Post Office – If you are also planning to invest in Post Office savings schemes, then we are going to tell you about a great scheme. In which you get more than double returns… Read the full news to know the complete details related to this scheme of Post Office.
Whenever there is a question of more savings and more interest in less time, people think of investing money in post office savings scheme. If you are also planning to invest in post office savings schemes, then we are going to tell you about a great scheme.
Post Office Time Deposit, also known as Post Office FD. This is a popular scheme. More than 7 percent interest is available in this. However, the interest rates of this scheme vary from 1 to 5 years. According to Paisa Bazaar.com, the interest rate for 1 year is 6.90 percent, while for 2 and 3 years it is 7 percent and for 5 years it is 7.50 percent.
The special thing is that in Post Office Time Deposit Scheme, the money more than doubles within 10 years. According to Post Office FD Calculator, if you invest Rs 100,000 in Post Office Time Deposit Scheme for 10 years, then you will get Rs 2,10,235 on maturity with an interest rate of 7.50 percent per annum.
After April 1, 2023, customers are getting the benefit of interest at the rate of 7.5 percent. However, the interest rate changes on a quarterly basis. A major advantage of investing in Post Office Time Deposit is that tax (TDS) is not deducted on the interest earned. Also, under Section 80C of Income Tax, tax exemption is available on investments up to Rs 1.5 lakh.
Post Office Time Deposit cannot be broken within 6 months of opening it. But, if withdrawal is made between a period of 6 – 12 months, then interest will be given as per the post office savings account rate.
Apart from adults, investment can also be made in the name of a child above 10 years of age in Post Office Time Deposit. Apart from this, joint account can also be opened with maximum 3 members. Post office fixed deposit account or time deposit account can be opened both offline and online.
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