Post Office Scheme: There are many such schemes of Post Office which are for 5 years. Investors also get big interest in the schemes of Post Office. Post Office Time Deposit is such a scheme in which you can earn interest of about Rs 4,50,000 by investing for 5 years.
Post Office Scheme: The government is running some schemes for all sections of the country. Many schemes of Post Office benefit from poor to middle class. Post Office Time Deposit is one such small savings scheme. Any citizen can invest for 5 years in the scheme of Post Office, in which investors get 7.50 percent interest. Investors can avail tax exemption up to Rs 1.50 lakh under 80C.
In the government scheme Post Office Time Deposit, the entire money has to be deposited together. Interest keeps getting added to it from time to time. This scheme is also called Post Office FD. Under Time Deposit, it offers interest for four types of periods.
How much interest will be received for which period?
- Under Post Office Time Deposit, interest is available at the rate of 6.9% for a period of 1 year.
- Interest is available at the rate of 7.0% for a period of 2 years.
- Interest is available at the rate of 7.1% for a period of 3 years.
- Under the Post Office Time Deposit Scheme for 5 years, 7.5% interest is available.
- In Post Office Time Deposit, three people can open an account singly or together.
Under Post Office TD, 3 people can open an account singly or jointly. In this scheme, a minimum investment of Rs 1000 can be made in multiples of Rs 100. There is no limit on the maximum amount to be invested. Under this scheme, a rebate of Rs 1.5 lakh per annum is given under Section 80C of Income Tax for a period of five years. Under this scheme, you cannot withdraw money before six months.
You will earn Rs 4.5 lakh from interest alone
If you save Rs 2,778 every day under this scheme and invest at least Rs 10 lakh together after a year, you will earn Rs 4,49,948 in 5 years from interest alone. The total amount in five years will be Rs 14,49,948.
