The post office is a government department or agency that handles the transmission of mail. This is a local branch of the National Post Office which handles the mail for a particular place or area. Convenience to receive, process and send mail to recipients. Post Office Passport Application, P.O. Including other services.
Box delivery, and other distribution services. It has been assigned a specific jurisdiction and is responsible for the distribution and acquisition of mail for individuals or businesses within the jurisdiction. The post office also used to save your funds and collective investments. Your amount of money can be saved easily in the post office. You can choose any type of scheme which is beneficial for you. It is authorized by the government and government will be responsible for any type of issue. Your investments always secured when you invest or save your money. The post office provides some schemes for the people in which your money makes double or other savings. Now we will discuss those type of schemes.
Recurring deposits are a special type of fixed deposit which is given by banks and post offices. In it, it helps regular people earn a fixed amount every month in their recurring deposit account. You earn interest at the applicable rate for a fixed deposit. At present, the interest rate on recurring deposits is 8.40% for all working hours, except for a fixed deposit of 5 years, where interest is 8.50% per annum. Five-year fixed deposits with lock-in clauses are also given to you as an investment under Section 80C and therefore you help in tax saving under Section 80C.
The Post Office Savings Account is a type of deposit scheme given by the Department of Posts, on which the fixed interest is paid. Individual investors deposit a good share of their financial assets in the postal savings account so that a fixed interest rate can be obtained on the investment. Your savings account in the post office is as good as the bank account created with the public sector bank. You can easily save your collective investments. Post Office Savings Account does not come with checkbook facility like your normal bank account. You will easy to earn four percent annual interest.
Schemes for Senior Citizens
This plan provides a regular flow of income with security and tax savings benefits. It is a suitable investment option for more than 60 years. Investment in Senior Citizen Saving Scheme(SCSS) is a great opportunity to make money for senior citizens over 60 years of age. This is an effective and long-term savings option, which provides security and additional features that are usually associated with any government-sponsored savings or funds and collective investments scheme. Senior citizens are most concerned about the security of their money. So when it comes to security and confidence, what could be the source of better investment from the Indian post office, which is entirely owned by the Indian government! For senior citizens, there are special savings schemes in the post offices where the rate of interest is high.
Public Provident Fund
The Public Provident Fund (PPF) scheme is a popular long-term investment option supported by the Government of India, which provides protection against attractive interest rates and returns, which are completely free from tax. Since the PPF has a tenure of 15 years, the impact of compounding is very large, especially in later years. Also, because the earned interest is supported by sovereign guarantee, it makes it a safe investment. Therefore, in PPF, it helps in the retirement of someone's investment with long-term goals.