Post Office 1 Lack FD Return: In today’s time, there are many investment options available but many people prefer to invest in the post office because with safe investment in the post office, a better return is expected, so in today’s article we will discuss about the post office. Time Deposit We will talk about the scheme which is also commonly called fixed deposit or FD.
We will know what is the new interest rate of Post Office FD, what are the rules for opening an account, depositing and withdrawing money.
In this article, we will also see how you can grow your money faster by doing a calculation. In this scheme, we will also discuss the tax benefit rules on how you can avail tax exemption on FD.
Post Office Time Deposit What is the scheme:
If you are looking for an investment option in which you get guaranteed returns, then you can invest in the time deposit scheme of the post office.
Post Office Time Deposit is similar to Bank FD, Time Deposit is also called Post Office FD. Through this, you can get a good return by fixing the amount for 1, 2, 3 and 5 years.
If you want, you can also double your amount, and the amount deposited in it is 100% safe because it is a government scheme. If you are thinking of a good return without risk, then you can invest in post office related schemes.
Post Office New Interest Rate:
Talking about the interest available on Post Office Time Deposit Scheme, currently 6.9% interest is available on 1 year FD, 7.0% on 2 year FD, 7.1% on 3 year FD and 7.5% on 5 year FD. Used to be.
In this, interest is paid on annual basis, but interest calculation is done on quarterly basis, in this scheme you also get the benefit of compounding, that is, apart from the principal amount, you are also given interest on the interest.
Post Office FD Who can open:
Any Indian citizen can open a time deposit account in the post office by depositing only Rs 1000. In this, a maximum of three people together can open a joint account and for children below 10 years of age, their parents or guardian can open the account. Are.
Return Calculation:
If you invest Rs 01 lakh in Post Office Time Deposit Scheme for 1 year, then at 6.9% interest rate you will get a total interest of Rs 7081, at the time of maturity you will get a total of Rs 107081.
If you invest Rs 01 lakh for 2 years, then at 7.0% interest rate you will get total interest of Rs 14,888, in this your maturity value will be Rs 1,14,888.
If you invest Rs 1 lakh for 3 years, then at 7.1% interest rate you will get total interest of Rs 23,508, i.e. your maturity amount will be Rs 1,23,508.
And if you invest Rs 01 lakh in this scheme for 5 years at 7.5% interest rate, you will get a total interest of Rs 44,995 and after 5 years, the total amount will be Rs 1,44,995.
If you want a good return from the time deposit scheme of the post office, invest the amount for at least 5 years. You will get interest at the rate of 7.5% in time deposit of 5 years. Even if interest rates change after you invest
So it will not have any effect on your FD account. The same interest will be charged on your invested amount with which you invested the money
Keep one thing in mind that the interest rates that I have told you now are applicable till 30th September. If you find these interest rates effective, then definitely invest money before 30th September, because the government changes the interest rates on a quarterly basis. New interest rates will be applicable from 1st October, if you invest money in it after the change in the interest rate. If fixed, it will be calculated according to the new interest rates.
Rules of tax benefit in this scheme:
The benefit of tax exemption under Section 80C of the Income Tax Act, 1961 is available only on the amount invested in time deposit account with a tenure of 5 years in the post office. But tax benefits will not be available on deposits with a tenure of less than 5 years.
