In this scheme of Post Office, the government is offering a great interest of 7.5 percent on investment in the scheme and the investor has to invest in it for 5 years.
Everyone budgets a part of his earnings and wants to invest it in such a place where his money is safe and the return is also great. In this regard, many schemes run by the post office are becoming quite popular. In these, you can earn good profit even by investing a small amount. One such budget scheme is the Post Office Time Deposit Scheme, in which the government is also giving strong interest.
Great interest of 7.5% in this scheme
In the Post Office, savings schemes are being run for every age group, children, old or young and women. If we talk about the Post Office Time Deposit Scheme, then it gives strong returns, safe investment as well as the benefit of tax exemption, which makes it quite popular. In this scheme, money is invested for five years. The government is offering a great interest rate of 7.5 percent for investment of this duration. That is, it is ahead in terms of giving returns as well.
This much interest on different tenures
Under the Post Office Time Deposit Scheme, you can invest for different tenures. In this, money can be deposited for 1 year, 2 years, 3 years and 5 years. On investing for one year, you get 6.9 percent interest, while on investing money for 2 or 3 years, the rate has been fixed at 7 percent. On the other hand, if you invest in this Post Office scheme for 5 years, then investors get interest at the rate of 7.5 percent.
Also Read- Post Office Best Saving Scheme: You can collect ₹17 lakh by depositing ₹333 daily, see the calculation
How will you earn lakhs from interest?
If we calculate the interest income in Post Office Time Deposit, then if an investor has invested Rs 5 lakh in this Post Office Scheme for five years, then at the rate of 7.5 percent, he will get an interest of Rs 2,24,974 on the deposit in this period. At the same time, the amount will increase to Rs 7,24,974 on maturity. This means that you will earn more than Rs 2 lakh from interest alone.
Tax exemption is also available
In the Time Deposit scheme, the customer is also given the benefit of tax exemption under Section 80C of the Income Tax Department Act 1961. Single account or joint account can be opened in this saving scheme. The account of a child above 10 years of age can be opened through his family member. In this, an account can be opened with a minimum of Rs 1,000. In which interest money is added on an annual basis. There is no limit on maximum investment, which means the more money you invest, the more your interest income will increase.
Related Articles:-
FD interest rates: These 6 banks are giving the highest returns on fixed deposits
IndusInd Bank reduced interest on FD, Now you will get only 8.25% interest, check details
