Schemes that are income tax free in India.

Hello friends, welcome to your PostInfoMarathi page. In each article, we bring you the latest information. We provide you with the right information promptly that you can understand and in simple language. The information we provide is one hundred percent accurate. Our team verifies every piece of information provided to you, and only if the information is accurate is it passed on to you.

The post office has some schemes that are income tax-free. Find out which ones. So let’s see what the plans are.

Public Provident Fund:-

• PPF account is entirely tax-free. PPF account is exempt from tax under section 80c of the IT Act.
• The PPF account is maintained for the next 15 years after opening the account and the PPF account matures after 15 years.
• You can pay a maximum of 1,50,000 / – and a minimum of 500 / – in a financial year.
• To open this PPF account you must be a citizen of India
• 7.1% annual interest rate is applicable on the PPF account from 01-04-2020. The annual interest will be credited to your account at the end of the year.
• The loan facility is available to the PPF account on completion of one financial year.
• You can avail of the loan facility before the PPF account completes five years.
• You can take a loan of 25% on the amount deposited in one financial year.
• You will not be able to take out a second loan until you have repaid the first loan amount.
• In case of death of the PPF account holder, the account is closed and the legal heirs cannot continue the account.

Time Deposit:-

• Five year TD account is entirely tax-free. TD account is exempt from tax under section 80c of the IT Act
• There are four types of TD accounts 1 year TD 2 year TD 3 year TD 4 year TD.
• You can deposit a minimum of Rs.1000 in a TD account and no maximum limit.
• The interest rate for the TD account is as under.

1- year TD – 5.5%

2-year TD – 5.5%

3-year TD – 5.5%

4-year TD – 6.7%

• Interest will be credited to your account every year at the end of the year.
• If you want to close your TD account, you can close it only after the completion of 6 months. If you close the TD account after 6 months but before the completion of one year, you will get the interest rate of the savings to the account here.

Senior Citizen Savings Scheme:-

• SCSS account is entirely tax-free. SCSS account is exempt from tax under section 80c of the IT Act.
• The SCSS account is valid for 5 years after opening the account and you can extend the SCSS account for the next 3 years.
• You can deposit a minimum of Rs.1000 to a maximum of Rs.15 lakhs in the SCSS account.
• The SCSS account is charged 7.4% per annum and the interest will be credited to the account holder’s account every three months.

Sukanya Samriddhi Accounts  :-

• SSA account is entirely tax-free. The SSA account is exempt from tax under section 80c of the IT Act.
• SSA account can be opened from the birth of the girl child to the age of 10.
• You can deposit money in that account for the next 15 years after opening the SSA account and after 21 years the SAA account matures.
• When a girl reaches the age of 18, she can withdraw money for her education or marriage.
• Parents can open two accounts in Sukanya Samriddhi Yojana in the name of only two daughters each.
• If the first child is a girl and the twins are born a second time, a total of three dry accounts can be drawn.
• An interest rate of 7.6% per annum applies to the SSA account and the interest will be credited to the account holder’s account every year, compounded annually.
• You can pay a minimum of Rs.1000 / – and a maximum of Rs.1,50,000 / – in a financial year.

If this is your first visit to our PostInfoMarathi page, you are welcome. So friends, how did you feel about this new information? If you already know this information, please let us know in the comment box. If you like this information, share it with your friends and relatives. If you are new to our page, subscribe now so that you will not be deprived of further updates.

Thank you.