.............The scheme is for 15 years. On maturity one has the option of continuing it for a further five years or encashing both principal and interest. There is no tax on the interest encashed. Interest is paid at 8.7% per annum and it is entirely tax free without any limit. Interest alone grossed up without taking the 80C benefit amounts to nearly 15%, which is significantly better than what one may earn on a fixed deposit (8% to 9% gross). It should be noted that interest is calculated..........
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