Elaborate any three saving schemes of post office.
Saving schemes of post office are
- Monthly Income Scheme (MIS): MIS account can be opened by any Indian as a single or joint account with another person. A onetime deposit can be upto Rs. 4.5 lakh in a single name account and can be upto Rs. 9 lakh deposit in a joint account. At the end of five years, the accumulated interest along with the deposit is paid. Withdrawal is not allowed before the maturity period. An account holder receives a passbook for holding his account in the post office.
- Recurring Deposit (RD): For a period of five years, an equal amount of money is deposited every month in a RD account. For example, Rs.10 and above. The total amount deposited with accumulated interest is paid on maturity. An account holder gets a passbook for his account.
- National Savings Certificate (NSC): A person can buy NSC for an amount of Rs. 100 and above. Maximum limit on investment is not fixed and its term lasts for 5 years. Also, a new NSC has been introduced with a maturity of ten years. The total amount deposited with an accumulated interest is paid on maturity. This is subject to an overall limit of Rs. 1 lakh and is eligible for tax benefit.
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