Post Office FD: All middle class people want their money to be safe. There are many banks and post offices. A variety of schemes are offered by banks and post offices. Many people can not decide which of these schemes is more profitable. This is our report to solve your problem. You have the opportunity to earn more than 2 lakh rupees from interest alone. There are tax benefits too. So, let’s find out why it’s late.
Duration and interest rates
Post office FDs offer different interest rates. Interest is being paid at 6.90% per annum on 1-year FDs, 7.00% per annum on 2-year FDs, 7.10% per annum on 3-year FDs and 7.50% per annum on 5-year FDs. Apart from this, post office fixed deposits are also eligible for tax benefits under Section 80C of the Income Tax Act.
Post Office Fixed Deposit can prove to be very profitable because the money that you invest, the interest money will be deposited on it and this interest rate is very good. The amount of interest rate according to the term has already been reported in the report. Here’s how you can earn up to Rs 2 lakh from post office fixed deposits.
Calculation
For this, you have to choose a 5-year FD. Currently, the interest rate offered on these FDs is 7.5 per cent. This scheme of the post office has the benefit of extension. This means that you will have the option to extend the period after maturity. However, there is no need to extend the deadline. If you invest Rs 5 lakh in fixed deposits, then you will get an interest of Rs 2,24,974 on this amount in 5 years at an interest rate of 7.5 per cent. After 5 years, more than 7 lakh rupees will be in your account.