look news india
The government keeps introducing some schemes for all sections, so that poor to middle class families can take advantage of it. Talking about one such scheme, it is offered by the post office. Any citizen can invest in this scheme for 5 years, in which investors are given strong interest. Along with this, tax exemption (Income Tax Benefits) can also be availed. Let us know the complete information about this scheme.
This government scheme is Post Office Time Deposit (Post Office TD), which operates under the Small Savings Scheme. The special thing about this scheme is that you can invest a lump sum amount in it, in which interest keeps getting added from time to time. This scheme is also called Post Office FD. Four types of tenures are given under Time Deposit.
How much interest on which period?
- Post Office Time Deposit offers an interest rate of 6.9% for a tenure of 1 year.
- An interest rate of 7.0% is offered for a tenure of 2 years.
- An interest rate of 7.1% is offered for a tenure of 3 years.
- Post office offers fixed deposit scheme for 5 years, under which the interest rate is 7.5%.
Up to 3 people can open the account at the same time
Under Post Office TD, 3 people can open an account singly or jointly. The minimum investment in this scheme is Rs 1000 and can be made in multiples of 100. There is no limit on the maximum amount. 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 4.5 lakh rupees from interest only
If you save Rs 2,778 every day under this scheme and invest at least Rs 10 lakh in lump sum after one 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.
