Post Office Scheme- Post Office is doubling money in 114 months, know what is this scheme of Post Office
In securing savings and looking for attractive investment opportunities , individuals often look for options that offer both security and adequate returns. As such, Post Office Savings Schemes have attracted considerable attention as a viable medium for safe investment with appreciable yields. Among these, the Post Office Fixed Deposit Scheme stands out, offering attractive interest rates that effectively double the amount invested within a fixed time frame.
Interest Rate: The Post Office Fixed Deposit Scheme offers an impressive interest rate of 7.5 per cent, outperforming many traditional banking options.
Tenure Options: Investors can choose from various tenures for their deposits , ranging from 1 year, 2 years, 3 years to 5 years with interest rates of 6.9 per cent, 7 per cent and 7.5 per cent respectively.
Doubling the investment: The maturity period of the investment to double the deposit is generally more than five years , requiring a longer investment period for adequate returns.
Tax Benefits: Investors can avail of tax exemption benefits provided under Section 80C of the Income Tax Act, 1961, making time deposit schemes an attractive option for tax-conscious individuals.
Account types and opening process: The scheme allows opening of both single and joint accounts , with a provision for minors above 10 years of age to open accounts through their family members. Notably, the minimum deposit required to open an account is Rs 1,000, and the interest is compounded annually.
Understanding these essential aspects of Post Office Fixed Deposit Scheme enables potential investors to take informed decisions , thereby ensuring safety of their funds and maximization of their investment returns.