Post Office Time Deposit Scheme: If one wants to earn huge profits in a short period of time without taking any risk in the investment, one can opt for this in the post office. Called Post Office Time Deposit, people commonly call this scheme Post Office FT.
In this, if you want to do FD for 5 years, you will get good interest in post office. Currently, Post Office’s 5-year FD offers 7.5% interest. Apart from this, you will also get tax benefit on 5 year fixed deposit under Income Tax Act 80C.
How to get interest on Rs.1,34,984?
If you invest Rs 3 lakh in this scheme, you will get interest of Rs 1,34,984 at the end of 5 years. That means you will get Rs.4 lakh 34 thousand 984 at maturity.
This means that if you invest Rs 2 lakh, you will get Rs 2,89,990 with an interest of Rs 89,990 at 7.5 percent interest. If you invest Rs 1 lakh, you will get interest of Rs 44,995. 1,44,995 will be available at maturity. Also, this program has 1 year and 2 year options.
