Post Office Time Deposit Account: If you are an investor who believes in getting fixed returns, then the post office is running many schemes for you. One of such post office schemes is Time Deposit. This is a great plan by India Post. In this scheme, depositors get bumper interest of up to 7.5 percent.
Post Office Time Deposit Account: If you are an investor who believes in getting fixed returns, then the post office is running many schemes for you. One of such post office schemes is Time Deposit. This is a great plan by India Post. In this scheme, depositors get bumper interest of up to 7.5 per cent. Apart from this, it also helps in saving tax. Broadly speaking, if you deposit Rs 2 lakh together in this scheme, then you can get around Rs 90 thousand as interest. Here you are being told the complete calculation of interest.
This much interest is being received on the post office time deposit scheme
According to the information given on the website of India Post, the post office time deposit account can be opened for 4 different periods. Under the scheme, interest is being given at 6.8% for 1 year, 6.9% for 2 years, 7% for 3 years and 7.5% for 5 years. Interest is paid annually and is calculated quarterly. In this you can invest a minimum of 1000 rupees.
Will get interest of 90 thousand rupees
According to the post office time deposit calculator, if an investor deposits Rs 2 lakh in this scheme for 5 years, he will get a total interest of Rs 89,990. They will also get back their investment of Rs 2 lakh on completion of five years.
Tax benefit is available on 5 years time deposit
If the post office time deposit account is opened for 5 years, then tax benefit is also available on it. Investment is exempted under 80C. Talking about other features of this scheme, it can be opened single or joint. Once invested, premature closure can be done only after at least 6 months.
Investors can open any number of accounts
If an investor wants to increase the post office time deposit account, then after maturity, he can increase it at the same time. An investor can open any number of accounts in his name. One important thing is that even if you do not withdraw the amount of interest received on an annual basis, it will be lying in the account like dead money. There is no separate interest on this.
