Post Office Special Scheme: The post office offers a variety of money-saving plans. All of these continue to be the top investment choices at the moment. However, today we’re going to inform you about a fantastic Post Office initiative by the name of the Post Office Time Deposit Scheme. Investors in this programme receive higher interest than on SBI’s FD. You can deposit money in this scheme for 1, 2, 3, or 5 years.
Higher Interest Rates with the Post Office Time Deposit Scheme
Let us inform you that interest is currently offered at a rate of 6.50 percent for 5 year FDs in SBI. In contrast, the Post Office Time Deposit Scheme pays interest at a rate of 7.5% if you invest for 5 years. You can benefit from this plan as well. You receive interest at a rate of 6.90 percent if you take the TD programme for 1 to 3 years. In addition, deposits up to 5 years can earn interest at a rate of 7.5 percent.
The Post Office Time Deposit Scheme
Your investment will double if you put money into a TD programme and earn interest at a rate of 7.5 percent. You have 114 months, or around 9 years and 6 months, to invest in this. In this system, any single person account may be opened. In addition, three adults may open a joint account. Parents, however, are permitted to open an account in a child’s name who is older than 10 years old. Regarding the advantages of time deposits, they offer tax exemptions in accordance with Section 80C of the Income Tax Act of 1961. The option of a nomination key is accessible when opening an account. In this, there is a penalty for early withdrawal.
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