Post Office Time Deposit Scheme: Get profit up to Rs 5 lakhs

Post office schemes are best for those who want to earn profit without any risk. You can get more profit with less investment. There are various schemes available at the post office. Post Office Time Deposit Scheme: Get profit of up to Rs 5 lakhs. By putting money into it, you can double your investment. But for this you have to wait a long time.

However, due to high returns, more and more people are interested in investing in them. You can earn higher interest rate in post office than SBI. State Bank of India has an interest rate of 6.5 percent for five-year FDs. However, you can get 7.5 percent interest on five-year FDs at the post office.

Similarly, if you want to save the money over a period of one year, the interest rate is 6.9 percent. You can get 7 percent interest for two years and 7 percent for three years. For example, if you want to save money on post office time deposits. Your investment doubles in 114 months at an interest rate of 7.5 percent. You have Rs.5 lakh, the interest rate is 7.5 percent. Maturity period is 5 years.

At maturity, you get Rs. 7.25 lakh, interest Rs. 2.25 lakh. If you deposit 10 lakhs you will get benefit around Rs. 5 lakhs. Interest amount is calculated quarterly. But it is paid on an annual basis. At maturity, you can get the invested money and the interest earned at the same time.

Those who want to get risk-free returns can invest in this scheme. You can select the tenor of your choice. The return depends on what you put the money into. You can also get tax benefit. This benefit can be availed under Section 80C.

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