Post Office Scheme: Many small savings schemes are run under the post office, under which you can get good profits by investing small amounts. Besides, investment in these schemes is also considered safe and tax benefits are also available. These schemes are run for everyone from children to the elderly. Today we are telling you about one such scheme under the post office, in which the benefit of tax exemption is also available and lakhs of rupees can also be earned through interest.
We are talking about Post Office Time Deposit Scheme, in this five year scheme, along with keeping the money safe, the returns are also strong.
Strong interest available
Often people look for a place to invest where their money is safe and at the same time they can get excellent returns on it. In such a situation, small savings schemes run by the post office are now quite popular. Talking about Post Office Time Deposit Scheme, it offers huge interest as well as great benefits. The interest earned on investment in this scheme is 7.5 percent.
In April 2023, the interest rate on this five-year Post Office Time Deposit Scheme was increased from 7 percent to 7.5 percent. Along with these savings schemes, this post office scheme is one of the best savings schemes because this scheme provides guaranteed income. Tax benefits are also available.
Money will double in 5 years
Under this scheme of post office, you can invest for different periods. In this, money can be deposited for 1 year, 2 years, 3 years and 5 years. If you invest for one year, you get 6.9 percent interest, if you invest for 2 or 3 years, you get 7 percent interest and if you invest in Post Office Time Deposit for 5 years, you get 7.5 percent interest. This scheme doubles investors’ money in five years.
You will earn more than 2 lakhs from interest alone
If an investor invests Rs 5 lakh in a post office time deposit for five years and gets interest at the rate of 7.5 per cent, then during this period he will get an interest of Rs 2,24,974 on the deposited amount. At the same time, on maturity the total amount will increase to Rs 7,24,974. That means you will get a profit of lakhs of rupees on interest.
Tax exemption is also available
In the time deposit scheme, the customer is also given the benefit of tax exemption under Section 80C of the Income Tax Department Act 1961. Single account or joint account can be opened in this savings scheme. The account of a child above 10 years of age can be opened through his family member. In this, an account can be opened with a minimum of Rs 1,000. In which interest money keeps getting added on annual basis.
