Post office Time Deposit Scheme: Post office is the best option to keep your money safe. Although there are many types of small savings schemes and FDs in the post office, today we are going to tell you about the Time Deposit Scheme (TD Account) of the post office, where you will get more interest than SBI (State Bank of India). Get. In this scheme, you can deposit money for 1 year, 2 years, 3 years, and 5 years.
Getting 7.5 percent interest-
Under Post Office Time Deposit (Time deposit interest rate), 7.5 percent annual interest is being given on deposits of 5 years. You can also take advantage of this scheme. If you do TD for 1-3 years then you will get interest at the rate of 6.90 percent. Apart from this, if the deposit is for 5 years, interest is available at the rate of 7.5 percent.
In how many days will the money double?
If you invest money in the Time Deposit scheme (Time Deposit scheme benefits) and you get interested at the rate of 7.5 percent, then it will take about 9 years and 6 months i.e. 114 months for your money to double. Deposit: 5 lakhs
- Interest: 7.5 percent
- Maturity period: 5 years
- Amount on maturity: Rs 7,24,974
- Interest benefit: Rs 2,24,974
Who can open an account?
Any single person can open his account in this scheme. Apart from this, 3 adults can also open a joint account (Time deposit Joint account). At the same time, parents can open an account in the name of children above 10 years of age.
What is the benefit of Time Deposit?
The time deposit scheme provides the benefit of tax exemption under Section 80C of the Income Tax Act 1961. There is also a facility for nomination while opening the account. However, there is a penalty for premature withdrawal.
