Investing in Post Office Fixed Deposit Account (TD) scheme will not only give you the benefit of better interest rate but also get the benefit of tax exemption. At present, under this scheme, many banks get the benefit of higher interest rate than the fixed deposit scheme.
If you also want to invest your saved money in a savings scheme and do not want to take any risk on it, then you can deposit your money under the Post Office Fixed Deposit Account (TD) Savings Scheme. By investing in this post office scheme, you will not only get the benefit of better interest rate, but you will also get the benefit of tax exemption.
At present, under this scheme, many banks get the benefit of higher interest rate than the fixed deposit scheme. If you are thinking of investing your money in any other risk-free investment scheme instead of FD, then this post office plan can prove to be one of the best options for you. Let us know about this plan.
Who can open his account
Any Indian person who is an adult can open an account in the Post Office Fixed Deposit Account (TD) Savings Scheme. A minor’s account can also be opened by a guardian.
Deposit Amount
In this post office scheme, the account can be opened with a minimum of Rs 1000 or multiples of Rs 100. There is no maximum limit for investment under Fixed Deposit Account (TD) Savings Scheme.
Interest Accrued
If you open an account for one year in the Post Office Fixed Deposit Account (TD) Savings Scheme, you get the benefit of an interest rate of 5.5 percent per annum. At the same time, this interest rate is only 5.5 percent on two and three year accounts. But if you invest your money under this scheme for five years, then you get the benefit of 6.7 percent interest rate annually. In this scheme, annual interest is paid on quarterly basis.
Apart from this, withdrawals cannot be made till the completion of six months from the date of deposit. The term account can be closed prematurely by submitting the prescribed application form along with the pass book at the concerned post office. If the fixed account is closed before the completion of one year and after six months, the post office savings account interest rate will be applicable.
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