Post office special scheme doubles the total investment. Full details can be found here. The Post office has a number of savings schemes to keep money safe. Currently, all these are the best options for investment. But today we are going to tell you about an amazing project of Post Office.
In this scheme, investors get higher interest than SBI's FT. In this scheme you can deposit money for 1, 2, 3 and 5 years. At present, sbi offers 6.50 percent interest on a 5-year FT. Whereas, if you invest in Post office Time Deposit Scheme for 5 years, you get 7.5 percent interest. You can also avail this scheme. If you take a DD plan for 1 to 3 years, you will get 6.90 percent interest. Apart from this, deposits of up to 5 years will get 7.5 percent interest.
In how many days will money double?
If you are going to invest money in a TD plan and you get 7.5 percent interest, your money will double. In this you can invest money up to about 9 years 6 months i.e. 114 months.
Who can open an account?
Any individual can open an account in this plan. Apart from this, all 3 adults can open a joint account. Whereas parents can open accounts in the name of children above 10 years of age.
Advantages of Post office Time Deposits:
Talking about the benefits of time deposit, it is tax exempt under Section 80C of the Income Tax Act, 1961. Referral is a key feature when opening an account. In this case, there is a penalty for early withdrawal.