Post Office Scheme: For those who are investing in the Post Office, there is excellent news. We are going to tell you about a post office plan where you may deposit Rs 5 lakh and receive the whole amount of Rs 10 lakh. The post office is the finest place to save money even now. We’re going to talk to you today about a five-year Post Office Time Deposit Account that doubles your money. You profit from compound interest on this.
7.5% Interest Rate Post-April 2023
Customers will receive interest benefits at a rate of 7.5 percent after April 1, 2023. At maturity, if you put Rs 5 lakh in a time deposit programme, you would receive Rs 7,24,974. You would receive interest of Rs 2,24,974 on this. The money you invested is the remaining Rs 5 lakh.
In place of receiving Rs 5 lakh, you would receive Rs 10 lakh if you extend its maturity by five years. In ten years, this money will be worth Rs 10,51,175 in total. Your interest payment for this will be Rs 5,51,175. In ten years, your money will quadruple here.
Flexible Investment Amounts
This scheme allows you to invest in multiples of Rs 100. Investments in Post Office TD are not restricted in any way. Every quarter, the Finance Ministry examines the interest rates on modest savings accounts.
- The closest post office is where you must open a time deposit or fixed deposit account.
- There is no maximum investment amount set for this initiative; you can invest as little as Rs 1,000.
- This scheme is only open to investors who are at least ten years old.
- A minor child’s account is opened under his parents’ supervision.
- You can invest money in this scheme for one, two, three, or five years.
- Additionally, individual and joint accounts are opened.
Tax Exemption Advantage
The post office scheme offers you the benefit of tax exemption. Under Section 80C of the Income Tax, investments up to Rs 1.5 lakh are exempt from tax. In addition, the amount paid upon FD maturity is subject to taxation. 6.8 percent for one year, 6.9 percent for two years, and 7.0 percent for three years is the yearly interest rate offered by Post Office TD.
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