Are you looking for a way to save money with guaranteed returns and no risk? The Post Office has a solution for you called the Time Deposit Scheme.
With this scheme, you can earn interest income of up to Rs 90,000, and it’s backed by the government, so your money is safe.
Here’s how it works: You can invest your money for different periods, like 1 year, 2 years, 3 years, or 5 years, and earn interest ranging from 6.9% to 7.5%.
The interest is calculated every quarter and paid annually. You can start with as little as Rs 1000.
For example, if you invest Rs 2 lakh for 5 years, you can earn around Rs 90,000 as interest. After 5 years, you’ll get back your initial investment plus the interest earned.
It’s important to note that even if you don’t withdraw the interest each year, it will still be added to your account.
There are some rules to keep in mind: If you open a Time Deposit account for 5 years, you can also enjoy tax benefits under section 80C.
You can open the account alone or with someone else, and if you need to close it early, you can do so after at least 6 months.
Overall, the Post Office Time Deposit Scheme offers a safe and reliable way to save money while earning a good return on your investment.
