Interesting

What is the best investment for monthly income in India?

by Author

What is the best investment for monthly income in India?

Post Office Monthly Income Scheme (POMIS) is an investment offered by India Post.

  • Government bonds are an excellent low-risk investment option for risk-averse investors.
  • Monthly income plans (MIPs) are mutual funds that invest mainly in fixed income and a small portion in equity and equity-related instruments.

    • Which investment gives tax free returns?

    Listed below are tax free investments that meet a variety of needs and financial goals:

    Sr No. Best Tax Free Investments Tax Benefits
    1. Life Insurance Under Section 80C and Section 10(D)
    2. PPF (Public Provident Fund) Under Section 80C and Section 10(D)
    3. NPS (New Pension Scheme) Under Section 80CCD
    4. Pension Under Section 80CCC

    Is there any monthly income scheme in LIC?

    This pension scheme was launched by LIC, for senior citizens in the year 2017 and will be available for consumers for purchase for another three years i.e. up to March 2023. In the current year of 2021, the scheme will earn an interest of 7.40\% payable every month which will be fully taxable.

    READ:   Why do men have broad chest?

    How can I get tax free income in India?

    Tax Free Incomes in India

    1. Agricultural Income. Under Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income tax.
    2. Receipts from Hindu Undivided Family.
    3. Share from a Partnership Firm or LLP.
    4. NRI Tax Free Incomes.
    5. Income Earned by Foreigners.
    6. Gratuities.
    7. Commutation of Pension.
    8. Leave Salary.

    How much interest is tax free in India?

    For a residential individual (age of 60 years or less) or HUF, interest earned upto Rs 10,000 in a financial year is exempt from tax. The deduction is allowed on interest income earned from: savings account with a bank; savings account with a co-operative society carrying on the business of banking; or.

    How can I get monthly income from investment in India?

    5 Ways You Can Earn Monthly Income From Investment in India

    1. Mutual Funds:
    2. Fixed Deposits.
    3. Dividend Stocks.
    4. Life Insurance Plus Saving.
    5. Post Office Monthly Income Scheme.

    Which scheme is best for monthly income?

    6 Best Monthly Income Schemes In India

    • Fixed Deposit. Undoubtedly one of the best and most low-risk income schemes is a bank Fixed Deposit (FD).
    • Post Office Monthly Income Scheme (POMIS)
    • Long-term Government Bond.
    • Corporate Deposits.
    • SWP from Mutual Funds.
    • Senior Citizen Saving Scheme.
    READ:   Why do I hate everyone after a while?

    Which is best investment plan in India?

    Best Investment Plan in India 2021

    Investment Options Best for Returns Rate
    National Pension Scheme (NPS) Best for Retirement 8\% – 10\% p.a. Market Linked
    Debt mutual funds Best for Beginner 7-9\%, market-linked
    Public Provident Fund (PPF) Best for Long term Investment 7.1\% p.a.