Post office
Nowadays, there is a lot of upheaval in the stock market. Sometimes the shares of a company fall, sometimes the market comes down. In such a situation, the common man gets into thinking where to invest his hard work, where there is no fear of loss and profits are also found properly. In view of this need, the government has created a trusted scheme – Post Office Time Deposit (TD). There is neither a stock market -like danger nor any kind of tension. Money is also safe and fixed interest is also available.
You can start investing with a minor amount
The biggest feature of the post office time deposit is that there is no need for a hefty amount to invest in it. Can be started with just Rs 1,000. There is no upper limit, as much money can be deposited in it. And the best thing is that this scheme is completely safe by the government. That is, your money will not drown, whatever happens.
Around 4.5 lakh rupees will be available on 10 lakhs in 5 years
Now let’s talk about the most important question – how will you get the benefit? If a person imposes 10 lakh rupees in this scheme for 5 years, then he will get an interest of Rs 4,49,949 in total according to the annual interest rate of 7.5%. Meaning, after 5 years, he will get Rs 14,49,949. Interest is added every three months, which makes more earning. In this way your money keeps increasing continuously without any risk.
Relief will also be available in tax, facility to withdraw money in between
If you run this scheme for 5 years, then you also get tax exemption under Section 80C of the Income Tax Act. If for some reason you need money, then after 6 months, money can be withdrawn from this scheme. Yes, there may be a little cut, but you will get the money. And yes, when 5 years are over, it can also be automatically renewal. That is, if you want, you can move it forward without any hassle.
Why is this scheme beneficial for the common man?
When the market is dancing, then investing money in some place where there is no risk at all and interest is also good, the most sensible step is. The post office time deposit scheme is special for those people who want to sleep peacefully by putting money. Neither the company is afraid of drowning, nor tension of falling shares. Government’s guarantee, confirmed interest rate and how to increase tension money – that is the biggest strength of this scheme.