There is good news for those investing money in post office. Today we will tell you about such a scheme of the post office, in which on depositing Rs 5 lakh you will get full Rs 10 lakh. Even today, post office is the best way to save money. Today we will tell you about Post Office Time Deposit Account for 5 years, in which your money will be guaranteed to be doubled. In this you get the benefit of compound interest.
7.5 percent interest will be available from April 1
After April 1, 2023, customers are getting the benefit of interest at the rate of 7.5 percent. If you invest Rs 5 lakh in a time deposit scheme, you will get Rs 7,24,974 on maturity. In this you will get Rs 2,24,974 as interest. The remaining Rs 5 lakh is the amount invested by you.
Money will double in 10 years
If you extend its maturity by 5 years, you will get Rs 10 lakh instead of Rs 5 lakh. This amount will become Rs 10,51,175 in 10 years. In this your interest amount will be Rs 5,51,175. Here your money is guaranteed to double in 10 years.
Investment will have to be made in multiples of Rs 100
You can invest in this scheme in multiples of Rs 100. There is no investment limit in Post Office TD. The Finance Ministry reviews interest rates on small savings every quarter.
What is the specialty of the scheme-
- You have to open a fixed deposit account or fixed deposit account in the nearest post office.
- You can invest even Rs 1,000 in this scheme and no maximum investment amount has been fixed.
- Only a person above 10 years of age can invest in this scheme.
- Let us tell you that the account of a minor child is opened under the supervision of his parents.
- In this scheme you can invest money for 1 year, 2 years, 3 years and 5 years.
- Single account and joint account are also opened.
avail tax exemption
Let us tell you that under the Post Office Scheme you get the benefit of tax exemption. Under Section 80C of Income Tax, you get tax exemption on investments up to Rs 1.5 lakh. At the same time, the amount received on maturity of FD is taxed. Post Office TD offers 6.8 percent annual interest for 1 year, 6.9 percent for 2 years and 7.0 percent for 3 years.