Generally we all think of investing in such a place from where we can get good returns, but we get confused by looking at so many schemes. In such a situation, today we are going to tell you the important things related to bank FD and time deposit account schemes, after which you will be able to invest at the right place.
Bank FD and Time deposit Account scheme: We all want to invest our savings money in such a place, from where we get good returns and our money is safe. On the other hand, we get confused after seeing many schemes available in the market and in such a situation, in a hurry, we invest in the wrong place.
Let us tell you that the government has increased the interest received on the National Savings Time Deposit amount of the post office, where if you invest in this scheme, you will get an interest of up to 7.5%. On the other hand, by investing in this scheme, you are getting more interest than bank FD schemes, today we are going to tell you about the important things related to bank FD and time deposit account schemes.
Bank FD and Time Deposit Account Schemes Interest Rates
If we talk about the interest rates available in bank FD, then SBI Bank is paying interest ranging from 6.25% to 6.75% on fixed deposits, along with this, ICICI Bank is offering attractive interest ranging from 6.60% to 7%. Giving On the other hand, if you invest in Time Deposit Account Scheme, then you will get interest ranging from 6.8% to 7.5%, in which case you can get good returns by investing here.
Benefits of Bank FD and Time Deposit Account Schemes
If seen, the head of the bank is offering a maximum interest of 7% on investing on FD, in such a situation, if you invest here, your money will double in 10 years and 3 months. On the other hand, if you invest in Time Deposit Account Scheme, then your money will double in 9 years and 6 months, because here you are getting 7.5% interest.
Tax exemption attached to bank FD and time deposit account schemes
Explain that if you invest in time deposit account scheme and FD for 5 years, then you can get tax exemption under section 80C, where you can claim tax exemption on investment up to Rs 1.50 lakh. Along with this, if you want to get FD for 1 or 2 years, then you should choose SBI and ICICI Bank only, because in this period your profit will be more here. On the other hand, if you want to take FD for 5 years, then time deposit account scheme will be more beneficial for you.
