Post Office Savings Scheme: it is important to consider the interest rate when depositing money into a savings account. Even when you are making a deposit, why is it a problem if the deposited funds earn more interest when you make a withdrawal? Before opening a savings account, determine which bank offers the highest interest rate to maximize interest earnings. If opening a savings account with the post office, find out the minimum deposit amount required to receive the highest interest benefits. Let’s get a thorough understanding of it.
5 lakh invest calculation for 5 years
This post office scheme is open to all individuals for investment. In this scheme, there is no restriction on age for making investments. It also provides the advantage of tax benefits along with high interest rates. The government is currently offering a 7.5 percent interest rate in this program.
The plan reaches full maturity within a maximum of five years. When discussing returns, it offers higher returns compared to other post office schemes. Determine the interest rate for post office time deposit to earn interest extending to lakhs of rupees. Imagine putting Rs 5 lakh into an investment for five years, and you will receive a total of Rs 7,24,974 upon maturity. Out of this amount, Rs 2,24,974 will be in the form of interest.
Interest rates for the Post Office Time Deposit Scheme:
Various tenures in the post office time deposit scheme have different interest rates. A 6.9 percent interest rate is being earned on a 1-year term. The deposit scheme, which lasts for 2 to 3 years, is receiving a 7% interest rate. An investment is earning an interest rate of 7.5 percent for a period of 5 years.