Safe Investment: By Investing Money In Time Deposit Scheme, You Can Get Better Interest, There Is No Risk Of Sinking Of Money
If you want to invest your money in a place where your money is safe and at the same time you get good interest, then the National Savings Time Deposit Scheme (FD) of Post Offices can be the right option for you. Under this scheme interest is paid on an annual basis, but it is calculated on a quarterly basis. Under this scheme, it offers interest rates ranging from 6.9 to 7.7 per cent for a period ranging from 1 to 5 years. It can be started by opening an account with a mere thousand rupees. The post office offers many savings schemes (saving schemes), in which your money is safe and you get good interest.
Special things related to this scheme ..
How to open account?
- One can open a fixed deposit account in the post office through cash or check. According to India Post, in the case of checks, the account will be considered open from the date of the receipt of the check amount in the government account. This account can also be opened in the name of a minor and a joint account in the name of two adults.
How much amount can be deposited
To open a post office FD account, a minimum amount of Rs 1000 has to be deposited. There is no maximum limit.
How much will be the interest?
According to India Post’s website, the interest rates are as follows:
No benefit of tax exemption
The interest from this scheme is taxable and it adds to the annual income of the person who has invested in it. If you invest in a 5-year time deposit, you will get the benefit of tax exemption.
For more details, please visit https://www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspx
