Post Office Saving Schemes: You are making an investment plan and want to invest your money in such a place where the money is not only safe but also gives strong returns. So you can start in government schemes run by Post Office (Post Office Saving Schemes). The government itself guarantees security on the investments made in these, i.e. risk-free investment. There is also a scheme included in this where once you invest the money, you will earn more than Rs 2 lakh from interest alone. This is an amazing scheme, Post Office Time Deposit Scheme, let us know its benefits.
Multiple investment options, robust interest rates
Investors in the Post Office TD Scheme can invest a lump sum for one year, two years, three years, or five years, depending on their convenience. The government also provides varying interest rates for accounts opened for different tenures. For example, a one-year time deposit earns 6.9%, a two-year investment earns 7%, a three-year investment earns 7.1%, and a five-year investment earns 7.5%.
Tax benefits starting at ₹1,000
Investing in the Post Office Time Deposit Scheme offers numerous benefits. While it offers tax benefits and allows investors to claim tax benefits under Section 80C of the Income Tax Act, 1961, investing in this government scheme can start with just ₹1,000.
Single or Joint Account Facility
Investors in the PO Time Deposit Scheme also have the option to open separate accounts. You can open a single or joint account. While you can start investing with as little as ₹1,000, there is no maximum investment limit. This means the more you invest, the greater your profits.
How to earn 2 lakh rupees from interest alone?
Now let’s explain how investing in this government scheme can earn over 2 lakh rupees from interest alone. The calculation is simple, and you’ll need to invest a lump sum for a maximum of 5 years. Using the PO TD Calculator, if you invest 4.5 lakh rupees in your account for five years, then at an interest rate of 7.5% over this period, you’ll receive a total of 6,52,477 rupees upon maturity. Of this, 2,02,477 rupees will be interest alone.
The more you invest, the more you earn.
Investors have the option to choose the tenure and investment amount as per their convenience. Interest is also paid accordingly. If you want to earn an interest income of ₹2 lakh in just 3 years, you would need to invest ₹10 lakh for this period. At the fixed rate of 7.1% for three years, the interest you would receive would be ₹2,35,075, making the total corpus ₹12,35,075.
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