Everyone wants that both his present and future should be financially secure, that is why he likes to invest his money in a place where he gets good interest on his money and his money is also safe. One such place is post office where one not only gets good interest on investing but the money is also completely safe here. Post office has many such schemes which attract people towards it.

Saving account

This account can be opened by any adult alone or with only two people (Joint, Two Adults only). Those who are below 18 years of age will have to open the account with a guardian. 4 percent interest will be given annually on the savings account. To open this account a minimum amount of Rs. 500 will have to be deposited for the first time. If there is no transaction from the account for three consecutive financial years, the account will go into silent mode. KYC will have to be given to operate it again.

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National Savings Time Deposit Account

is a scheme of the post office in which a lot of interest is being given on investment of one to five years. In this scheme, 6.9 percent interest is being given on investment of one year, while 7 percent interest is being given on investing money for two years. And 7.5 percent interest is being given on investment of five years. The minimum investment limit in this scheme is Rs 1000 and money cannot be withdrawn from this scheme before 6 months.

Kisan Vikas Patra (KVP)

is a very popular scheme of the post office, in which the money doubles on investing. To avail this benefit, investors have to invest money for 9 years and 7 months. For the remaining period less than that, an annual interest of 7.5 percent will be received. A minimum investment of Rs 1000 has to be made in this scheme.

National Saving Certificate:

Investing money in this scheme will fetch 7.7 percent interest per annum. But there is a catch with this interest rate, that is, the interest rate will be available only on maturity. The minimum investment limit in this is Rs 1000, although there is no limit on maximum deposit.

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In this scheme, depositors get bumper interest up to 7.5 percent. Apart from this, it also helps in saving tax. Broadly speaking, if you deposit Rs 2 lakh lump sum in this scheme, then you will get around Rs 90 thousand as interest. Apart from this, the principal amount of 2 lakh will also be returned on completion of time. Let us give complete information about this scheme.

Maturity is of 1-5 years

According to the information available on India Post’s website, Post Office Time Deposit Account can be opened for 4 different tenures. Interest rate is 6.8% for 1 year, 6.9% for 2 years, 7% for 3 years and 7.5% for 5 years. Interest is paid annually and calculated quarterly. A minimum investment of Rs 1000 can be made. Beyond that, investments can be made in multiples of Rs.100.

90 thousand will be given only as interest

According to the Post Office Time Deposit Calculator, if an investor deposits Rs 2 lakh in this scheme for 5 years, then he will get a total of Rs 89990 as interest. On completion of the period of five years, he will also get back the principal amount of Rs 2 lakh.

Tax benefit is available on time deposit of 5 years

If the Post Office Time Deposit account is opened for 5 years, then tax benefit is also available on it. Deduction can be availed under section 80C on the investment amount. Talking about other features of this scheme, it can be opened single or joint. Pre-mature closure is possible only after at least 6 months if the investment is made once.

Investors can open any number of accounts

If an investor wants to extend the Post Office Time Deposit account, then after maturity, he can extend it for the same time period. An investor can open any number of accounts in his name. One important thing is that even if you do not withdraw the interest amount received on annual basis, it will remain in the account like dead money. There is no separate interest on this.

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