Yuva Patrkaar: People consider it safer to deposit money in the post office. General public believes. That by depositing money in the post office, the risk of drowning is less. When it comes to saving more in less time and getting more interest, then people think about investing money in Post Office's Saving Scheme. If you are thinking of investing in post office savings schemes, then today we are giving you information about a great scheme.

Different Interest Rate for 1-5 years

Post Office Time Deposit is a famous scheme. Also known as Post Office FD. In this scheme, an interest rate of more than 7% is offered. However, the interest rates of this scheme vary from 1 to 5 years. The interest rates are 6.90% for 1 year, 7% for 2 and 3 years and 7.50% for 5 years, according to PaisaBazaar.com. Interesting thing is this. That the Post Office Time Deposit Scheme doubles the amount in 10 years.

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No tax is deducted on the interest received in the scheme

According to the post office FD calculator, if you invest Rs 1,00,000 in the post office time deposit scheme for 10 years. So you get interest at the rate of 7.50% per annum on maturity of Rs 2,10,235. After April 1, 2023, customers are being given the benefit of interest at the rate of 7.5%. The interest rates keep changing on a quarterly basis. This is a major benefit of investing in post office time deposits. That tax is not deducted on the interest earned from it. Also, under section 80C of the Income Tax Act, tax exemption is also given on investments up to Rs 1.5 lakh.

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Account can be opened in the name of a child above 10 years of age

Post Office Time Deposit cannot be broken within 6 months of opening. If you withdraw money over a period of 6 to 12 months. So the interest will be paid according to the Post Office Savings Account Rate. The child whose age is more than 10 years in the post office time deposit. Investments can also be made in his name. Apart from this, Joint account can also be opened with maximum 3 members. Post Office Fixed Deposit Account or Time Deposit Account can be opened through both offline or online mode.

Posted Date: August 15, 2023

Publish Date: August 15, 2023

Posted By Rahul Bhardwaj

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