Post Office Big Benefit Scheme: Post office is one of the popular investment schemes in India as it also helps investors save their taxes. The new financial year has started and in such a situation, one can invest in various post-fixed deposit schemes from the beginning of the year to save tax and get better returns.
The post office has various fixed deposit schemes with different tenures like one year, two years, three years and five years. As it is all backed by the government, it will provide guaranteed returns, but not all schemes give you income tax exemption up to Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961.
Please note that only five-year FD deposits made through post office FDs offer tax exemption up to Rs 1.50 lakh and no other FDs offer tax benefits.
What is Post Office Fixed Deposit Scheme? (Post Office Fixed Deposit Scheme
Post Office Fixed Deposit offers guaranteed returns on your investment after the completion of the specified tenure. When the FD matures, you can withdraw the money which will include the principal amount and interest paid at the time of investment. The post office offers FDs of different tenures like one year, two years, three years and five years.
Post Office FDs Calculations
For a five-year post office FD, it offers 7.5 percent interest rate, the interest rate is payable annually but is calculated on a quarterly basis. The minimum deposit in FD can be made in multiples of Rs 1,000 and Rs 100. There is no maximum limit. One can also maintain single and joint accounts.
A guardian can also open an account on behalf of a minor. The five-year FD can also be extended for a second tenure of 18 months after the maturity of the scheme.
How much profit on how much investment? (Post Office FD Returns Calculation)
On investment of Rs 3 lakh in Post Office FD Scheme, you will get interest of Rs 1,34,984 and in this case you will get the maturity amount of Rs 4,34,984.
On investing Rs 5 lakh in Post Office FD Scheme, you can get interest of Rs 2,24,974 and the maturity amount will be Rs 7,24,974.
On investing Rs 10 lakh in Post Office FD Scheme, you will get interest of Rs 4,49,948 and in this case the maturity amount will become Rs 14,49,948.
Talking about how Rs 5 lakh will be Rs 10,51,175, i.e. more than Rs 10 lakh, then let us tell you that after 5 years you will get Rs 7,24,974. So if you reinvest this amount for the next 5 years, you will get Rs 3,26,201 as interest at the rate of 7.5 percent interest. Adding Rs 7,24,974 + Rs 3,26,201, the total will be Rs 10,51,175. In this way you will get Rs 10,51,175 on maturity.
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