Post office Time Deposit Scheme: In this scheme any single person can open his account. Apart from this, 3 adults together can also open a joint account. At the same time, parents can open an account in the name of children above 10 years of age.
Post office Time Deposit Scheme: Post office is the best option to keep your money safe. Although there are many types of small savings schemes and FDs in the post office, but today we are going to tell you about the time deposit scheme (TD Account) of the post office, where you will get more interest than SBI (State Bank of India). Get. In this scheme, you can deposit money for 1 year, 2 years, 3 years and 5 years.
Getting 7.5 percent interest
At this time in SBI, where there is 6.50 percent annual interest on 5-year Fixed Deposit. At the same time, under the post office time deposit interest rate, 7.5 percent interest is being received annually on a deposit of 5 years. You can also take advantage of this scheme. If you make a TD of 1-3 years, then you will get interest at the rate of 6.90 percent. Apart from this, if you get interest at the rate of 7.5 percent on deposits up to 5 years.
In how many days will the amount double?
If you invest money in Time Deposit scheme benefits and you get interest at the rate of 7.5 percent, then it will take about 9 years, 6 months i.e. 114 months for your money to double.
Deposit: 5 Lakh
Interest: 7.5 percent
Maturity Period: 5 Years
Amount on Maturity: Rs 7,24,974
Interest Benefit: Rs 2,24,974
Who can open the account?
In this scheme, any single person can open his account. Apart from this, 3 adults together can also open a joint account (Time deposit joint account). At the same time, parents can open an account in the name of children above 10 years of age.
What is the advantage of Time Deposit?
In the time deposit scheme, the benefit of tax exemption is available under section 80C of the Income Tax Act 1961. Nomination facility is also available while opening the account. However, there is a penalty on premature withdrawal.
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