Post Office Scheme : Everyone budgets a portion of their income and wishes to invest it in a safe environment with high returns. In this context, various post office systems are gaining popularity. You can make good money with these even if you only invest a tiny amount. The Post Office Time Deposit initiative is one such budget initiative in which the government offers a high rate of return.
Post Office Scheme has a 7.5% interest rate
The Post Office runs savings initiatives for people of all ages, including children, the elderly, the young, and women. The Post Office Time Deposit Scheme is highly popular since it provides substantial returns, a safe investment, and the benefit of tax exemption. This strategy invests money for a five-year period. The government is offering a generous interest rate of 7.5% for this period’s investment. That is, it outperforms in terms of returns.
This much attention in various tenures
You can invest for a variety of durations through the Post Office Time Deposit Scheme. This allows money to be deposited for one, two, three, or five years. Investing for one year earns 6.9 percent interest, while investing for two or three years yields 7 percent interest. If you invest in this Post Office scheme for 5 years, you will receive 7.5 percent interest.
Table of Contents
How can I earn lakhs of rupees through interest?
If we compute the interest income in Post Office Time Deposit, we can see that if an investor invests Rs 5 lakh in this Post Office Scheme for five years, he will receive Rs 2,24,974 in interest at a rate of 7.5%. At the same time, the sum will grow to Rs 7,24,974 upon maturity. This means you’ll make more than Rs 2 lakh from interest alone.
Tax exemptions are also available.
The Time Deposit program also provides the consumer with tax breaks under Section 80C of the Income Tax Department Act 1961. This savings system allows for the opening of either a single or joint account. A child above the age of ten can open an account through a family member. This allows you to open an account with a minimum of Rs 1,000. In which interest is compounded on an annual basis. There is no maximum investment amount, therefore the more money you invest, the higher your interest income will be.
you join our tazatimesnews Telegram Channel
you join our whatsapp channel
Next News Read – Triumph Scrambler 400X is available for up to Rs 12,500 discount in January 2025
