Post office time deposit scheme has more benefits than FD. In this scheme money is safe and returns are good. It can be invested for 1 to 5 years.
Advantages of Time Deposit Scheme
People consider the schemes of the Post Office to be reliable. In such a situation, if you want to invest for a long time, then its time deposit scheme can prove to be beneficial. In this your money can be doubled. You can invest in this scheme for 1 to 5 years. In this, at present interest is being given at the rate of 6.7 percent per annum. So what is this plan and how to invest in it, let us know.
Account can be opened with just 1000
In this post office scheme, you get more interest than bank FD. It can be opened with a minimum amount of Rs 1000, while there is no maximum limit. In this scheme 100% security is guaranteed on investment. These accounts can be opened both singly and jointly. If the account is to be opened in the name of the child, then the guardian can do it as a guardian.
Benefits of the plan
1. Investment made in the scheme for 5 years is also exempted under section 80C of the Income Tax Act 1961.
2. In an emergency, you can withdraw the amount before maturity. However, for this, 6 months of the account should be completed.
3. There is also the facility of nomination at the time of account opening or later.
4. If you do not want to go to collect interest every year, then you can transfer the annual interest to your post office savings account by asking the post office.
Know how it is beneficial
Deposit amount: 5 lakhs
Interest rate: 6.7% per annum
Maturity period: 5 years
Amount on Maturity : 6,91,500
Interest Benefit : 1,91,500
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