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Post Office Scheme: Everyone keeps a part of their income in the budget and wants to invest it in a place where their money is safe and they get good returns. In this connection, many schemes run by the post office are becoming quite popular. In these, you can earn good profits even by investing a small amount. One such budget scheme is the Post Office Time Deposit Scheme, in which the government is also giving a good interest.
This scheme offers a fantastic interest rate of 7.5%
Post offices run savings schemes for children, old and young people and women of all age groups. If we talk about the Post Office Time Deposit Scheme, it offers strong returns, safe investment as well as tax exemption benefits, which makes it very popular. Money is invested in this scheme for five years. The government is giving a great interest of 7.5 percent on the investment for this period. That is, it is at the forefront in terms of giving returns.
So much interest on different periods
Under the Post Office Time Deposit Scheme, you can invest for different periods. Money can be deposited for 1 year, 2 years, 3 years and 5 years. If you invest for one year, you get an interest of 6.9 percent, while the rate for investing for 2 or 3 years is fixed at 7 percent. On the other hand, if you invest for 5 years in this Post Office scheme, then investors get interest at the rate of 7.5 percent.
How to earn lakhs from interest?
If we calculate the interest income in post office time deposit, then if an investor has invested Rs 5 lakh in this post office scheme for five years, then at the rate of 7.5 percent, he will get an interest of Rs 2,24,974 on the deposit amount in this period. At the same time, on maturity, this amount will increase to Rs 7,24,974. This means that you will earn more than Rs 2 lakh from interest alone.
Tax exemption is also available
In the time deposit scheme, the customer is also given the benefit of tax exemption under section 80C of the Income Tax Department Act 1961. A single account or a joint account can be opened in this savings scheme. The account of a child above 10 years of age can be opened through his family member. An account can be opened with a minimum of Rs 1,000. In which interest money keeps getting added on an annual basis. There is no limit on maximum investment, that is, the more money you invest, the more your interest income will increase.