In today’s era, everyone wants their hard-earned money should be invested in a safe place and they should also get a good interest. Post Office Time Deposit Scheme is one such option, which gives people the benefit of guaranteed income, tax exemption, and excellent interest rates. This scheme is supported by the government, so those who invest in it do not have to worry about the safety of their money.
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Interest rates and investment period
Post Office Time Deposit has the facility of investing for different time periods. 6.9 percent interest is given on a one-year investment, 7 percent on two two-year investments, 7.1 percent on three-year investments, and 7.5 percent on five-year investments. The special thing is that an account can be opened with a minimum of Rs 1,000. Interest is added every year, and investors get compounded benefits.
Earning lakhs in five years
If an investor invests Rs 10 lakh in this scheme for a period of five years, then he will get a benefit of about Rs 4,49,948 as total interest. That is, on maturity, the investor will get a total of Rs 14,49,948. On the other hand, if an investor deposits Rs 5 lakh, then he will get Rs 2,24,974 as interest, and the maturity amount will reach Rs 7,24,974. The reason for the popularity of this scheme is that lakhs of rupees are earned only from interest.
Tax exemption and other benefits
Time deposit scheme not only gives the benefit of interest to the investors but also gets the benefit of tax exemption under section 80C of the Income Tax Act 1961. Apart from this, a loan facility is also available on it. If the investor wants, he can open a single account or can also open a joint account. Parents or guardians can also open an account in the name of children above 10 years of age.
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Why is this scheme special?
Government guarantee and attractive interest rates make this scheme the first choice of investors. This is an excellent option for those who want permanent and guaranteed returns by investing in a safe place.