Post office Time Deposit Scheme: Post office has many saving schemes to keep money safe. At present, all these remain the best options for investment. But today we are going to tell you about a wonderful scheme of Post Office, whose name is Post Office Time Deposit Scheme. In this scheme, investors get more interest than SBI’s FD. In this scheme you can deposit money for 1, 2, 3 and 5 years.
Let us tell you that currently, on taking 5 year FD in SBI, interest is available at the rate of 6.50 percent. Whereas, if you invest for 5 years in Post Office Time Deposit Scheme, you get interest at the rate of 7.5 percent. You can also take advantage of this scheme. If you take TD scheme for 1 to 3 years, you get interest at the rate of 6.90 percent. Apart from this, interest at the rate of 7.5 percent is available on deposits up to 5 years.
In how many days will the money double?
If you are going to invest money in TD scheme and you get interest at the rate of 7.5 percent, then your money will double. In this you can invest money for about 9 years 6 months i.e. 114 months.
Who can open an account
Any single person account can be opened in this scheme. Apart from this, 3 adults can also open a joint account. Whereas parents can open an account in the name of a child above 10 years of age.
Benefits of Post Office Time Deposit
Talking about the benefits of time deposit, it provides tax exemption under Section 80C of the Income Tax Act 1961. Nomination key facility is available while opening the account. In this, penalty has to be paid on premature withdrawal.
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