Post Office Scheme: Post Office investment schemes are a popular medium of investment for their safe and guaranteed investment. You get many investment tools in the post office, which you get for investment in the bank.
But being a government unit, you also get that security here. The post office had increased the interest rates on many of its schemes last month, due to which investors are going to get even higher returns. Post Office Time Deposit Scheme is also included in that scheme. It is also called National Savings Time Deposit Account in the post office.
Can earn guaranteed return
The option of investing in the Post Office Time Deposit Scheme from 1 year to 5 years is open. Just like banks get fixed returns in FD, similarly you can earn guaranteed returns in post office time deposit scheme. In this, you can invest for 1, 2, 3 and 5 years, which have different interest rates. Maximum interest is 7.5%. Interest is calculated on a quarterly basis, which comes annually in your account. You also get tax exemption under 80C on investment of 5 years. There is also no limit on the maximum investment in this.
For what period is the return?
|Time Deposit Tenure||Rate of interest|
|on 1 year deposit||6.8%|
|on 2 years deposit||6.9%|
|on 3 years deposit||7.0%|
|on 5 years deposit||7.5%|
Post Office Time Deposit Calculator 2023
Suppose you are investing Rs 5 lakh for 5 years, then you will get a return at the rate of 7.5%. Your total maturity amount will be Rs 7,24,149. And you will earn Rs 2,24,149 only from interest.
Who can take advantage?
Any Indian citizen can invest in the post office time deposit account. In this, single account, joint account (3 people together), on behalf of the minor, his parents or guardian can open the account. If the minor is above 10 years of age, then he can also open an account under this scheme in his own name.