Post Office Scheme: Through the Post Office Time Deposit Scheme, you can double your money in a few years. In this, 6.7 percent interest will be available on FD of 5 years.
Post Office Time Deposit: It is considered to be the best option for post office savings. In this, the money of the investors is also safe, apart from this, you get guaranteed returns. Today we will tell you about such a scheme of post office, through which you can double your money in a few years. The name of this scheme of post office is Time Deposit.
For how many years can you invest?
In Post Office Time Deposit Scheme, you can invest money for 1 year, 2 years, 3 years or 5 years. In this scheme, you get the benefit of higher interest as compared to bank FD.
How much interest will you get-
- 5.5% interest will be available on 1 year FD
- 5.5% interest will be available on 2-year FD.
- 5.5% interest will be available on 3-year FD.
- 6.7 percent interest will be available on FD of 5 years.
In how much time will the money double?
According to the interest rate of 6.7 percent, if you want to double the money under this scheme, then it will take you 10.74 years i.e. about 129 months.
Who can open account-
- Anyone can open a single account.
- Joint account can be opened with 3 adults.
- Apart from this, parents can open this account in the name of a child above 10 years of age.
6,91,500 will be available on investing 5 lakhs
If you currently invest Rs 5 lakh in this scheme for 5 years, then interest will be available at the rate of 6.7 percent and on maturity you will get Rs 6,91,500. That is, you will get the benefit of the entire Rs 1,91,500 lakh.
How much can you invest
Time deposit account can be opened in the post office with a minimum of Rs 1000. There is no limit on the maximum amount deposited. As many accounts as you want will be opened under the scheme. Tax benefits are also available on investing in this scheme for 5 years and exemption can be taken under section 80C of the Income Tax Act 1961.
