look news india
The post office, which works under the central government, runs many types of savings schemes. Just like commercial banks offer savings schemes like FD to customers, the post office also offers a savings scheme called TD i.e. Time Deposit to its customers. Time Deposit also works like a bank FD and matures at a fixed time. India Post i.e. Post Office is currently offering TD scheme for 4 different periods.
7.5% interest is being given on 5 year TD
The post office is giving its customers 6.9 percent interest on 1 year TD, 7.0 percent on 2 year TD, 7.1 percent on 3 year TD and 7.5 percent on 5 year TD. Let us tell you that one can start investing in this savings scheme of the post office with a minimum of Rs 1000. There is no maximum limit of investment in this scheme. Investment made in post office TD for 5 years also provides benefits under section 80C of Income Tax.
If you deposit Rs. 10 lakh in a 5 year TD, how much amount will you get on maturity?
The 7.5 percent interest rate offered by the post office on 5-year TD is higher than the interest rate offered by many banks on 5-year FDs. If you deposit Rs 10,00,000 in a 5-year TD or time deposit of the post office, you will get a total of Rs 14,49,949 on maturity after 5 years from the date of investment. Out of this amount, Rs 4,49,949 is only for interest.
Will not be able to withdraw money for 6 months
Post Office TD can be extended before the maturity date. If you want to extend your TD for 1 year then you have to extend it 6 months before maturity. Similarly, to extend TD for 2 years you have to extend it 12 months before. Keep in mind that you cannot withdraw money from Post Office TD before 6 months.
