Post Office Investment: Add 10 Lakh in 3 Years to Get Big Profit
Even today, there are many people who are nervous about investing their money. Basically, they want a complete guarantee of safety for the money.
Post office schemes will be better for such people. One of these schemes is the Time Deposit Scheme. This scheme is ideal for those who want to keep their money safe.
Here, no one will have any fear of losing their investment. This scheme can help you earn more money in less time. If you also want to do the same, then the post office can invest in this scheme.
In this section, we will explain how you can deposit 10 lakh rupees using this scheme in just three years.
How Much to Invest
To invest in the post office time deposit scheme, you must first open an account under this scheme. Then, to create a fund of Rs 10 lakh in 3 years, you will have to invest Rs 8.50 lakh in one go.
How Much is the Interest Rate
The annual interest rate of this post office scheme is 5.5 percent. With this interest rate, you will receive more than Rs 10 lakh on maturity after only three years. That is, you will be paid Rs 1.51 lakh in interest after three years.
A Minimal Investment is Required.
If you also want to open an account in this scheme, then open a time deposit account (also known as a fixed deposit) in the nearest post office.
A minimum investment of Rs 1,000 is required for this scheme.However, no limit has been fixed for the maximum investment. Anyone above the age of 10 can invest in this scheme.
Rules for Minor Child
However, keep in mind that if an account is opened for a minor child, it can be opened only under the supervision of a parent or guardian. Investments can be made in this scheme for 1 year, 2 years, 3 years, and 5 years.
Premature Withdrawal Rule
One advantage of this scheme is that you can withdraw money ahead of time. If you suddenly need money, you can withdraw the amount deposited in this scheme.
However, there are some post offices for this purpose. For example, you will not be allowed to withdraw money after 6 months of investment.
Then, if you withdraw money between 6 and 12 months, you will receive interest equal to the savings account balance. If the money is withdrawn before 2, 3 or 5 years, then 2% of the total interest will be deducted.
Interest Rate Can Change
Post Office Small Savings interest rates change at the beginning of every quarter. Now, from this year on, their interest rates can change again.
The rate of time deposit scheme is also subject to change. But it is also possible that there will be no change in interest rates. Anyway, the interest rates of these schemes have not changed for several quarters.
