Post office Time Deposit Scheme:Â With the changing times in the market, many investment options have come, but even today a large number of people prefer to invest in post office and bank FD schemes.Â
Fixed deposit scheme of post office is called term deposit scheme. You can invest money in this scheme for 1 year, 2 years, 3 years and five years. Recently, the government has increased the interest rates of many small savings schemes. These include the name of Post Office’s Time Deposit Scheme.
Customers getting higher interest rate
The government has increased the interest rates of post office time deposit scheme by 20 basis points on January 1, 2023. After this increase, now the five-year FD scheme of the post office is getting 7.00 percent interest rate. Customers are getting 6.6 percent interest rate on 1 year FD. At the same time, 6.8 percent interest rate is being offered on FD of 2 years and 6.9 percent on FD of 3 years.
Will get the benefit of tax exemption
By investing in Post Office Time Deposit Scheme for 5 years, you will get a deduction of Rs 1.5 lakh under Section 80C of Income Tax, 1961. Along with this, you can invest in this scheme in multiples of Rs 1,000 to a maximum of 100 as per your need. There is no limit to the maximum investment in this.
Special features of Post Office Time Deposit Scheme-
- You can open this account as a single account.
- You can open this account as a joint account with two or three people.
- You can open this account for a minor child (above 10 years) under parental supervision.
How much return will you get-
If you invest money in the time deposit scheme of the post office for 5 years, then at the rate of 7 per cent you will get Rs 2,07,389 as interest. In this case, on maturity, you will be the owner of the entire Rs 7,07,389. Whereas, if you reinvest this amount, you will get a total of Rs 10,00,799 on maturity.
