look news india
Post Office Scheme: The government is running some schemes for all sections of the country. Many schemes of Post Office benefit the poor to the middle class. Post Office Time Deposit is one such small savings scheme. Any citizen can invest in this scheme of Post Office for 5 years, in which investors get 7.50 percent interest. Investors can avail tax exemption of up to Rs 1.50 lakh under 80C.
In the government scheme Post Office Time Deposit, the entire amount has to be deposited at once. Interest keeps getting added to it from time to time. This scheme is also called Post Office FD. Under Time Deposit, interest is received for four types of periods.
How much interest will be received for which period?
- Under Post Office Time Deposit, interest is available at the rate of 6.9% for a period of 1 year.
- Interest is available @ 7.0% for a tenure of 2 years.
- Interest is available at 7.1% rate for a tenure of 3 years.
- Under the Post Office Time Deposit Scheme, 7.5% interest is available for 5 years.
- Three people can open an account in Post Office Time Deposit either singly or together.
Under Post Office TD, 3 people can open an account singly or jointly. The minimum investment of Rs 1000 in this scheme can be made in multiples of Rs 100. There is no limit on the maximum amount that can be invested. Under this scheme, a rebate of Rs 1.5 lakh per annum is given under Section 80C of Income Tax for a period of five years. Under this scheme, you cannot withdraw money before six months.
You will earn Rs 4.5 lakh from interest alone
If you save Rs 2,778 every day under this scheme and invest at least Rs 10 lakh after a year, you will get Rs 4,49,948 in 5 years from interest alone. The total amount in five years will be Rs 14,49,948.
