Post Office's Time Deposit Scheme is a good option for guaranteed returns.
From April 1, 2023, the customer is getting 7.5 percent interest on making a 5-year fixed deposit in the post office.
If a customer deposits Rs 5 lakh in the Post Office for 5 years, then he will get Rs 7,24,974 on maturity.
After maturity, on extending this scheme for five more years, a deposit of Rs 5 lakh will increase to Rs 10,51,175 in 10 years.
The customer will get Rs 5,51,175 as interest after 10 years. Your investment will be guaranteed double in 10 years.
In this post office TD scheme, the interest rates are calculated on a quarterly basis and paid on an annual basis.
A tax deduction can be claimed on investments up to Rs 1.5 lakh under section 80C of income tax on a 5-year FD of the post office.
Post Office TD Interest Rate: Interest Rate on 1-Year TD: 6.8% Interest Rate on 2-Year TD: 6.9% Interest Rate on 3-Year TD: 7.0%
Let us tell you that you can invest in Time Deposit (TD) with a maturity of 1, 2, and 3 years in the post office.
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