Post Office Scheme : There are many such schemes of the post office which are for 5 years. Investors also get huge interest in the post office schemes. Post Office Time Deposit is such a scheme in which you can earn interest of about Rs 4,50,000 by investing for 5 years.
The government is running some schemes for all sections of the country. Many schemes of the post office benefit the poor as well as the middle class. Post office time deposit is one such small saving scheme. Any citizen can invest in the post office scheme for 5 years, in which investors get an interest of 7.50 percent. Investors can avail tax exemption of up to Rs 1.50 lakh under 80C.
In the government scheme Post Office Time Deposit, the entire amount has to be deposited at once. Interest keeps getting added to it from time to time. This scheme is also called Post Office FD. Under Time Deposit, interest is offered for four types of periods.
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How much interest will be received on which period?
Under Post Office Time Deposit, interest is available at the rate of 6.9% for a period of 1 year.
- Interest is available at the rate of 7.0% for a period of 2 years.
- Interest is given at the rate of 7.1% for a period of 3 years.
- Under the Post Office Time Deposit Scheme for 5 years, an interest of 7.5% is available.
- A single or three persons can open a Post Office Time Deposit account simultaneously.
Under Post Office TD, 3 people can open an account singly or jointly. In this scheme, a minimum investment of Rs 1000 can be made in multiples of Rs 100. There is no limit on the maximum amount to be invested. Under this scheme, a rebate of Rs 1.5 lakh per annum is given under Income Tax Section 80C for a period of five years. Under this scheme, you cannot withdraw money before six months.
You will earn Rs 4.5 lakh from interest alone
If you save Rs 2,778 every day under this scheme and invest at least Rs 10 lakh at once after a year, you will earn Rs 4,49,948 in 5 years from interest alone. The total amount in five years will be Rs 14,49,948.
