New Delhi. If you are also looking for a safe option with high returns, then say that the post office, like the bank, offers you the option of a one-year, two-year, three-year and five-year fixed-term deposit system. The fixed deposit of the post office is called fixed deposit. This scheme is also called Post Office FD. Fixed-term deposits at the post office have different interest rates depending on the term.
The government recently raised interest rates on term deposits by 30 basis points. Now, in this program, an investor receives interest of up to 7 per year. What is special about this program is that the investor is given the opportunity to invest in the short and long term.
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Will get tax exemption
The option of an investment of 1 year to 5 years is open. Deposit Rs 1 lakh flat rate and forget it for 5 years. Not only do you get high returns at maturity, but you can also take advantage of Section 80C of the Income Tax Act exemption for 5-year term deposits.
Anyone can open an account
Any Indian citizen can open their account in the Post Office Time Deposit Scheme. In addition, 3 adults can open a joint account together. Parents can also open a fixed-term deposit account for children aged 10 and over. An account can also be opened by investing Rs 1,000 in it.
Interest advantage up to 7%
Different interest rates have been set for different investment periods of fixed postal deposits. If an investor deposits money into this system for 5 years, he will receive interest at the rate of 7 percent per year. With a three-year fixed-term deposit, the investor receives 6.9 percent interest. Likewise, 6.8 percent interest is granted on 2-year time deposits. The lowest interest rates, ie 6.6 percent interest, are granted on one-year term deposits.
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Keywords: Business News in Hindi, invest money, investment and return, post, Post Office MIS
FIRST RELEASED : March 10, 2023 7:35 am IST
