Investment is safe, interest is attractive: know about this fixed investment at Indian post office
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Investments in Post Office which provide better return along with safe investment.
Time Deposit is a post office investment scheme that offers benefits over bank interest. The interest rate ranges from 6.9 percent to 7.5 percent. This is one of the many types of guaranteed-income small savings schemes offered at post offices.
Post Office Time Deposit is a scheme similar to bank fixed deposit. Deposits are accepted for various tenures like 1 year, 2 years, 3 years and 5 years. You can open a time deposit (TD) account at the post office for Rs.1000. Then you can invest in multiples of 100. Opening this account is very easy. There is no maximum investment limit. Interest is calculated quarterly. Interest Rate
1 year Time Deposit earns 6.9 percent interest. If you invest Rs 1 lakh, you will get Rs 7080 as interest. 7% interest after two years. Get 7190 Rs. 7190 for three years at 7.1 percent interest. The interest rate is 7.5 percent for a five-year investment. 7710 rupees as interest per one lakh rupees. Who can open an account in Post Office?
An account can be opened by an adult. Or start as a joint. Now parents can open account for children in their name. The special feature is that you can open as many accounts as you want. Also income tax exemption is applicable. How to withdraw/close account
No deposit shall be withdrawn before the expiry of six months from the date of deposit. If the account is withdrawn after 6 months and before 1 year, Post Office Savings Account interest rate will be applicable. The account can be closed by submitting the prescribed application form along with the pass book to the concerned post office.
