For individuals who have money invested in the Post Office Scheme, there is excellent news. We are going to inform you about a program today where you may deposit only 5 lakhs and receive the complete 10 lakhs. The best place to save money is still at the post office. Today, we’ll tell you about a 5-year Post Office Scheme Time Deposit Account that comes with a guarantee that your money will grow by a factor of two. You benefit from compound interest in this.
Customers will begin receiving interest at a rate
of 7.5 percent on April 1, 2023. If you invest 5 lakhs in a time deposit program, you will receive Rs. 7,24,974 at maturity. You will receive Rs 2,24,974 as interest from this. If you delay the money’s maturity by five years, it will double in value in ten years and you would receive Rs. 10 lakh rather than Rs. In ten years, this amount will equal Rs 10,51,175. The interest, in this case, will be Rs. 5,51,175. Your money will guarantee double in this country in ten years.
Investments must be multiplied by 100 rupees.
This scheme accepts investments in multiples of Rs 100. The Post Office TD has no investment cap. Every three months, the Finance Ministry evaluates the interest rates on small savings.
What makes this program unique?
- You must create a time deposit or fixed deposit account at your local post office.
- You can invest in this program with as little as Rs 1,000, and there is no set maximum investment amount.
- Let us inform you that a minor child’s account is opened under the supervision of his parents and that anyone over the age of 10 is only permitted to invest in this plan.
- In this program, you can make investments for 1, 2, 3, or 5 years. Both a single account and a joint account are created.
The advantage of tax exemption is yours.
Let us inform you that the post office program offers you the benefit of tax exemption. Under section 80C of the income tax code, investments up to Rs 1.5 lakh are tax-exempt. However, the sum received when an FD matures is taxable. For one year, two years, and three years, Post Office TD will receive 6.8%, 6.9%, and 7.0% interest, respectively.
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