Post Office Time Deposit Scheme: There is good news for those who invest money in the Post Office. Today we tell you about such a scheme of the post office, in which you will get full 10 lakhs by depositing 5 lakhs. Even today post office is the best way to save money.
Post Office Scheme: There is good news for those who invest money in the Post Office. Today we tell you about such a scheme of the post office, in which you will get full 10 lakhs by depositing 5 lakhs. Even today post office is the best way to save money. Today we tell you about the Post Office Time Deposit Account of 5 years, in which guaranteed your money will be doubled. In this you get the benefit of compounding interest.
Getting 7.5 percent interest from April 1
After April 1, 2023, customers are getting the benefit of interest at the rate of 7.5 percent. If you invest 5 lakhs in time deposit scheme, then on maturity you will get Rs 7,24,974. In this, you will get Rs 2,24,974 as interest. The remaining Rs 5 lakh is the amount invested by you.
Money will double in 10 years
If you extend its maturity for 5 years, you will get Rs 10 lakh instead of Rs 5 lakh. This money will become Rs 10,51,175 in 10 years. In this, the interest amount will be Rs 5,51,175. Here in 10 years your money will double guaranteed.
Investment has to be made in multiples of Rs 100.
You can invest in this scheme in multiples of Rs.100. There is no investment limit in Post Office TD. The Finance Ministry reviews the interest rates on small savings every quarter.
What is the specialty of the scheme-
- You have to open a time deposit account or fixed deposit account in the nearest post office.
- You can invest in this scheme even from Rs 1,000 and no maximum investment amount has been fixed.
- Only a person above 10 years of age can invest in this scheme.
- Let us tell you that the account of a minor child is opened under the supervision of his parents.
- You can invest money in this scheme for 1 year, 2 years, 3 years and 5 years.
- Single account and joint account are also opened.
Get the benefit of tax exemption
Let us tell you that you get the benefit of tax exemption in the post office scheme. You get tax exemption on investment up to Rs 1.5 lakh under section 80C of income tax. Whereas, the amount received on maturity of FD is taxable. Post Office TD is getting 6.8 percent interest for 1 year, 6.9 percent for 2 years and 7.0 percent for 3 years.
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