Post Office Time Deposit: In the Post Office Time Deposit Scheme, the customer is also given the benefit of tax exemption under Section 80C of the Income Tax Act-1961. In this savings scheme, single account or joint account can be opened.
Everyone wants to save some of their earnings and invest it in a place where their money remains safe and they can get excellent returns on it. In this matter, small savings schemes run by the post office are now proving to be very popular. One such scheme is Post Office Time Deposit Scheme, in which the amount invested doubles in a fixed time. The interest on this is also excellent. Let us know the complete details from the benefits available in this scheme to opening the account…
Excellent interest of 7.5% in this scheme
Post Office Saving Schemes have emerged as a good option for investing your savings safely and getting good returns on it. At the same time, Post Office Time Deposit Scheme has received tremendous response from customers, because this scheme is a savings scheme that doubles the money of investors. In this, you get more interest on investment from the bank. The government is giving interest at the rate of 7.5 percent to those investing in this scheme.
You can invest for these tenures
Investors can invest in this savings scheme of Post Office for different tenures. Under this, money can be deposited for 1 year, 2 years, 3 years and 5 years. If you invest for one year, you get 6.9 percent interest, if you invest money for 2 or 3 years, you get 7 percent interest and if you invest in Post Office Time Deposit Scheme for 5 years, you get 7.5 percent interest. . However, it takes more than five years for the customer’s investment to double.
It will take so many years for the money to double
If we look at the calculation of doubling of investors’ money in post office time deposit, suppose a customer invests Rs 5 lakh for five years and he gets interest at the rate of 7.5 percent, then during this period he will get Rs 2 lakh on the deposit. Interest of Rs 24,974 will be earned and the total maturity amount including the investment amount will increase to Rs 7,24,974. Whereas if the money invested in time deposit scheme is kept invested for 9.6 years, then you will get double the deposited amount. That means the money will double after investment of 114 days.
You also get the benefit of tax exemption
In the Time Deposit Scheme, the customer is also given the benefit of tax exemption under Section 80C of the Income Tax Department Act 1961. In this savings scheme, single account or joint account can be opened. The account of a child above 10 years of age can be opened through his family member. In this, an account can be opened with a minimum of Rs 1,000. In which interest money is added on annual basis.
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