If you are thinking of investing money somewhere and want to get safe returns, then this news is of your use. Today we are going to tell you about such a scheme of post office in which you will get good returns as well as many more benefits.
We are talking about the Post Office Time Deposit Scheme (TD Account), the special thing is that in this scheme you will get more interest than the bank. This scheme is also called post office FD. Let us tell you about this scheme in detail.
Post Office Time Deposit Scheme Details
In this scheme you can deposit money for 1 year, 2 years, 3 years and 5 years. In this, at present, an interest rate of 5.5 percent is available on FD accounts with a tenure of 1 year. Apart from this, the interest rate of 5.5 per cent is also available on 2-year FD and 3-year FD. The post office is giving an interest of 6.7 percent on a 5-year tax saving FD. Interest is paid on an annual basis, but is calculated on a quarterly basis. The amount invested in a time deposit account with a tenure of 5 years in a post office is eligible for benefit under section 80C of the Income Tax Act, 1961.
Calculate this way
if someone opens a term deposit with a maturity period of 5 years with a deposit of Rs 1 lakh, then after 5 years at an interest rate of 6.7 percent per annum, he will become the owner of Rs 1,39,407. If you invest money in Time Deposit Scheme benefits and you get interest at the rate of 6.7 percent, then it will take about 10.74 years i.e. 129 months to double your money.
Who can apply for Time Deposit Scheme?
In this scheme any single person can open his account. Apart from this, 3 adults can also open a joint account (Time deposit Joint account). At the same time, parents can open an account in the name of children above the age of 10 years.
