The government keeps introducing some schemes for all sections, so that poor to middle class families can take advantage of it. If we talk about one such scheme, it is offered by the post office.
Any citizen can invest in this scheme for 5 years, in which investors are given strong interest. Along with this, tax exemption (Income Tax Benefits) can also be availed. Let us know the complete details of this scheme.
This government scheme is Post Office Time Deposit (Post Office TD), which is operated under the Small Savings Scheme. The special thing about this scheme is that you can invest a lump sum amount in it, in which interest keeps getting added from time to time. This scheme is also called Post Office FD. Four types of tenure are offered under time deposit.
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How much interest on which tenure?
- Under Post Office Time Deposit, an interest of 6.9% is given for 1 year tenure.
- An interest rate of 7.0% is given for the Time Deposit tenure of two years.
- Time deposit interest rate for 3 year tenure is 7.1%.
- Post Office offers Time Deposit scheme for 5 years, under which the interest is 7.5%.
3 people can open an account at the same time
Under Post Office TD, 3 people can open an account in single or joint. In this scheme, the minimum investment can be Rs 1000 in multiples of 100. There is no limit on the maximum amount. Under this scheme, a rebate of Rs 1.5 lakh per annum is given under Section 80C of Income Tax under a tenure of five years. You cannot withdraw money under this scheme before six months.
You will earn 4.5 lakh rupees from interest only
If you save Rs 2,778 every day under this scheme and invest at least Rs 10 lakh in lump sum after one year, then you will earn Rs 4,49,948 from interest alone in 5 years. The total amount in five years will be Rs 14,49,948.
