Government Scheme: In the midst of rising inflation, if you want to earn strong profits on your savings without taking any risk, then investing money in government schemes is a better option.
Government Scheme: In the midst of rising inflation, if you want to earn strong profits on your savings without taking any risk, then investing money in government schemes is a better option. One can invest in Post Office Small Savings Scheme for a guaranteed return. If you want to deposit for a fixed term, then you can opt for investment in the post office time deposit schemes. You can earn guaranteed profits by depositing on post office FDs in terms of 1, 2, 3 and 5 years.
POTD: 3.95 Lakh Benefit on 10 Lakh Deposit
Interest is getting 6.7 percent per annum on a 5-year term deposit (Fixed Depository- FD) in the post office. Interest is paid annually, but it is calculated on a quarterly basis. If you invest Rs 10 lakh in lump sum for 5 years in this post office scheme, then on maturity you will get Rs 13,94,067. In this, there will be a guaranteed income of Rs 3,94,067 from interest. Tax deduction is also available under section 80C of income tax on the term deposit of 5 years in the post office i.e. post office. In this, the benefit of tax deduction is available on investment up to Rs 1.50 lakh.
Must invest at least Rs 1000
One can start investing in a post office FD with a minimum investment of Rs 1,000. After this you can invest as much as you want in multiples of Rs 100. Post Office TD account can be opened for 1 year, 2 years, 3 years or 5 years. At present, 5.5% annual interest is being available on all these three maturities.
In this scheme, one adult or up to three adults can open a joint account together. At the same time, in the post office, a guardian on behalf of a minor, a guardian on behalf of a person of weak mind and a minor above 10 years of age can open his account in his own name. The person investing in this post office scheme can extend it for another period on maturity. This period will increase in the same period in which the account was opened.
