look news india
Post Office savings schemes are becoming quite popular due to excellent returns and safe investment. Many savings schemes are being run here for children and the elderly. One of these special schemes helps investors earn lakhs through interest only. Yes, we are talking about the Post Office Time Deposit Scheme, in this five-year scheme, along with keeping the money safe, you also get strong returns. That is why it is one of the schemes with popular returns.
Gets 7.5 percent interest
Everyone wants to save some part of their income and invest it in a place where their money is safe and they can also get a great return on it. In such a situation, small savings schemes run by the post office are proving to be quite popular. Talking about the Post Office Time Deposit Scheme, it gives tremendous interest as well as great benefits. The interest rate on investment in this scheme is 7.5 percent.
Last year, the interest rate on this Post Office Time Deposit Scheme with a tenure of five years was increased from 7 per cent to 7.5 per cent on April 1, 2023. With this interest rate, this post office scheme is one of the best savings schemes, as it is becoming popular among investors due to guaranteed income.
You can invest for up to 5 years
Investors can invest in this post office savings scheme for different periods. Under this, money can be deposited for 1 year, 2 years, 3 years and 5 years. Investing for one year gives 6.9 percent interest, investing for 2 or 3 years gives 7 percent interest and investing in the post office time deposit scheme for 5 years gives 7.5 percent interest. However, it takes more than five years for the customer's investment to double.
You will get more than 2 lakh interest
If we look at the calculation of doubling of investors' money in post office time deposit, suppose a customer invests Rs 5 lakh for five years and gets interest at the rate of 7.5 percent, then in this period he will get interest of Rs 2,24,974 on the deposit amount and after adding the investment amount, the total maturity amount will increase to Rs 7,24,974. That is, you can earn a guaranteed income of lakhs of rupees by investing in it.
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.