Post Office Scheme: Post Office offers many types of deposit schemes. One of these schemes is the Post Office Time Deposit Account. Term deposits can be made in the post office for a period of 1, 2, 3 and 5 years.
Post Office Scheme: Small savings schemes of Post Office are a popular investment option for safe and guaranteed returns. If you are planning for investment, then you can earn well by investing in post office schemes. In these schemes, the investors get the interest fixed by the government.
The ups and downs of the market have no effect on the investment. The post office offers various types of deposit schemes. One of these schemes is the Post Office Time Deposit Account. Term deposits can be made in the post office for a period of 1, 2, 3 and 5 years.
₹ 4.13 lakh interest in 5 years on ₹ 10 lakh deposit
7 percent interest is being received annually on the 5-year term deposit of the Post Office. This interest rate is from 1 January 2023 to 31 March 2023. According to the Post Office FD Calculator, if you deposit Rs 10 lakh for 5 years, you will get Rs 14,13,373 on maturity.
In this, the income from interest only will be ₹ 4,13,373. This means that in 5 years, there will be more than 4 lakh income only from interest.
The benefit of tax deduction is available on investment in time deposit for 5 years in the post office. Under Section 80C of the Income Tax Act, a deduction can be taken on investment up to Rs 1.5 lakh on a deposit of 5 years. Apart from this, 6.6 percent annual interest is being received on 1-year deposit, 6.8 percent on 2 years and 6.9 percent on 3 years.
In this scheme, after maturity, it can be extended for one more term. In this, you can extend the term deposit for the same term.
Post Office TD: Who can open an account
Term deposit accounts can be opened in any nearest post office branch with Rs.1,000. After this, you can invest in multiples of Rs.100. There is no maximum limit for investment in this scheme.
A single and joint account can be opened in this scheme. Joint account Three adults can open the account together. Wherein, minor account guardian, guardian on behalf of a person of weak mind and a minor above 10 years of age can open his account in his own name.
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