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Post Office Time Deposit Scheme: Even today there is a large population in India who look for safe investment options. India Post keeps on bringing various types of schemes to the investors, by investing in which you can get good returns. The name of one such scheme is Post Office Time Deposit Account. It is also called Post Office Fixed Deposit Scheme. It is like a bank’s FD scheme in which the money is invested for a fixed period of time and later you get guaranteed returns. Only citizens of India can invest in the post office time deposit scheme.
Know the details of post office FD scheme here
- In this scheme, you have to set a minimum investment of Rs 1,000 and no maximum investment amount.
- In this scheme, you can open a single or joint account. Joint accounts can be opened by two or three people together.
- A person above 10 years can invest in this scheme, but keep in mind that the account of the minor child will be opened under the supervision of his parents.
- You can invest money in this scheme for 1 year, 2 years, 3 years and 5 years.
- If you invest in FD scheme for five years, you get exemption under section 80C of Income Tax Rebate.
- To open this account, you can open an account by visiting any post office.
This much return will be available on the FD scheme of the post office
- 5.5% will be available on 1 year FD scheme
- 5.5% will be available on 2 year FD scheme
- 5.5% will be available on 3-year FD scheme
- 6.7% will be available on 5 year FD scheme
Withdrawals can be made ahead of time
After investing money in the post office’s time deposit scheme, if you suddenly need, you can withdraw these money, but for this the post office has set some rules for pre-maturity withdrawal. You do not get permission to withdraw within 6 months of investment. At the same time, on withdrawal of the amount between 6 to 12 months, you will get interest equal to the savings account. On the other hand, if you withdraw money from the account before 2, 3 or 5 years, then 2% amount will be deducted from your total interest.
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