In India, there are several tax-saving schemes available at the post office. Here are four of the top options for 2023:
Post Office Recurring Deposit (RD)
Post Office Savings Account
Senior Citizen Savings Scheme (SCSS)
In case you’re seeking a post office scheme that offers a 5-year tenure, there are several options worth considering. Among them are the National Savings Certificate (NSC), Post Office Time Deposit Account (TD) with a 5-year term, Monthly Income Scheme, and Senior Citizen Savings Scheme (for individuals over a certain age). All of these schemes can be invested in for a period of 5 years.
The Public Provident Fund (PPF) is an excellent fixed deposit scheme provided by post offices. You can make deposits either in a lump sum or in 12 monthly installments. Currently, the fixed deposit account offers an interest rate of 7.1%. Please note that premature closure is not allowed for this account.