Post Office Schemes: If you are also planning for Best Investment Plan, then Post Office Time Deposit Account can be a good option for you. Because, in this scheme you will get more returns from the Fixed Deposit (FD Scheme), you will also get guaranteed money security. The bank is cutting the interest rates of FDs, so post office schemes can give you better returns. Let us know about the post office time deposit scheme.
How much interest will be earned
There are many benefits available in post office time deposits. If you get FD for one to three years, you will get 5.5% interest, while if you invest for 5 years, then you get interest at 6.7%. These are the new rates of interest which came into force in April 2020. In such a situation, you will get interest at the rate of 6.7 percent in the post office time deposit, then after 10.74 years your money will double. At the same time, money will double in 12.63 years at 5.7 per cent annual interest in SBI.
Who can open an account
In this scheme, any single person can open their account. Apart from this, joint accounts can also be opened. At the same time, parents account can be opened in the name of children above 10 years of age. It cannot be closed before 6 months.
The best thing is that you can avail tax exemption under Section 80C of Income Tax Act, 1961 on 5 years investment. For opening a post office FD account, a minimum deposit of Rs 1000 is required. There is no maximum limit. You can avail this scheme in any branch of the post office. You can also easily transfer one account to another.