Hi Manish & All Members
One more thing i want to say that POMIS is good as comapred to NSC, if anyone wants to invest over 1,00,000 u/s 80c for saving Tax. POMIS gives better return than NSC. Below is a comparing chart between POMIS & NSC.
6 YearsPOMIS+RD 6 Years NSC
Sum Assured(A) 1,00,000 1,00,000
Monthly Interest 667 _
M.V Of R.D of 6yrs (b) 60,702 _
5% Bonus on SA (c) 5,000 _
Total ( b + c = D) 65,702 _
After 6 Years Total (A+D) 1,65,702 1,60,100
No TDS No TDS
So its better to invest in POMIS which gives you Rs 5,702 more than NSC on 1 Lakhs, And Rs 25,659 upto 4.5 Lakhs. Isin’t It ?
NOTE- investment upto rs 1 lakhs is good in NSC as it saves tax u/s 80c but after that limit intrest earned on NSC is Taxable. So why not to choose POMIS ?
Mukesh
Hare Krishna