Post Office Scheme: Do you want to earn Rs 20 lakh in 5 years by investing Rs 100? here’s how
You can earn Rs 20 lakhs in five years by simply investing Rs 100 through the National Saving Certificate program. Check the details here.
Various beneficial programs are offered by mail to protect your money. It also gives more benefit than any other source. Post office programs are a safe, proven and secure investment option. A small saving of just Rs 100 can make you a millionaire in a matter of years.
Post office programs are available to a wide range of investors, including a girl child, and they offer guaranteed returns as they are backed by the Indian government. Nowadays, most plans also offer tax benefits of up to Rs 1.5 lakh on investment.
If you want to get big returns from investing a small amount in a postal program, we’ve got you covered. You can earn Rs 20 lakhs in five years by simply investing Rs 100 through the National Saving Certificate (NSC) program.
What is the National Savings Certificate and its advantages?
A proven plan offered by India Post, NSC is a fixed income investment program. You can open the NSC program with any post office branch and it is an initiative of the Indian government making it a safe option. NSC is a savings bond and primarily encourages low and middle income investors to invest while saving on income tax.
If you want to earn a huge amount of money in a few years then you can go for NSC and your money will be completely safe in the post office. You can invest the money risk-free in NSC and the plan maturity period is five years.
However, if you wish, you can withdraw the money within a year, but certain conditions apply. The government sets interest rates at the start of each quarter of the fiscal year.
How much should you invest and what is the interest rate?
You can start investing in this program with just Rs 100 per month. The program offers an interest rate of 6.8% per annum and you can also benefit from a tax exemption of Rs 1.5 lakhs under section 80c of the income tax law.
If you want to earn an amount of Rs 20.58 lakhs after a period of five years at an interest rate of 6.8% then you will need to invest Rs 15 lakhs over a period of five years and you will earn a profit of Rs 6 lakh as interest.
READ ALSO | Post Office Scheme: Deposit Rs 50,000 and get Rs 3,300 pension
Click here for IndiaToday.in’s full coverage of the coronavirus pandemic.