Post Office Time Deposit scheme will be available here, more interest from bank FD, only Rs 5 lakh will have to be deposited up to 2.5 lakh
Many people consider Fixed Deposit (FD) as
a better way to invest money, which keeps their money safe and also adds a good
interest.
In such a situation, post office schemes
are always considered reliable in terms of investment. This is why most people
prefer to invest in it.
Another great scheme has come out from the
post office called Time Deposit. Post office time deposit scheme gives you more
interest than bank FD.
You can invest in it not for 1, 2, 3 years
but for 5 years. You can get a benefit of 2.25 lakhs over 5 lakhs if you invest
5 lakhs for a period of 5 years in a time deposit.
In the post office time deposit scheme you
will get interest at compounding rate of 7.7% per annum. In such a situation,
this amount will increase to Rs 7,24,517 on maturity.
If you take this plan for 3 years, then the
maturity amount will be Rs 6.10 lakh and Rs 5,71,381 on 2 years deposit, while
on 1 year deposit, the maturity amount will be Rs 5,34,500.
Important things related to post office time deposit
If you take this scheme, then the post
office guarantees you 100% investment protection in this scheme.
This scheme can be opened from a minimum of
1000 rupees.
There is no limit to the maximum amount of
this scheme
These accounts can be opened both
individually and collectively.
If an account has to be opened in the name
of a minor, the parents can join it as a guardian.
Time allows the investor to withdraw his
funds in case of emergency before the deposit matures.
However, for this, the first deposit in the
account has to be completed for 6 months.
The project also has an exemption for
investment for 5 years under Section 80C of the Income Tax Act, 1961.
For more information and to open this
scheme you are advised to visit the nearest post office.
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