Any citizen can invest in this scheme for 5 years, in which investors are given strong interest. Along with this, tax exemption (Income Tax Benefits) can also be availed. Let us know the complete details of this scheme.

This government scheme is Post Office Time Deposit (Post Office TD), which is operated under the Small Savings Scheme. The special thing about this scheme is that you can invest a lump sum amount in it, in which interest keeps getting added from time to time. This scheme is also called Post Office FD. Four types of tenure are offered under time deposit.

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How much interest on which tenure?

• Under Post Office Time Deposit, an interest of 6.9% is given for 1 year tenure. 
• An interest rate of 7.0% is given for the Time Deposit tenure of two years. 
• Time deposit interest rate for 3 year tenure is 7.1%. 
• Post Office offers Time Deposit scheme for 5 years, under which the interest is 7.5%. 

3 people can open an account at the same time

Under Post Office TD, 3 people can open an account in single or joint. In this scheme, the minimum investment can be Rs 1000 in multiples of 100. There is no limit on the maximum amount. Under this scheme, a rebate of Rs 1.5 lakh per annum is given under Section 80C of Income Tax under a tenure of five years. You cannot withdraw money under this scheme before six months.

You will earn 4.5 lakh rupees from interest only

If you save Rs 2,778 every day under this scheme and invest at least Rs 10 lakh in lump sum after one year, then you will earn Rs 4,49,948 from interest alone in 5 years. The total amount in five years will be Rs 14,49,948.

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Although you will get FD options in banks as well, but if you want to make FD for 5 years, then you will get good interest in the post office. Currently, 7.5% interest is being given on 5-year FD of post office. Apart from this, you also get tax benefit under Income Tax Act 80C in 5-year FD. Let us tell you how much money will be earned from interest on making FD of ₹ 1,00,000, ₹ 2,00,000 and ₹ 3,00,000 in post office FD.

On making an FD of ₹3,00,000

If you invest ₹3,00,000 in the post office time deposit scheme, then at the rate of 7.5 percent interest, you will get ₹1,34,984 only from interest. In this way, on maturity, you will get a total of ₹4,34,984.

On making an FD of ₹2,00,000

If you invest ₹2,00,000 in the post office time deposit scheme, you will get ₹89,990 as interest at the rate of 7.5 percent. In this way, you will get a total of ₹2,89,990 on maturity.

On making an FD of ₹1,00,000

₹1,00,000 is the amount that people usually invest in FD. If you also invest the same amount, then at the rate of 7.5 percent interest, you will get ₹44,995 as interest. In this case, you will get a total of ₹1,44,995 on maturity.

Extension option is also available

If you want, you can increase your benefits by getting your post office FD extended. 1 year post office FD can be extended within 6 months from the date of maturity, 2 year FD within 12 months of maturity period and for extension of 3 and 5 year FD, the post office has to be informed within 18 months of maturity period. Apart from this, you can also request for account extension after maturity at the time of opening the account. The interest rate applicable to the respective TD account on the day of maturity will be applicable for the extended period.

The post Post Office FD Scheme: Invest only ₹3,00,000 in Post Office’s FD scheme…you will earn ₹1,34,984 only from interest first appeared on Rightsofemployees.com.