This scheme of post office is giving 7.5% interest! Lakhs will be made on Rs 5 lakh, know the complete calculation

In Post Office Time Deposit Scheme, investors get different interest rates on different terms. Interest is available on investment of one year at 6.9%, on investment of two years it is 7%, on investment of three years it is 7.1% and on investment of five years it is 7.5%. That means you can increase your earnings by investing as per your need and term.

How much income can be earned on investment of Rs 5 lakh?

If you invest Rs 5 lakh on a term of 5 years, then at the rate of 7.5% you will get interest of Rs 2,24,974 in 5 years. The total amount on maturity will be Rs 7,24,974. That means earning lakhs just from interest, without any risk, this scheme can do wonders for you.

100% secure and everyone can invest

Post Office Time Deposit Scheme is 100% safe as it is backed by the Government of India. Investors have no fear of losing their money. Moreover, the minimum investment in the scheme is Rs 1000 and there is no maximum investment limit, making it easy for everyone to join.

double benefit of tax saving

You can also save tax under Section 80C of the Income Tax Act 1961 on investing in this scheme for five years. That is, not only earning from interest, but also getting the benefit of tax saving on investment. This makes it an even more attractive option.

How to open an account?

Single or joint account can be opened in Post Office Time Deposit Scheme. Accounts can also be opened for children above 10 years of age by their relatives. Interest is credited on an annual basis and the account can be opened easily by visiting your nearest post office.