New Delhi: Do you want to invest by choosing the period as per your choice and are looking for such a scheme? Then the post office has brought a golden opportunity for you!
You can get good returns by investing under a great scheme called Post Office Time Deposit Scheme. This scheme is one of the most popular savings schemes of the post office which is also known as fixed deposit.
What is Post Office Time Deposit Scheme?
This is a small savings scheme in which you can invest lump sum money by choosing the period as per your choice. In this scheme you get the option of tenure ranging from 1 year to 5 years.
Interest rates:
Interest rates vary as per the tenure:
1 year: 6.9%
2 years: 7.1%
3 years: 7.5%
4 years: 7.6%
5 years: 7.7%
Investment:
Minimum investment: ₹1,000
Maximum investment: No limit
Account type: Single or joint
Return on ₹6 lakh deposit in 3 years:
Suppose you deposit ₹6 lakh in this scheme for a tenure of 3 years. At an interest rate of 7.5% per annum, you will get an interest of ₹1,41,045 in 3 years, resulting in a total of ₹7,41,045 on maturity.
Who is this scheme beneficial for?
People who want a fixed return on their savings
People who want to invest by choosing the period of their choice
People who want to invest in tax-advantaged schemes (exempt on maturity)
Additional Benefits:
Deposits are secured by insurance
Loan facility available
Premature withdrawal facility (with certain conditions)
Post Office Time Deposit Scheme is a good option for people who want to invest in low-risk investments and get fixed returns.