India Post’s National Savings Time Deposit Account (TD) ie Post Office Fixed Savings Scheme can prove to be the best option for people thinking of investing their money in a non-risk investment scheme.
If you also want to invest your saved money under the savings scheme and do not want to take any risk on it, then you can register your savings under the Post Office’s National Savings Time Deposit Account (TD) ie, Post Office Fixed Savings Scheme. can invest money. If you invest in this post office scheme, not only will you get the benefit of better interest rate, but you will also get the benefit of tax exemption.
At present, under this scheme, many banks get the benefit of higher interest rate than the fixed deposit scheme. If you are thinking of investing your money in any other risk-free investment scheme than FD, then this post office plan can prove to be one of the best options for you. Let us know about this plan.
Annual interest
If you open an account for 1 year under the Time Deposit Account scheme of the post office, you get the benefit of 5.5 percent annual interest rate. At the same time, this interest rate is only 5.5 percent on 2 and 3 year accounts. But if you invest your money under this scheme for 5 years, then you get the benefit of 6.7 percent interest rate annually. In this scheme, annual interest is paid on quarterly basis..
Apart from this, withdrawal cannot be done till the completion of 6 months from the date of deposit. The term account can be closed prematurely by submitting the prescribed application form along with the pass book at the concerned post office. If the fixed account is closed before the completion of 1 year and after 6 months then the post office savings account interest rate will be applicable.
Who can open account
Under the National Savings Time Deposit Account (TD) scheme, any Indian person who is above 18 years of age can open his account. A minor’s account can also be opened by a guardian.
Deposit
Under this scheme of the post office, the account can be opened with a minimum of Rs 1000 or multiples of Rs 100. There is no maximum limit for investment under this post office scheme.
