Post Office Scheme / This is the best scheme of Post Office, which is the mother of interest of all banks!

Most post office savings schemes offer higher interest than bank deposits, but there are some schemes that are not special because of their tax benefits. It is tax exempt under Section 80C of the Income Tax Act. So post office schemes prove to be very good with bank interest. Let us know about the same 3 special post office schemes that offer higher interest than banks.

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Post office time deposit

Post office time deposit is the best option for you if you want a good return on your investment for 5 years. Banks offer about 5.5% interest on 5 year deposits, but at the post office you will get up to 6.8% interest. For small and large investments, interest above 1.3% is not special, but if it is a large investment, 1.3% interest makes a big difference.

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National Savings Certificate

Post

You get National Savings Certificate i.e. 6.8% interest on NSC. However, its lock-in period is 5 years. If you invest Rs 1000 in it today, it will be Rs 1389.49 in 5 years.

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 However, one thing to keep in mind here is that the interest earned from this is also taxable. That is, you will get more interest on it, but you will not get tax benefit on that interest.

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Public Provident Fund

It would not be entirely appropriate to call it a public provident fund, i.e. a post office scheme, as banks also open these accounts. However if you are building a portfolio of investments in the post office, definitely include PPF in it. The PPF account offers 7.1% interest which is higher than both time deposit and NSC. 

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However its biggest drawback is that its lock-in period is 15 years old. At the same time the biggest advantage of this is that the interest earned on it is tax free. 

On the other hand if you break the PPF 5 years ago you will also have to pay a charge, tax will be charged separately from the interest. So if you want to invest for less than 5 years, don't think about PPF at all, otherwise it will be a loss.