If you are also looking for a safe investment option, then you can invest in the fixed deposit scheme of the post office. The special thing about this scheme is that the money invested in it is absolutely safe and also gives you good returns. You can invest in the post office for a period of 1 to 5 years. It is a small savings scheme which gives you very good returns.

You will get this much money on investment of one lakh

Let us tell you that under the Post Office Term Deposit Scheme, you can invest money for up to 5 years. On this you will get interest at the rate of about 6.7 percent per annum. That is, if a person opens an account by depositing Rs 1 lakh in term deposit for 5 years, then after 5 years he will get Rs 1,39,407 including interest. At the same time, the interest rate of post office term deposit on term issue of 1, 2 and 3 years is around 5.5 per cent.

These people can open account

Let us tell you that under the Post Office Term Deposit Scheme, you can open both single or joint accounts. Children below the age of 10 years can also open an account in this post office scheme under the supervision of parents or mentally challenged persons.

Will have to invest this much

You can start this account with Rs 1000. At the same time, you will also get tax exemption under Section 80C of Income Tax on 5-year term deposit scheme.

You get these benefits

In this post office scheme, you get the facility of nominee.

You can transfer it to any post office.

You can open it both single and joint.

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If you are planning to invest with less money, then here a good option is being talked about for you. You can opt for Post Office Fixed Deposit/Fixed Deposit Scheme for future planning.

You will never suffer any loss by investing money in this scheme, because your money is safe here. Also, investing in it is a very easy option. Let us tell you, the facility of FD / TD is not only in the bank. You can enjoy it by starting it at the post office. Your money invested in the post office is always safe and also gives guaranteed returns.

Fixed deposits of 1 to 5 years can be opened in the post office. This is a small savings scheme. The bank has not changed its interest rates from January to March 2022 quarter. This means that the interest which was available in the October-December 2021 quarter, will continue to be available now

Investment of Rs 1 lakh, you will get Rs 1, 39, 407

In post office term deposits, you get 6.7% per annum for 5 years. This means that if a person opens an account by depositing Rs 1 lakh in a term deposit with maturity of 5 years, then after 5 years he will get Rs 1,39,407 at the rate of TD. At the same time, the interest rate on one year, 2 year and 3 year term deposits is 5.5% per annum.

Who can open account?

In this scheme, any Indian can open a single or joint account. Those whose age is more than 10 years or they are mentally weak, they can also open an account in this. To open an account, you can put any amount in it starting from Rs 1000. Apart from this, investment in post office TD for 5 years is tax exempt under section 80C of the Income Tax Act.

premature termination rules

You can also discontinue this plan after the completion of 6 months. On the other hand, if you close the TD 6 months after the completion of 12 months of the account, then the interest rate of the Post Office Savings Scheme will be applicable and not the fixed deposit.

What facilities are available at Post Office TD?

• On this you will get nomination service
• Facility to transfer account from post office to another
• Post Office One, TD Account Multiple
• Facility to convert Single Account to Joint or Joint Account to Single
  Account Extension Facility
• Online account opening facility through intra-operable netbanking/mobile banking

The post Post Office Term Deposit: Start investing in this post office scheme with Rs 100, you will get 16 lakhs on maturity! first appeared on Rightsofemployees.com.