In this scheme of the post office, the government is offering a great interest of 7.5 percent on investment in the scheme. Every person budgets a part of his income. Everyone wants to invest money in such a place where the money is safe and the returns are also great. In this way, many schemes run by the post office are becoming very popular. In this, you can earn profit by investing a very small amount. One such budget scheme is the Post Office Time Deposit Scheme. In this, the government is also giving a great interest.
Excellent interest of 7.5% in the scheme
Post offices run savings schemes for all age groups including the elderly, children, young and women. Post Office Time Deposit Scheme offers strong returns, safe investment and tax exemption. Money is invested in this scheme for five years. The government is offering a handsome interest rate of 7.5% for investment during this period and the investment returns are also increasing.
Investment for Tenure
Under the Post Office Time Deposit Scheme, investments can be made for different tenures. Money can be deposited for five years. 6.9 percent interest is obtained on investing for one year. The rate of interest is fixed at seven percent when the money is invested for two or three years. If you invest money for five years, then the investment earns an interest of 7.5 percent.
How will you earn from interest
Add the interest income in this scheme, if you have invested Rs 5 lakh in any post office scheme, then at the rate of 7.5 percent, you will get an investment of Rs 2,24,974 on deposit in the future period.
Also read : Post Office Time Deposit Scheme 2024, Benefits, Features, Documents, Apply Online-Offline
The total amount on maturity will increase to Rs 7,24,974. You will earn more than two lakh rupees just from interest.
Tax exemption benefit to the customer
In the time deposit scheme, the customer is also given the benefit of tax exemption under section 80C of Income Tax Department Act 1961. In this saving account, a single account or a joint account can be opened. The account of a child of ten years can be opened through his/her family member. In this, an account of at least one thousand rupees can be opened. In which the annual interest money is added. There is no limit on maximum investment, that is, the more money you invest, the more the interest income will increase.