Everyone wants to save some of their earnings and invest it in a place where their money remains safe and they can get excellent returns on it. In this matter, small savings schemes run by the post office are now proving to be very popular. One such scheme is Post Office Time Deposit Scheme, in which the amount invested doubles in a fixed time. The interest on this is also excellent. Let us know the complete details from the benefits available in this scheme to opening the account…

Excellent interest of 7.5% in this scheme.

Post Office Saving Schemes have emerged as a good option to invest your savings safely and get good returns on it. At the same time, Post Office Time Deposit Scheme has received tremendous response from customers, because this scheme is a savings scheme that doubles the money of investors. In this, you get more interest on investment from the bank. The government is giving interest at the rate of 7.5 percent to those investing in this scheme.

You can invest for these tenures.

Investors can invest in this saving scheme of Post Office for different tenures. Under this, money can be deposited for 1 year, 2 years, 3 years and 5 years. If you invest for one year, you get 6.9 percent interest, if you invest money for 2 or 3 years, you get 7 percent interest and if you invest in Post Office Time Deposit Scheme for 5 years, you get 7.5 percent interest. . However, it takes more than five years for the customer’s investment to double.

It will take so many years for the money to double.

If we look at the calculation of doubling of investors’ money in post office time deposit, then suppose a customer invests Rs 5 lakh for five years and he gets interest on it at the rate of 7.5 percent, then During this period, he will earn interest of Rs 2,24,974 on the deposit and the total maturity amount including the investment amount will increase to Rs 7,24,974.

Whereas if the money invested in time deposit scheme is kept invested for 9.6 years, then you will get double the deposited amount. That means the money will double after investment of 114 days.

Benefit of tax exemption is also available.

In Time Deposit Scheme, the customer is also given the benefit of tax exemption under Section 80C of the Income Tax Department Act 1961. In this savings scheme, single account or joint account can be opened. The account of a child above 10 years of age can be opened through his family member. In this, an account can be opened with a minimum of Rs 1,000. In which interest money is added on annual basis

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Government of India runs many schemes through the post office. Different types of schemes are currently available from children to senior citizens. These days the post office is giving more than 8% interest on many schemes. One of such special schemes is the Senior Citizen Savings Scheme.

Many advantages of the scheme

There are many benefits of Senior Citizen Savings Scheme. Under the scheme, investors not only get a safe option but also get attractive interest. At present, 8.2 percent interest is being received on this scheme annually. Get excellent returns on lump sum investment. Please tell that interest rates keep changing every year. Recently, the government had changed the interest rates of the schemes. Apart from this, investors also get the facility of tax exemption up to 1.5 lakh under Income Tax Act Section 80C. Also, it is very easy to get the account transferred from one branch to another.

This is the calculation

Under the scheme, investors get interest up to Rs 2 lakh for an investment of about Rs 5 lakh. For this, investors have to invest a lump sum of Rs 5 lakh for 5 years. At the time of maturity, a return of Rs 7,05,000 is received, of which Rs 2,05,000 is interest. Any Indian individual above the age of 60 years can avail the benefits of the scheme. This scheme is available for citizens taking VRS.

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If properly invested in PPF, then at the time of retirement you will have tax free fund of crores of rupees in your hands. Compound interest is available on the money in PPF. This feature of compounding increases money. At present, the government is paying interest at the rate of 7.1 percent on the amount deposited in the PPF account.

Any Indian can invest in PPF. PPF account can be opened in post office or any bank branch. A minimum of Rs 500 and a maximum of Rs 1,50,000 can be deposited in the PPF account per year. The interest on this amount is added to the account on the last day of every financial year. This is the scheme of EEE category. This means that there is no tax on the amount deposited every year, the interest earned on this amount every year and the entire amount received at the time of maturity is tax free.

How PPF will make you a millionaire

By starting early investing in PPF and maintaining the investment till the age of 60, a person can create a corpus of crores of rupees for retirement. PPF account matures in 15 years. But, the term of the account can be extended for five years even after maturity. If a person opens a PPF account at the age of 25 and deposits Rs 1.5 lakh in his account on April 1 every year, then Rs 10,650 will be deposited as interest in the PPF account on March 31 next year at an interest rate of 7.1 per cent. Will be

This will make the account balance Rs.1,60,650 on the first day of the next financial year starting on 1st April. This amount will increase to Rs 3,10,650 if Rs 1.5 lakh deposited in the second financial year of account opening is added.

In the second year, the account holder will get Rs 22,056 interest on the amount of Rs 3,10,650. Similarly, if the investor keeps depositing 1.5 lakh in the account every year on April 1, then after completion of 15 years of maturity, the PPF account will be Rs 40,68,209. Out of this, Rs 22,50,000 will be the principal amount and Rs 18,18,209 will be of interest.

Maturity will have to be extended for 5-5 years

PPF account can be extended for five years by applying before maturity. An investor investing from the age of 25 years will become 40 years old on maturity of the account. After this, by extending the PPF account for five years and maintaining the same annual investment routine as before, then by the time the investor turns 45, the total amount deposited in the account will be Rs 66,58,288.

Now again he has to extend the account for five years and continue investing as before. Next time at the time of maturity, i.e. at the age of 50 years of the account holder, the total amount in the PPF account will be Rs 1,03,08,014. Once again, on increasing the account for five years, the account holder will be able to invest Rs 1.5 lakh every year till he is 55 years old. On maturity of five years, there would have been Rs 1,54,50,910 in the PPF account.

The fund will be above 2 crores

this time one has to get the last extension of PPF account and after making continuous investment every year when the PPF account matures i.e. when the account holder will be 60 years old then the total accumulated amount in his account will be 2,26,97,857 Will be Rs. In this, the total investment of the account holder will be Rs 52,50,000, the amount of interest received on this investment will be Rs 1,74,47,857.

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