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