Investment: Become a 'Power Couple'! These are the 5 schemes where the wife can make a huge profit..
Smartness in financial planning is not only about where to invest, but also in whose name to invest. If you and your wife invest together as a 'power couple', then you can take advantage of many government schemes, which is not possible alone. Let's see 5 such schemes where the support of your wife can give you tremendous benefits.
Post Office MIS: Double investment, double income
In the Post Office Monthly Income Scheme (POMIS), you can deposit a maximum of Rs 9 lakh in a single account. But if you open a joint account with your wife, then you can deposit up to Rs 15 lakh. At the current interest rate of 7.4%, you will get ₹5,550 every month from a single account, while you will get ₹9,250 from a joint account. That is, with the support of your wife, you will earn ₹3,700 more every month.
PPF: Double your profits with the help of your wife
If both you and your wife are working, then open a PPF account in your name and deposit Rs 1.5 lakh annually. Also, open a separate PPF account in your wife's name and deposit up to Rs 1.5 lakh in it too. There is no option of a joint account in PPF, but in this way, both husband and wife can take advantage of this scheme, and together they can add Rs 81,36,418 in 15 years. At the same time, they can add Rs 1,33,16,576 in 20 years. Currently, the interest rate of PPF is fixed at 7.1 percent. Apart from this, a tax benefit is available in PPF under 80C. This investment has been kept in the E-E-E category. Meaning your investment, interest, and maturity amount are all completely tax-free.
Your wife will get you a cheaper home loan.
Making your wife a co-applicant for a home loan and co-owner of the property also benefits you a lot, and you can save lakhs of rupees. Banks give a discount of up to 0.05% on the interest rate if the co-applicant is a woman.
Save up to Rs 7 lakh in tax.
Another advantage of a joint home loan is that if both the husband and wife are working, they can claim separate tax exemptions. You can save tax on up to Rs 3 lakh (1.5+1.5) on the principal and Rs 4 lakh (2+2) on the interest, i.e., a total of Rs 7 lakh.
Double your retirement fund in SCSS.
If both you and your wife are working, then both of you can arrange for a regular income for yourself by investing your retirement capital in the Senior Citizen Savings Scheme (SCSS). A person can invest up to a maximum of Rs 30 lakh in this scheme. The scheme is offering a high interest rate of 8.2%. With this, both of you can earn a good amount of money from the interest.
Save TDS on FD, wife's name will come in handy.
If your income is taxable, but your wife is a housewife or her income does not come under the tax bracket, then you can get an FD done in her name. 10% TDS is deducted if the annual interest on the FD is more than Rs 40,000. But if the FD is in your wife's name, then she can fill out Form 15G and give it to the bank. With this, the bank will not deduct any TDS, and your tax will be saved.
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