ITR Filing 2024: Five Post Office Savings Schemes That Do Not Qualify For Section 80C Tax Benefits

The post office savings schemes offer reliable and risk-free investment options. Investors can profit from these schemes by earning a predetermined interest rate on their deposit amount at regular periods. But, taxpayers hoping to save money should be aware that not all post office schemes qualify for section 80C tax benefits. The five post office savings schemes that do not provide tax benefits include:

One of the oldest and most popular schemes of the post office, the Kisan Vikas Patra guarantees that your investment to double in 115 months. Interest is being given at 7.5% annually in this scheme. This scheme does not offer any tax benefits.

This Scheme gives you profit through interest every month on your deposits. The rate at which interest is being paid on the Post Office Monthly Income Scheme is 7.4%. This scheme's interest is subject to taxation.

Post Office FD or Post Office TD is run for 1, 2, 3 and 5 years. The interest rates vary based on the different tenures. For Post Office FD, tax benefits are not available for 1, 2, or 3 years but are available for a 5-year tenure under 80C.

This Scheme offers higher interest rates to women to encourage them to save. The two-year Mahila Samman Savings Certificate Scheme offers interest at a rate of 7.5 percent. Investments made under this scheme are not eligible for a rebate.

Post Office RD is regarded as a good scheme for investing a fixed amount every month. This scheme requires five years of investment. Interest on the plan is being paid at a rate of 6.7%. Post Office RD does not offer any tax benefits as the interest that is received on this is subject to tax.