Post office fixed deposit scheme: If you are planning to invest money at the right place and are looking for a safe investment, then this news can be useful for you. Investing in the post office department of the government is considered a great option. The government has increased interest rates on Post Office Fixed Deposit Scheme by 30 basis points for the December quarter. Although this change has been done on the FD scheme of 2 years and 3 years. which generates favorable profits for the populace.
Better returns on deposits
Investors are being given better returns on their deposits amidst increasing repo rates. However, the rates on fixed deposits of 5 years and 1 year remain the same as before. At present, for investors who do not want to take the risk of the market and are looking for stable returns while keeping their deposits safe, then the post office FD scheme is proving to be a better option.
What are the benefits of the
The special feature of the plan scheme is that an investor can open multiple accounts. The ability to open both single and joint accounts is provided. Three adults may also be included on the joint account. At least Rs. 1000 must be deposited to start an account at any post office. The largest deposit is not constrained in any way. For five years, the investment made in this plan will be eligible for tax exemption. You might take out a loan instead, using the account as security. With the deposit in the government post office, there is no risk. The transfer of an account is also possible between post offices.
What is special:
This investment is considered much safer than bank FDs, in which the investor’s capital and the interest earned are guaranteed by the government. While in bank FD, you get protection only up to a maximum of Rs 5 lakh on capital and interest as per the rules of Deposit Insurance and Credit Guarantee Corporation (DICGC).
Understand how much interest you will get
1-year FD: 5.5 percent annual interest
2-year FD: 5.7 percent annual interest
3-year FD: 5.58 percent annual interest
5-year FD: 6.7 percent annual interest
Post office FD: How much profit in 5 years
Deposit: Rs 10 lakh
Time: 5 years
Interest: 6.7%
Amount on maturity: Rs 13,83,000
Interest profit: Rs 3,83,000
Read More: Old Pension Scheme: Government employees got pleasure! Old pension scheme implemented
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