraw money from your account after 1 year with some conditions laid down. The interest rates are set by the government at the start of every quarter (3 Months) of the financial year.
What is the interest rate?
The Post office scheme offers 6.8 per cent interest per year and tax exemption of 1.5 lakh rupees every year is provided under Section 80C of Income Tax.
If you want Rs 20.85 lakh after 5 years at an interest rate of 6.8% per annum, then you need to make an investment of Rs 15 lakh over 5 years and you will get a profit of about Rs 6 lakh as interest.