Post Office Scheme: This scheme has got full guarantee of the government and it gives more profit than a normal bank savings account. If you want to earn huge profit from this scheme then
People in the country have full faith in the savings schemes of the post office. From cities to villages and middle class families, people are saving money through these schemes. These post office schemes run with the support of the government, so the deposited money is completely safe. These schemes also provide stable income.
In this way, a special scheme among the post office schemes is the Post Office Time Deposit (TD) scheme. This is a type of Fixed Deposit (FD). In this, you have to deposit money and get interest on it. This is a good option for those who want a stable income and want to grow their money in a safe way.
In the Post Office Time Deposit (TD) scheme, you can choose a period of 1, 2, 3 or 5 years. Interest is calculated every three months, but the money is paid once a year. Among these, the 5-year TD plan is the most attractive, because by choosing it, you get tax exemption under section 80C of Income Tax.
The current interest rates are also very high. 1 year TD gives 6.9% interest, 2 year TD gives 7.0% interest and 3 year TD gives 7.1% interest. The 5 year TD plan gives the highest interest of 7.5%. Especially in the 5 year plan, compound interest is applicable, due to which your investment grows rapidly over time.
For example, if you invest Rs 5 lakh for 5 years at 7.5% interest rate, then after 5 years your net worth will be around Rs 7.21 lakh. If you invest this amount again in the same scheme, then after the next 5 years your net worth can be Rs 10.40 lakh. That is, if you continuously reinvest, then your investment can double through interest.
This scheme not only has full government guarantee, but it also gives better returns than a normal bank savings account. It is especially beneficial for the elderly, as they get a stable income in the form of interest every year. Overall, the opportunity to earn Rs 10 lakh in 10 years by investing Rs 5 lakh and reinvesting it makes this scheme special.
