If you are planning to invest somewhere, then the term deposit scheme of the post office is best for you. There is no risk in investing money in this government scheme. It is absolutely safe. Apart from bank, you also get the benefit of term deposit from the post office.
The only difference is that your investment in the post office is always safe and a refund is guaranteed. Let us know about the term deposit scheme of the post office, in which you get better returns.
You can open a term deposit account in the post office for a period of 1 to 5 years. This is a small savings scheme. The bank has not changed its interest rates from January to March 2022 quarter.
This means that the interest that was available in the October-December 2021 quarter will continue to be available now. Let us tell you that in Post Office term deposits, 6.7 percent is available annually for 5 years.
This means that if a person opens an account by depositing Rs 1 lakh in a term deposit with maturity of 5 years, then after 5 years he will get Rs 139407 according to the rate of TD. At the same time, the interest rate on one year, 2 year and 3 year term deposits is 5.5% per annum.
In this scheme of Post Office, any Indian single or joint account can be opened. At the same time, those whose age is more than 10 years or they are mentally weak, they can also open an account in it.
To open an account, you can put any amount in it starting from Rs 1000. Apart from this, investment in post office TD for 5 years is tax exempt under section 80C of the Income Tax Act.
You can discontinue this plan after the completion of 6 months. On the other hand, if you close the TD 6 months after the completion of 12 months of the account, the interest rate of the Post Office Savings Scheme will be applicable and not the fixed deposit.
What facilities are available at Post Office TD?
- On this you will get nomination service
- Facility to transfer account from post office to another post office one, TD account multiple
- Facility to convert single account to joint or joint account to single
- account extension facility
- Online account opening facility through intra-operable netbanking/mobile banking
