Post Office Time Deposit Account can be the right option for you to invest money. In which your money is safe and good returns are also received.
If you are looking for an investment option in which your money is safe and you also get good returns, then the Post Office Time Deposit Account can be a better option for you. The biggest reason for this is that there is a guarantee of protecting your money with good returns in it. While another bank is cutting the FD interest rates, the post office is offering several schemes. Customers can earn good by investing here. Today we are telling you about this scheme
so much interest rate
If you invest for one to three years in the post office time deposit, you will get interest at the rate of 5.5 percent. At the same time, if you invest for 5 years, then you will get interest at the rate of 6.7 percent. In this case, if you get interest at the rate of 6.7 percent, then your money will double in 10.74 years i.e. 129 months. Whereas, the bank takes 12.63 years i.e. about 152 months according to the interest of 5.7 percent per annum.
>> This account can be opened in the name of a minor and a joint account in the name of two adults.
>> Any person can open a fixed deposit account in the post office through cash or check.
>> it cannot be closed before 6 months. Apart from this, there is a penalty on premature withdrawal. If closed between 6 and 12 months, the post office savings account interest rate will be payable, which is 4 percent per year.
>> One can avail tax exemption under Section 80C of Income Tax Act, 1961 for investing under a deposit period of 5 years.
>> To open a post office FD account, a minimum deposit of Rs 1000 is required. There is no maximum limit.
>> This account can be opened in any post office. Nomination facility is available at the time of account opening and even after opening the account.
>> This account can be easily transferred from one post office to another.