If you also want to invest in such a scheme where your money is safe and you get guaranteed returns along with good interest, then post office savings schemes are a great option for you. Meanwhile, we are going to tell you about a post office scheme in which you can create a fund of Rs 1,23,508 by investing Rs 1 lakh. That is, you will get a direct benefit of Rs 23,508 and that too without any risk. Let us know about this amazing scheme and understand its complete calculation.

Post Office TD Scheme: A better option than bank FD

The post office time deposit scheme works just like the FD of banks. In this, you deposit money for a fixed time and get the entire money back along with the fixed interest on maturity. The interest rates on the post office FD scheme are slightly better than banks. In this scheme, the interest rate for 1 year is 6.9%, the interest rate for 2 years is 7.0%, the interest rate for 3 years is 7.1% and the interest rate for 5 years is 7.5%.

You will get this much benefit on 3 year FD scheme

If you deposit Rs 1 lakh in post office FD for 3 years, then after 3 years you will get a total of Rs 1,23,508. This means you will get fixed and guaranteed interest of Rs 23,508. This is a very safe investment.

Special features of Post Office TD Scheme

You can start investing in this scheme from Rs 1000. There is no maximum limit of investment in this. In this scheme, you can open a single account as well as a joint account. In banks, senior citizens get higher interest on some FDs, but in the post office, all customers are given the same interest rate. So that everyone can benefit equally.

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TD accounts are opened in the post office for a period of 1 year, 2 years, 3 years and 5 years. The post office has changed the interest rates of TD schemes of 2 years, 3 years and 5 years, while no change has been made in the interest rates of 1 year TD. Let us know how much interest will be available on the TD scheme of the post office now?

Post Office increased the interest rates of 5 year TD

The post office has reduced the interest rates of TD schemes of 2 years and 3 years duration. Now 6.9 percent interest will be available on 2 year and 3 year TD of the post office. Let us tell you that earlier 7.0 percent interest was being given on 2 year TD and 7.1 percent interest was being given on 3 year TD. Apart from this, the post office has increased the interest rates on 5 year TD to 7.7 percent. Earlier 7.5 percent interest was being given on 5 year TD. The post office has not made any change in the interest rates of 1 year duration TD and the interest on it will be 6.9 percent as before. That is, now only 6.9 percent interest will be available on TD from 1 year to 3 years in the post office.

You will get interest of Rs 92,849 on Rs 2 lakh

Now, 5 year TD will earn 7.7 percent interest, which was 7.5 percent earlier. After the new interest rates are implemented, if you deposit Rs 2 lakh in 5 year TD of post office, then on maturity you will get a total of Rs 2,92,849, which includes interest of Rs 92,849. Let us tell you that Post Office TD scheme is exactly like FD of banks, in which fixed interest is paid at a fixed time. However, in TD scheme, all customers get equal interest, whereas in banks, senior citizens get 0.50 percent more interest on FD schemes of selected periods.

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From April 1, 2023, 7.5 percent interest is being received annually on the Post Office Time Deposit Account of 5 years. In this scheme, interest rates are paid on an annual basis. However, the interest is compounded on a quarterly basis. In the 5-year term deposit scheme of the post office, the account holder also gets the benefit of tax deduction up to 1.5 lakhs under section 80C of income tax.

Apart from 5 years, you can invest in post office term deposits with maturity of 1, 2 and 3 years. In this scheme, after maturity, the deposit option is available again for the same period.

Post Office: Guaranteed 10 lakhs on lump sum deposit of 5 lakhs

The customer is getting 7.5 percent interest from April 1, 2023, on 5-year FD in the post office. According to the Post Office FD Calculator 2023, if a deposit of Rs 5 lakh is made, then the regular customer will get Rs 7,24,974 on maturity. In this, Rs 2,24,974 will be earned from interest. After maturity, this scheme can be extended for five more years. In this way, a lump sum deposit of Rs 5 lakh will grow to Rs 10,51,175 in 10 years. In this, there will be an income of Rs 5,51,175 from interest. That is, in 10 years, your investment here is guaranteed to double.

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Post Office TD: Review of interest rates every quarter

Single account and joint account are also opened under post office time deposit. A maximum of 3 adults can be included in a joint account. This account can be opened with a minimum of Rs 1000. After this you can invest in it in multiples of Rs.100. There is no investment limit in Post Office TD. The Finance Ministry reviews the interest rates on small savings every quarter.

Post Office TD: Benefit of tax deduction

The benefit of tax exemption is available on 5 years FD in the post office. Tax deduction can be claimed on investment up to Rs 1.5 lakh under section 80C of income tax. Keep in mind here that the amount received on maturity in FD is taxable. Post Office TD is getting 6.8 percent interest for 1 year, 6.9 percent for 2 years and 7.0 percent for 3 years. In this scheme, the interest rates are calculated on a quarterly basis, but the payment is done on an annual basis.

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