New Delhi: Looking for a secure investment avenue with guaranteed returns?
Explore the Post Office Time Deposit Scheme, a government-backed initiative offering fixed interest income.
With interest rates ranging from 6.9% to 7.5%,
this scheme provides a reliable option for investors seeking steady financial growth.
Key Features of the Scheme:
Interest Rates:
The scheme offers competitive interest rates of 6.9% for 1 year, 7.0% for 2 years, 7.1% for 3 years, and 7.5% for 5 years.
Interest is compounded quarterly and paid annually, ensuring consistent returns on investment.
Minimum Investment:
Investors can start with a minimum deposit of Rs 1000,
making it accessible to a wide range of individuals seeking to grow their savings.
Earning Potential:
By utilizing the Post Office Time Deposit Calculator, investors can estimate their potential earnings.
For instance, depositing Rs 2 lakh for a 5-year period could yield approximately Rs 90,000 in interest.
Notably, the accrued interest remains in the account, enhancing the overall returns.
Tax Benefits and Rules:
Tax Exemption:
Opening a Post Office Time Deposit Account for 5 years entitles investors to tax benefits under Section 80C of the Income Tax Act, making it an attractive option for tax-efficient savings.
Flexibility:
The scheme allows for single or joint account ownership, providing flexibility to investors.
Premature closure is permitted after a minimum lock-in period of 6 months, ensuring liquidity when needed.
