2024-09-22 09:24:05 :
Everybody budgets a part of their income and wants to invest it somewhere where the money is safe and earns good returns. In this backdrop, many schemes run by the post office have become very popular. Even with a small investment, you can earn good profits. One of the budget schemes is the Post Office Fixed Deposit Scheme, which the government also offers heavily in interest.
The interest rate for this scheme is up to 7.5%
The post office has savings schemes for every age group, be it children, senior citizens, youth or women. If we talk about the post office fixed deposit scheme, then apart from good returns, safe investment, you can also enjoy the benefits of tax exemption which makes it very popular. In this scheme, the money is invested for five years. The government offers a good interest of 7.5% on the investment for this period. This means it is also at the top in terms of returns.
There is so much interest in different terms.
You can invest for different tenures under the Post Office Fixed Deposit Scheme. In it, the money can be deposited for 1, 2, 3, 5 years. If you invest for one year, you will get 6.9% interest, while if you invest for 2 or 3 years, the interest rate is fixed at 7%. If you invest in this post office plan for 5 years, then the investor will get 7.5% interest.
How to earn hundreds of thousands of dollars in interest?
If you calculate the interest income from post office fixed deposit, then if an investor invests Rs 5 lakh in this post office scheme for five years, then at an interest rate of 7.5%, he will earn 2% interest on the deposit during this period. You will earn Rs 24,974 in interest. At the same time, the total amount due will increase to Rs 7,24,974. This means you will earn more than Rs 2 lakh in interest alone.
You can also get the benefit of tax exemption
In the fixed deposit scheme, customers can also avail tax exemption under Section 80C of the Income Tax Department Act, 1961. In this savings scheme, a single account or a joint account can be opened. Accounts for children above 10 years old can be opened through their family members. In this case, a minimum of Rs. 1,000 is required to open an account. The interest funds increase every year. There is no limit on the maximum investment, which means that the more money you invest, the more interest you will earn.
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