Post Office Scheme: This Post Office scheme is great for husband and wife, earning 13 lakh rupees in 5 years..

If you want to grow your money without any risk, then the National Savings Certificate (NSC) scheme of the post office is a great option for you. This is a government-guaranteed scheme, which matures in 5 years. If you have retirement money, funds received from selling land, or any large lump sum of money, then you can earn good interest by investing it in NSC. The return in this is fixed, and your money is completely safe. You can open an account by just going to the nearest post office and submitting KYC and the necessary documents.

Who can invest in it?

Any person can invest in this scheme. You can open an account alone, or if you want, you can also open a joint account. In which a maximum of 3 adults can join. Children aged 10 years or above can also open their accounts. If the child is young or a person is mentally ill, then their guardians can open an account in their name. If you want, you can make any family member a nominee. You can open as many accounts as you want in this scheme.

The minimum investment is just Rs 1,000, and there is no limit on the maximum amount. Invest as much as you want. The best part is that the investment made in this comes under the tax exemption under Section 80C of the Income Tax Act. You can invest up to Rs 1.5 lakh tax-free in a year.

How much return will you get?

At present, this scheme gives 7.7% interest annually, which keeps getting added with compounding. The interest amount is received only after completion of 5 years. The interest of the first 4 years is reinvested, on which tax exemption is available, but the interest of the 5th year is taxable.

If needed, you can also take a loan.

If ever you need money, you can also take a loan by mortgaging your NSC in a bank or NBFC. This will not require you to break your savings, and money will also be arranged. However, the account cannot be closed before 5 years, except in certain situations like the death of the investor or a court order.

Beneficial for both husband and wife
If both husband and wife are employed, then they can get more benefits by opening a joint account. Suppose both of you invest Rs 9 lakh together, then after 5 years, you will get around Rs 13,04,130. Out of this, Rs 4,04,130 will be in the form of interest. Overall, this scheme is right for those who want safe returns with government guarantee at low risk. Post Office NSC not only grows money but also helps in saving tax.

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