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Post Office Schemes: In today’s era, most people have understood the need for savings. This is the reason why they invest in different places according to their needs. If you want to earn a lot by investing, post office schemes can prove to be better. There is no risk of any kind here. Returns are guaranteed. In such a situation, it is not wrong to say that post office investment schemes are a better option for those who want to invest without any risk. One of these schemes is Post Office Time Deposit (POTD), which you can create a fund with guaranteed returns for a long time if you want.
Post Office Term Deposit Scheme can prove to be a great option. This scheme works just like FD. In this, you can invest your money for a period of 1 to 5 years. In this scheme, investors get a return of 6.9 percent to 7.5 percent interest rate. On the other hand, the country’s major government private banks like SBI, HDFC, ICICI, Kotak Mahindra are giving a return of 6.6 percent annual interest rate on FD.
This much interest on different tenures
Under the Post Office Time Deposit scheme, investors can invest for different tenures. In this, money can be deposited for 1 year, 2 years, 3 years and 5 years. Investing for one year gives 6.9 percent interest, while investing money for 2 or 3 years has been fixed at 7 percent. If you invest in this scheme of post office for 5 years, then investors get interest at the rate of 7.5 percent.
Tax exemption is a benefit
Post office 5-year FDs are tax exempt under Section 80C of the Income Tax Act. Just like tax-saving bank FDs. However, interest income is taxable in both cases. Along with this, the reach of post offices is up to villages and small towns. Which makes it easy and reliable for people living in remote areas to invest in it. There is no risk of any kind in this scheme of post office. Returns are guaranteed.
Account holders will get these benefits
1 – If a single account holder dies or all the account holders in a joint account die, then the deposited amount will be given to the nominee or legal heir after filling the form and claiming it in the post office.
2 – If the number of nominees or heirs is less than three, then they can continue the account in their name and get the amount along with interest. But for this they should be eligible to open a new account in this scheme.
3 – If one or two holders in a joint account die, then the remaining account holders will be considered the owners of the account. They can continue or close the account if they want.
Disclaimer: The information given here is only for general investment awareness. Interest rates and rules may change from time to time. Before investing, get the latest information from the nearest post office or official source.
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