Risk averse people in India invest in government schemes. As such, most people focus on investing in Post Office Small Savings Scheme.
In this scenario, let’s look at one such scheme of the Post Office. This will cost you Rs. 80,000 offers guaranteed income.
Post Office Rd. project
If you invest Rs. 7 thousand every month in Anchalaka RT scheme, the total investment will be Rs. 4,20,000 in 5 years. After five years, on maturity, you will get Rs 79,564 in interest. That means a total of Rs 4,99,564 will be available.
If you invest Rs.5000 at the rate of Rs.60,000 in one year you will deposit a total of Rs. A total of 3 lakhs will be deposited in five years. In such a scenario, after five years at 6.7 percent interest rate Rs. 56,830 as interest. So at maturity a total of Rs. 3,56,830 you will get.
Interest Revision
Government usually changes the interest rate of Post Office Savings Scheme every quarter (once in 3 months). TDS is deducted on interest received under Post Office RD scheme. It will be refunded as per income after receipt of ITR. 10 percent TDS is applicable on interest earned on RD. It is noted that if the interest earned on RD is more than Rs.10 thousand, TDS will be deducted.
