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Post Office Time Deposit: Invest in this scheme of Post Office and get lakhs of returns, Know how

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Post Office Monthly Scheme: Deposit 5000 rupees every month in this post office scheme, you will get 8,00000 on maturity

Post office time deposits: Who doesn’t want to be rich? But becoming a millionaire is not easy in this time of rising inflation. Adjusted for inflation, most people’s salaries are used only for their expenses. So how to save money is something to think about. By investing in Post Office Time Deposit (Post Office Time Deposit) you can accumulate huge amount of money in just 5 years. Find out here how much money can be returned in a one year to five year investment plan

In recent times, banks have increased fixed deposit (FD) interest rates, making them more attractive than ever for those seeking fixed income. After the recent rise in interest rates, fixed deposits have now become an inflation-beating option after a long time. A better way to build a strong FD portfolio is to include short term and long term FDs in your portfolio instead of investing all your money in a single scheme.

Invest a portion in a 5 year FD where tax benefits are available under Section 80C of the Income Tax Act. Keeping liquidity in mind, invest the rest in various short-term FDs. If you want to do this, you can go for Post Office’s time deposit scheme, where 4 options of different durations are merged together.

1 year to 5 years Select

Post Office Time Deposit Scheme is a type of fixed deposit. 1 year, 2 year, 3 year and 5 year FD are available. 7.5 percent annual interest is being charged on these different tenure schemes. Investors do not want to take market risk and seek stable returns while keeping their deposits safe. At such times Post Office Time Deposit Scheme is a good option.

1 year TD: 6.8% interest per annum

Deposit: Rs 10 lakh
Tenure: 1 year
Interest: 6.8% per annum
Maturity amount: Rs 10,69,754
Interest amount: Rs 69,754

2 Year TD: 6.9% interest per annum

Deposit: Rs 10 Lakh
Tenure: 2 years
Interest: 6.9% per annum
Maturity Amount: Rs 11,46,625
Interest Amount: Rs 1,46,625

3 years TD: 7% interest per annum

Deposit: Rs 10 lakh
Tenure: 3 years
Interest: 7% per annum
Maturity amount: Rs 12,31,439
Interest amount: Rs 2,31,439

5 Year TD: 7.5% interest per annum

Deposit: Rs 10 Lakh
Tenure: 5 years
Interest: 7.5% per annum
Amount on Maturity: Rs 4,49,948
Interest Amount: Rs.3,83,000

Plan Features and Benefits

  • It has facility to open single and joint accounts. There can be 3 adults in a joint account.
  • The special feature of this scheme is that investors can open multiple accounts.
  • Depositing a minimum of Rs.1000, an account can be opened at any post office. There is no limit to the maximum deposit.
  • In this scheme, tax-free benefit is available on investments made up to 5 years.
  • You can also take a loan instead, keeping the account as security.
  • Being a government deposit there is no risk.
  • Account can be transferred from one post office to another post office.

Safer than bank FD

It is a safer investment than bank FDs, as it offers a government guarantee on the investor’s capital and interest earned. But, in Bank FD, as per Deposit Insurance and Credit Guarantee Corporation (DICGC) rules, you are covered only up to a maximum of Rs 5 lakh on principal and interest.

Facilities are available at Post Office TD

  • Nomination facility at Post Office TD
  • Facility to transfer account from one post office to another
  • Facility to open multiple Time Deposits at a single post office
  • Facility to convert single account into joint or joint account into single account
  • Account extension facility
  • Online account opening facility through intra operable netbanking / mobile banking
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