The time deposit scheme of the post office is very special, which gives excellent returns to the investors. Any Indian citizen can take advantage of this scheme. A minimum investment of Rs 1000 is required to open an account.
There are many post office schemes that give great returns to the investors. If you also wish to invest in Post Office and want better returns, then this news can prove to be useful for you. We are going to tell you about such a scheme, in which your money becomes double in just a few years. The name of this scheme is Time Deposite Scheme, it is one of the special schemes of the post office. Not only does it get more interest, but it also helps in tax.
Investing in this scheme is considered safe. In this scheme, investors have to deposit money for long term. The scheme has the advantage of compounding interest, due to which the money doubles in just 10 years. Investors can avail the scheme in one of the packages of 1 year, 2 years, 3 years and 5 years. Any Indian citizen can open his account for this scheme. In this scheme, permission is also given to open a joint account. The customer can open his own account by investing an amount of Rs.1000.
Under the scheme, an interest of 5.5 per cent is available for a period of 1 year. At the same time, for a period of 2-3 years, only 5.5 percent interest is available. Interest is available at 6.7 per cent for a tenure of 5 years. If the investor wants to take a term of 5 years by depositing Rs 1 lakh, then he gets an interest rate of 6.7 percent. Accordingly, in the whole 5 years, the deposit becomes Rs 1,39,407. It takes 129 months i.e. 10.74 years for investors’ money to double.
