Post Office Time Deposit Scheme: This five-year scheme not only keeps your money safe but also gives you great returns.
Post Office Time Deposit Scheme: Many small savings schemes are run under the post office, under which you can get good profit by investing a small amount. Also, investment in these schemes is also considered safe and tax benefits are also available. These schemes are run for everyone from children to the elderly. Today we are telling you about one such scheme under the post office, which also provides tax exemption benefits and can also earn lakhs of rupees through interest.
We are talking about the Post Office Time Deposit Scheme, in this five-year scheme, along with keeping the money safe, the return is also strong.
Strong interest is available
Often people look for investment in such a place where their money is safe as well as they can get great returns on it. In this case, now the small savings schemes run by the post office are quite popular. Talking about the Post Office Time Deposit Scheme, it offers tremendous interest as well as great benefits. The interest received on investment in this scheme is 7.5 percent.
In April 2023, the interest rate on this five-year post office time deposit scheme was increased from 7 percent to 7.5 percent. Along with these savings schemes, this post office scheme is one of the best savings schemes, because this scheme provides guaranteed income. Along with this, tax benefits are also available.
Money will double in 5 years
Under this scheme of post office, you can invest for different tenures. In this, money can be deposited for 1 year, 2 years, 3 years and 5 years. Investing for one year gives 6.9 percent interest, investing for 2 or 3 years gives 7 percent interest and investing in post office time deposit for 5 years gives 7.5 percent interest. This scheme doubles the investors’ money in five years.
You will earn more than 2 lakhs from interest alone
If an investor invests Rs 5 lakh for five years in post office time deposit and gets interest at the rate of 7.5 percent, then in this period he will get interest of Rs 2,24,974 on the deposit. At the same time, the total amount on maturity will increase to Rs 7,24,974. This means that you will get a benefit of lakhs of rupees on interest.
Tax exemption is also available
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 saving scheme, a single account or a joint account can be opened. The account of a child above 10 years of age can be opened through his/her family member. In this, an account can be opened with a minimum of Rs 1,000. In which interest money is added on an annual basis.
