Post Office TD Calculation: Do you want to invest money in a scheme for 5 years, where there is no risk and earning is also good? Post Office Small Savings Scheme is the best option for risk free returns. One of these is the Superhit Time Deposit (TD) scheme of the post office. In this scheme, money can be deposited simultaneously for maturity of 1, 2, 3 and 5 years. In this scheme, interest is available on an annual basis.
Interest Rates on Post Office Scheme
The interest rate on post office time deposit for 1 year is 6.90 per cent and 7 per cent for 2 years. Apart from this, 7 percent interest is being received on 3-year deposit and 7.5 percent annual interest on 5-year deposit. These interest rates are applicable from 1 July-30 September 2023.
5 lakh rupees will get this much interest in 5 years
According to the Post Office TD calculator, if you deposit Rs 5 lakh for 5 years, you will get Rs 7,24,974 on maturity. That is, Rs 2,24,974 will be earned from interest. The deposit rates of post office small savings schemes are reviewed by the government every quarter. This means that the interest rates can change every quarter. However, the interest rates fixed at the time of deposit remain applicable for the entire tenure.
Tax exemption will be available on 5 years TD
Tax exemption will be available on 5 years TD in post office. Under Section 80C of Income Tax, you can claim tax exemption on investment up to Rs 1.5 lakh. Keep in mind here that the amount received on maturity in TD is taxable.
These are the rules
Single and joint account can be opened under Post Office TD. A maximum of 3 adults can join the joint account. This account can be opened with a minimum of Rs 1000. After this, you can invest in it in multiples of Rs 100. There is no investment limit in Post Office Time Deposit.
