look news india
Post Office Scheme: Many types of schemes are being run by the post office, in which you can get good profits by investing your money. Many different schemes are being run in the post office for senior citizens. In such a situation, senior citizens can also invest in the post office scheme. If we talk about the most common scheme of the post office, it is Fixed Deposit i.e. FD. Any citizen can invest his money in FD. In this you will get the option of FD with different tenures.
If you want to earn more profit by investing in post office FD, then you can invest your money in post office FD with a tenure of 5 years. You will get more interest in this 5 year FD. Besides, you will also get tax benefits.
5 year FD will give more than Rs 2 lakh profit
If you invest Rs 5 lakh in a 5-year FD in the post office, you will get interest at the rate of 7.5 percent per annum. In such a situation, in five years you will get an interest of Rs 2,24,974 on Rs 5 lakh, that is, when the FD matures, you will get the entire Rs 7,24,974. Not only this, you will also get tax exemption under Section 80C.
There will be loss if FD is broken prematurely
If you want to get good profits then do not break this FD before its maturity. If you break the FD after 6 months of starting or before completion of 1 year, then you will get interest as per the interest rate applicable on savings account, which is only 4 percent.