Post Office Scheme Update: Every citizen wishes to join such a scheme where money is safe and one can get benefits in future. Many times, people become victims of fraud unknowingly. But we will tell you about the scheme of the post office. Post office savings schemes give people a full opportunity to become rich. The name of the post office savings scheme is Time Deposit.
It is considered like the fixed deposit of banks. The interest amount is received by investing in a time deposit. People can collect a strong fund by joining this scheme. The special thing is that people can choose this scheme for 1 to 5 years. Interest is received on the scheme every year. If you want to join the scheme, then first take care of some important things.
Details of Time Deposit Scheme
Post Office Time Deposit Scheme is enough to make you rich. In this, you get interest for 1 to 5 years. Interest rates are revised every three months. On choosing this, people are given an exemption under Section 80C of the Income Tax. At present, the interest rate is also good. If you make a time deposit for 1 year, you will get 6.9 per cent interest.
On making a 2-year TD, you will get 7 per cent interest, and on making a 3-year TD, you will get 7.1 per cent interest. On making a 5-year TD, you get up to 7.5 per cent interest every year. Compound interest is also applicable in the 5-year plan. With this, your investment grows rapidly with time. By investing up to Rs 5 lakh, you can create a fund of up to 10 lakh in 10 years.
How to get up to Rs 10 lakh
If you invest Rs 5 lakh for 5 years in the post office’s time deposit scheme, you will get 7.5 per cent interest. After 5 years, you will get Rs 7.21 lakh. If this amount is again invested in the time deposit scheme for the next 5 years, then the total value can be up to Rs 10.40 lakh.
Meaning, on investing again, you will get double returns, which will prove to be like a gift. This scheme has full guarantee from government guarantee. It also gives better profits than a normal bank savings account. This is a very beneficial scheme for the elderly.