New Post Office Scheme: More profit investment less: Most of the schemes of the post office begin with block investment of ₹ 500. At this time, you must know that the interest rate for post offices was declared at 7.5% so, if you wanted all-in-all an investment alternative for your concerned future then this article was created just for that. Everything about the scheme is here.
These are proper investments and maybe the Post Office Time Deposit Scheme would work for such citizens looking to earn safe yet good interest, as it was offered by the post office itself. The periods of these schemes vary from 1 year to 5 years. Interest rates are offered based on individual requirements.
Why this scheme should be considered special
One Time Deposit scheme comes under the very most special schemes of the post office. Now if we talk about the features, it is starting from a minimum investment of only ₹1000 and there is no upper cap on the maximum amount of investment. Investing can be started as per requirement in case of a single/joint account. It is a very reliable and guaranteed scheme.
Rates of Interest and Return
Under this Post Office scheme, the present rate of interest for investments with a locking period of 5 years is 7.5%. For example, if you invest ₹ 5 lakh, you will receive a total return of ₹ 7,24,974 after 5 years, of which ₹ 2,24,974 will be in interest form.
Tax advantages
Another great benefit of all the post office schemes is that benefit in the form of tax benefit under section 80C of the Income Tax Act. Even though there is no tax exemption on interest earned from this scheme this scheme is a great alternative for those investors who look up to an investment as safe and additionally a tax-saving option.
Facility for account transfer
You should know that if you are transferring from one state to another and you have a post office account in one state, under that case, your account can also be transferred to another location. To simplify the use of this facility, the government has kept on track with some additions to paperwork, which is very simple. Using some basic documents one can operate his/her account from one place to another.
Account Opening Locations
If you are also willing to invest in this scheme of post office, first of all, you will have to go to the nearest post office branch and fill in all the compulsory details in the application form along with attaching all the documents. After filling all the details, to be a part of this scheme, you just need to invest a minimum amount of ₹ 1000. To get more information you can visit its official website.
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