Investors who invest in the Post Office Time Deposit Scheme, along with attractive interest, are also given the benefit of tax exemption under Section 80C of the Income Tax Department Act 1961.
Post Office Saving Schemes are becoming very popular in terms of excellent returns and safe investment. Many saving schemes are being operated here for everyone from children to the elderly. One of these special schemes helps investors earn lakhs only through interest. Yes, we are talking about Post Office Time Deposit Scheme, in this five-year scheme, apart from keeping the money safe, the returns are also strong. Due to this, it is one of the popular return schemes.
7.5 percent interest is available
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. Talking about Post Office Time Deposit Scheme, it offers huge interest as well as great benefits. The interest received on investment in this scheme is 7.5 percent.
Last year itself, on April 1, 2023, the interest rate available in this Post Office Time Deposit Scheme for a period of five years was increased from 7 percent to 7.5 percent. With this interest rate, this post office scheme is one of the best savings schemes because it is becoming popular among investors due to the guaranteed income.
You can invest for up to 5 years
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.
Will earn more than Rs 2 lakh from interest
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. That means you can earn guaranteed income of lakhs of rupees by investing in it.
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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