Post Office Time Deposit Scheme: Invest Rs 10 lakh and get interest of Rs 4.50 lakh
Post office schemes have their own charm across India as they offer guaranteed returns to investors and in some cases fixed monthly income.
Post Office Time Deposit Scheme: Post office schemes have their own charm across India as they offer guaranteed returns to investors and in some cases fixed monthly income. Post Office Time Deposit Scheme: Invest Rs 10 lakh and get interest of Rs 4.50 lakh.
A lot of investors who don’t want to invest in market-linked investment schemes fearing market fluctuations find post office schemes a source of stable income where their money is safe. Post Office Time Deposit Account (National Savings Time Deposit Account) is one such post office investment scheme that is popular among investors seeking guaranteed returns.
What is National Savings Time Deposit Account (Post Office Time Deposit):
It is a post office managed fixed deposit scheme where one can invest for a fixed period of 1, 2, 3 and 5 years. Account can be opened with a minimum investment of Rs.1000 and in multiples of Rs.100. There is no maximum investment limit. Adults can open a single or joint account for up to three adults.
A parent can also open an account on behalf of a child above 10 years of age. National Savings Time Deposit Account: Interest rates can be invested for 1 year, 2 years, 3 years and 5 years. As per the latest data, as of February 5, 2024, the interest rates are 6.9 percent, 7.0 percent, 7.1 percent and 7.5 percent. This interest rate will be valid till March 31. Interest is revised every three months.
Interest is calculated on quarterly basis and paid annually. Tax benefits are also available on the 5-year plan under Section 80C of the Income Tax Act.
National Savings Time Deposit Account: What an Investment of Rs 10 Lakh:
If you invest Rs 10 lakh for a year and get 6.9% interest on it, after the completion of the project you will get Rs 70806 as interest and after one year your return will be Rs 1070806. If you invest Rs 10 lakh for two years and get 7.0% interest on it, you will get Rs 148882 as interest and Rs 1148882 as return.
Your investment amount is Rs 10 lakh for three years and the interest rate is 7.1%, you will get Rs.235075 as interest and Rs.12,35,075 as total income. If you invest Rs 10 lakh for five years at 7.5% interest, you will get Rs 449948 as interest and Rs 1449948 as total return.