Post Office Deposits Income Tax Benefits
Post Office Deposits Income Tax Benefits https://www.fundstiger.com/post-office-deposits-income-tax/ A post office offers various deposit schemes to investors. These are also known as small savings schemes. The USP of these schemes is their sovereign guarantee, i.e., it is backed by the government. Some of these schemes also offer tax-saving benefits under section 80C of the Income-tax Act. Post offices offer several saving schemes across different time periods with different interest rates. One such saving scheme offered by India Post is time deposit or fixed deposit. The Post Office Time Deposit (POTD) is similar to bank fixed deposits (FDs), also known as term deposits. The USP of POTD is that it is backed by the government. The interest rate offered on these schemes is reviewed quarterly by the government. Recurring Deposit Account (RD), Public Provident Fund (PPF), Kisan Vikas Patra, Monthly Income Scheme Account (MIS), Sukanya Samriddhi Yojana are some of the other well-kno...