In today’s time, everyone saves some amount from their income and invests it in a place where their money is safe and they get good returns. According to this, schemes run by the post office can prove to be a great option. One such scheme is the Post Office Time Deposit Scheme, by investing in it, one can earn up to Rs 2 lakh only from interest.
The government is giving 7.5% interest in this scheme
The Post Office runs saving schemes for all age groups, be it children, old people, young people or women. If we talk about the Post Office Time Deposit Scheme, then it gives good returns, safe investment as well as the benefit of tax exemption, which makes it even more popular. The money has to be invested in this scheme for five years. If we talk about interest, then the government is offering a whopping 7.5% interest to the investors in this scheme, which means, this Saving Scheme is ahead in terms of giving returns also.
This much interest on different tenures
Under the Post Office Time Deposit scheme, investors can invest for different tenures. Money can be deposited for 1 year, 2 years, 3 years and 5 years. On investing for one year, one gets an interest of 6.9 percent, while on investing money for 2 or 3 years, the rate has been fixed at 7 percent. If one invests in this post office scheme for 5 years, then the investors get interest at the rate of 7.5 percent.
Calculation of earning of Rs 2 lakh from interest
This scheme of Post Office is also special because in this the investors can earn up to Rs 2 lakh from interest alone. Its calculation is very easy. In fact, if we look at the income from interest on time deposit, 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 a return of Rs 2,24,974 on the deposit in this period and if we add this, then the total amount will increase to Rs 7,24,974 on maturity. It means that you will earn more than Rs 2 lakh from interest alone.
Tax exemption is also available
in the Time Deposit scheme. Under Section 80C of the Income Tax Act 1961, the customer is also given the benefit of tax exemption. In this saving scheme, either a single account or a joint account can be opened. The account of a child above 10 years of age can be opened through his/her 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 the maximum investment, which means that the more money you invest, the more your interest income will increase.
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